Did Pump.fun "Extract" $700m From the Solana Trenches?

Pump.fun’s $1 billion token raise at a $4B FDV has split the trenches. Meanwhile, ETF approval odds and institutional interest are rising. We unpack the arguments over Pump.fun’s estimated $700m revenues, $1B raise plans, and airdrop allocation. Chapters: 00:36 – Revenue or extraction? 05:12 – Raise and airdrop details 07:19 – Why raise $1B? 09:49 – Pump.fun & Launchpads 12:31 – Does Solana have a $1B Launchpad Problem?