Pump.Fun's "Fish Feast" Trilogy: Which One Is Right for You?

By: blockbeats|2024/12/31 12:45:03

Original Title: "Three Fishes Eaten on PumpFun"

Original Author: Professor Suo

Preface

In the financial market, just like at the dining table, some people prefer the fish head, some favor the fish belly, and some love the fish tail. Similarly, in the crypto market, this preference is also clearly demonstrated. So, what should we eat?

This article symbolizes "fish head, fish belly, fish tail" using the different stages of @pumpdotfun, exploring various investment stages in the financial market.

"Fish Head"

Pump.Fun's

Definition: In the financial market, the fish head can be seen as:

· Left-side trading in the secondary market, i.e., buying before the price increase.

· Seed round investment in the primary market.

· In @pumpdotfun, known as the "stuffing plate."

Here Comes the Fish Head

Characteristics:

· High Risk, High Reward: Investing in the 0-1 growth phase, with a very high multiple growth in between.

· Suitable Population: Only suitable for a very few who have an extremely strong risk preference. These individuals often undergo in-depth research but still face high risk.

· Profit Potential: Such as the @pumpdotfun platform, if you invest within 10,000 units, once successfully launched, you may receive a 10x return; if you reach 10 million units, you may achieve a thousandfold increase.

Considerations:

Due to limited capital capacity, the fish head stage is mainly the battlefield of the "on-chain emperor" and "pump youngling," with major players generally not participating unless it's their own project or they are involved in a conspiracy group.

"Fish Belly"

Definition:

· The fish belly is the favorite part of most people because it has the most meat.

· In @pumpdotfun, Fish Stomach refers to the stage where, after the launch on the internal exchange, there is a period of research and analysis to decide whether to invest.

Characteristics:

· Low-risk, high-reward relative to high multiples: After market validation, risk decreases, and opportunity certainty increases.

· Regular Investor: Without insider information, can only choose investments through analysis.

· Example: Investors who chased listings of projects like $ACT, $PNUT, $neiro on @binance and tasted the sweetness of gains.

Profit Strategy:

· When investing, disregard the absolute value and only discuss multiples. A Fish Head investor may earn 500 units to 50,000, while a Fish Stomach investor only needs a 50% increase to double.

「Fish Tail」

Definition: Fish Tail Market refers to investors attempting to profit from bottom-fishing at the market's end.

Characteristics:

· High-risk, low-reward: Due to market weakness, bottom-fishing carries extremely high risks, with returns often not justifying the risk.

· Investor Psychology: Some are always confident they can sell at the market top but often end up trapped.

· Project Team Harvesting: Project teams or whales often conduct final fund harvesting at this stage.

Risk Analysis:

· The return on investment for Fish Tail is extremely low unless investors believe there is still significant upside potential in the market; otherwise, participation is not recommended.

「Conclusion: Look at the Odds and Eat Fish」

· Fish Head: High-risk, high-reward, suitable for a minority of risk-tolerant individuals.

· Fish Stomach: Lower risk, relatively stable returns, suitable for the majority of investors.

· Fish Tail: High risk, low returns, not recommended for participation unless there is a special market judgment.

Personal Suggestion: I lean towards choosing the "fish body" because of its higher fault tolerance. For the average investor without insider information, the fish body offers a relatively balanced risk-reward ratio.

Original Source

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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