In May this year, Pump.fun launched the live broadcast function for the first time, but it did not gain the expected popularity. In November, the official once again vigorously promoted the function and successfully led to the craze of "live broadcast with meme". However, in less than a week, Pump live broadcast gradually began to get out of control. Due to the platform's poor content review, the broadcaster did not hesitate to make all kinds of extreme behaviors in order to attract attention, and even posed a direct threat to others, putting this killer application of the Solana ecosystem into legal and regulatory risks.

From "Coin Circle Kuaishou" to "Coin Circle Dark Web"

If the token market value does not reach 1 million, he will shoot his dog.

If the token market value does not reach 1 million, he will hang himself.

A young couple beat their 3-year-old child every 4 minutes until the token market value reaches a certain target.

A 12-year-old child said that if the token market value did not reach the target, he would kill his entire family with a shotgun.

Nude live broadcasts, human-animal battles, locking oneself in a cage as a dog, and even child abuse, pet abuse, Nazi imitation and other extreme and bottomless content frequently appear. In the past few days, a wave of vulgar live broadcasts and token issuance has been set off on Pump.Fun, attracting attention and discussion in the industry. Some people in the community joked that "this year, one of the two Killer Apps has been caught by the FBI, and the other will soon be caught by the FBI."

Another community user commented, "I'm not an expert on Section 230 law, but I've worked on social media platforms at T&S, and this is exactly what happened when the CEOs of companies like Facebook, Twitch, and TikTok were dragged before Congress and fined hundreds of millions of dollars."

Section 230 is Section 230 of the Communications Decency Act (CDA) of the United States. It is a law passed in 1996 that allows network operators (regardless of size) to adjust user speech and content as they see fit. It is considered one of the important laws for Internet content management and platform responsibility, and is also an important cornerstone for shaping the modern Internet.

Although there are no completely corresponding legal provisions in China, regulations such as the Cybersecurity Law have also put forward stricter requirements for content review on Internet platforms. For example, when domestic platforms discover illegal and vulgar content, they must take the initiative to assume the responsibility for review, otherwise they may face high fines or suspension of service.

Pump.Fun, as the fastest growing and most recognized crypto platform in this cycle, is currently experiencing the same problems as traditional Internet platforms: traffic or bottom line.

It started with a continuous live broadcast that is still ongoing

Pump.Fun launched the live broadcast function at the end of May this year, but it has always been a product function within a small circle and has not caused a breakout effect.

Until last week, Pump.fun officials once again promoted the live broadcast function. In the early morning of November 22, an unemployed young man in North America said in a live broadcast on Pump.fun that he would wait until "the market value of his token (LIVE) reaches 100m before going offline." The live broadcast was also selected by Pump officials and placed on the homepage. After the internal market reached 100,000 US dollars, the LIVE token continued to rise. Later, KOLs such as gmony participated in the online real-time interaction and eventually pushed the market value of the LIVE token to over 20 million US dollars.

Currently, this guy has been live streaming for 89 hours in a row. At the same time, the price of LIVE also fluctuates with the different operations of this person in the live broadcast room. For example, when the guy went to the toilet, the LIVE price plummeted, and the audience thought he was going to stop broadcasting; at the same time, he also interacted with many KOLs on Twitter and opened Spaces. Many people gave him advice and taught him how to live.

Gradually, more and more similar live imitations appeared on Pump.Fun. As mentioned above, if the market value is less than a certain amount, it will be so and so. In order to attract more attention and fill up the internal disk and launch successfully, the theme and live broadcast content of meme coins should be as eye-catching as possible.

LIVE brother burned the pool, shaved his hair, and did all kinds of things in the live broadcast. At the beginning, when they didn't know that he would sleep in the live broadcast, the community was still talking about if this person died suddenly because of the live broadcast, LIVE would be deified.

When live broadcast, a medium that can maximize the display of all emotions, is combined with a platform that issues assets with one click without any review, so many absurd pictures will appear, which is very suitable for the story material of "Black Mirror".

Continuous live broadcast (still slept in the middle, so it can't be considered a continuous live broadcast in the absolute sense) 80+ hours, but the market value returned to 4M, LIVE fell more and more, and the community began to think about how this brother should end.

FBI! Open the door!

While more and more people began to call on Pump.Fun to shut down the live broadcast function, Pump.Fun's revenue hit a record high.

Thus, the existence of those vulgar live broadcast contents mentioned above has found legitimacy - it can make money.

Some people in the comment area of Pump.Fun are diverting traffic to do peripheral business. In this regard, a certain ecological person in charge said, "Real mass adoption has been achieved. Most of the adoption in this industry starts from the gray part...VC Bros, no matter what you want to promote, it must first conform to human nature."

The so-called conformity to human nature is nothing more than some vulgar and curious live broadcast gimmicks, and even worse, gray industries such as pornographic transactions and terrorist crimes are regarded as the future of an industry. Will this industry still have a future?

Lythmic once said in the article "Pump.fun is becoming a "coin circle fast hand"" that Pump.Fun's attention economy will run out of "live broadcast god plate", but at the same time, we must also pay attention to regulatory issues, how the platform reviews extreme content, and when the issuer publishes some pornographic or more radical inappropriate behavior, should Pump.fun intervene to prevent possible criminal behavior.

Unfortunately, Pump.Fun has not done anything in this regard.

If Pump.Fun continues to let this chaos go, it will not only damage its own reputation, but also have a negative impact on the entire crypto industry.

The control of the platform cannot be dissipated because of decentralization, and the attention economy is not an excuse to break the bottom line. From one-click coin issuance to "live streaming with memes", Pump.Fun was originally a model of commercial innovation of crypto products, but now the vulgar live streaming loophole has been torn open, and those supporters who are used by Pump.Fun and trample on values will eventually become the abyss that swallows Pump.Fun.

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