Pump raised $600 million in 12 minutes. Then the token crashed… and sentiment with it.
In this episode, Delphi’s Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market.
We also get into whether the “everything app” strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity markets.
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
<ul>
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<a href="http://xapobank.com/unchained">Xapo Bank</a>
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<a href="https://www.falconx.io/focal">Focal by FalconX</a>

Guests:
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 <li>
<a href="https://x.com/simononchain">Simon Smockey</a>, Researcher at Delphi Digital
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<a href="https://x.com/yanliberman?">Yan Liberman</a>, Co-Founder of Delphi Digital and Managing Partner of Delphi Ventures
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<a href="https://x.com/3xliquidated">Jason Pagoulatos</a>, Head of Markets at Delphi
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</ul>
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Previous coverage on the ICO: 
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<ul>
 <li>
<a href="https://unchainedcrypto.com/pump-fun-just-raised-600m-what-does-this-mean-for-defi-solana-social-media/">Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media?</a>
</li>
 <li>
<a href="https://www.youtube.com/watch?v=69t3aOMoJiY">Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed?</a>
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Unchained:
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 <li>
<a href="https://unchainedcrypto.com/pump-fun-becomes-third-largest-ico-raises-600m-in-12-minutes/">Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes </a>
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 <li>
<a href="https://unchainedcrypto.com/pump-traders-make-big-options-bets-on-the-token-surging-past-its-ico-price/">PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price</a>
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 <li>
<a href="https://unchainedcrypto.com/pump-fun-draws-backlash-after-confirming-pump-ico/">Pump.fun Draws Backlash After Confirming PUMP ICO</a>
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</ul>
</ul>
<ul>
 <li>
TG Podcast: <a href="https://www.youtube.com/watch?v=BiU4ppg6Bag">Alon: Raising $1B, $PUMP Token, Airdrop, and More</a>
</li>
</ul>
Timestamps:
🎬 0:00 Intro
💥 2:53 How Pump’s months-long hype set the stage, and why it may have backfired
🔓 11:07 Whether the lack of investor lockups hurt confidence in the token
😬 17:13 Why Jason found Alon’s post-ICO interview with Threadguy underwhelming
📉 22:52 Why Yan still sees strong risk-reward in PUMP despite the crash
🔥 24:29 What Pumpfun can do now to reignite interest and rebuild momentum
💸 34:19 Whether buybacks or business reinvestment is the better path forward
📱 36:37 How realistic the “everything app” vision is, and whether M&As can save it
🌍 47:16 What strategies could finally bring normies onchain
🧵 53:22 Whether the PUMP launch proves that decentralization is dead
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