FEY

/WETH

Introducing FEY Everything will be tokenized - that’s been a thesis in crypto for years. Pumpfun is the first app to prove this out; their app is one of the most profitable onchain experiments ever and the fastest to reach $750M revenue. Predictably, with success came dozens of copycat launchpads. All of them use the same core mechanics that Pumpfun pioneered: fair-launch coins on a bonding curve. Collectively, launchpads have generated close to $1 billion in revenue since 2023. Yet all of them are completely privately-owned corporations. While they are built on crypto rails, for crypto participants, their structure and ownership are still from the old world. The consequences of that can’t be overstated: there is no network today that gives you permissionless participation and aligned ownership in one of the most profitable models crypto has seen. When you hold or use Bitcoin, Ethereum, or Solana, your tokens represent participation and governance rights within the network itself. But if crypto is about self-sovereignty and ownership, then why is it not possible to get real ownership in any launchpad today? Although $PUMP currently routes product revenues into the token, this remains temporary and permissioned. Token buybacks remain at the company’s behest (it says it clearly on their website). Today they buy back 98%, tomorrow 75%, one year from now? Nobody knows. And what happens to $PUMP when the buybacks stop completely? Permissioned structures without ownership to holders is not true to the crypto ethos, which brings us to FEY.