Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media? - Ep. 868
The weeks leading up to Pump.fun’s ICO were contentious: accusations that it was extractive, debates over decentralization, and outrage over allocations.
In the end, the company pulled off the third-largest ICO in crypto history, raising $600 million in 12 minutes.
The day of, Solana barely flinched under the load, and onchain platforms like Hyperliquid and Raydium left CEXes looking outdated.
In this episode of Unchained, Haseeb Qureshi of Dragonfly and Joe McCann of Asymmetric join Laura to break down:
Whether this marks the return of ICOs
The objections to the small ($10 million) airdrop to creators
How Pump.fun’s ambitions could reshape memecoins, and maybe Solana itself
And why TikTok might not need to worry just yet
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Xapo Bank
Ledn
Haseeb Qureshi, Managing Partner of Dragonfly
Joe McCann, Founder, CEO & CIO of Asymmetric
Previous coverage on the ICO: Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed?
Unchained:
Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes
PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price
Pump.fun Draws Backlash After Confirming PUMP ICO
SolanaFloor’s tweet on LetsBonk’s stats
The Block: Pump.fun makes first acquisition, purchases Solana-based copy-trading wallet tracker Kolscan
Dune Analytics Twitter thread on the PUMP ICO stats
Timestamps:
🎬 0:00 Intro
🚀 3:43 Why Joe says Pump.fun is one of the best crypto businesses he’s seen
📈 6:04 Whether this heralds the return of ICO mania
😤 7:11 Why the raise triggered backlash from parts of the crypto community
💸 8:32 Whether PUMP’s valuation can really be justified
⚙️ 12:10 How the exchange-first design created issues—and why others may copy it
📊 16:15 Whether PUMP’s distribution model helped or hurt its credibility
⏳ 21:43 Why the decision to have no token lockups sparked debate
👾 24:40 What kind of traders actually bought into the ICO
⚡ 32:56 Whether Solana’s performance makes it the new home for ICOs
🏦 37:50 Why Coinbase sat this one out
🔮 44:07 Where PUMP’s price might be headed in the medium term
📉 48:37 How Pump.fun lost some momentum—and what that says about the space
🧠 55:14 How Pump.fun plans to spend its $600 million war chest
📵 57:21 Whether Pump.fun can really take on Facebook
🔥 1:01:46 Why Joe still believes memecoins are just getting started
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Joe McCann on Why Bitcoin Is the King and Memecoins Are Over—For Now - Ep. 801
The memecoin trade might be over. And Joe McCann says that’s just the beginning.
The founder of Asymmetric has been at the intersection of crypto, macro, and tech for years. He called the $BONK trade early, made moves before most saw the opportunity, and now? He’s shifting his focus.
Meanwhile, the crypto markets are a bloodbath, with bitcoin, ether, and solana down 10%, 41%, and 35%, respectively, year-to-date.
In this episode, Joe joins Unchained to discuss:
Why memecoins won’t work the way they used to
How institutions are approaching crypto in this cycle
Why prices are down so much
Why Bitcoin might be so hard to outperform
Whether Solana is still the fastest horse
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
FalconX
Bitwise
Guest:
Joe McCann, founder of Asymmetric
Links
Unchained:
Solana Rejected Inflation Reduction—Here’s Why
Are Memecoins Collapsing? These 8 Charts May Be Signaling Yes
Bitcoin Has Declined 20%. How Soon Could the BTC Price Revive?
Timestamps:
👋 0:00 Intro
🚀 2:19 How Joe’s background shaped his crypto investing approach
🐶 10:25 Spotting the $BONK opportunity before the crowd
📉 17:38 Why the memecoin trade might be over
💰 21:51 Why Joe believes Pump.fun is NOT extractive
📊 33:11 Why crypto prices have struggled despite a pro-crypto shift in Washington
🎯 42:34 The moment Joe “finally” gives credit to Arthur Hayes
⏳ 45:15 Could having no catalyst actually BE the catalyst?
🔥 49:22 Why Joe wasn’t convinced by the SOL inflation proposal
⚡ 56:45 Wait—no altcoin season?
⚙️ 1:01:34 What still excites Joe about Solana
🏦 1:04:57 Why Asymmetric is betting on Bitcoin DeFi
🤖 1:07:29 How AI is helping Joe’s team optimize its strategy
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Bits + Bips: Market Chaos, Fed Missteps & Harris' ‘Crypto Reset’ - Ep. 688
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it.
From the impact of the yen carry trade and the Fed’s controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what’s moving the markets. The group also dives into the SEC’s crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a “crypto reset” or if it’s just political posturing.
Show highlights:
00:00 Intro
02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR)
09:25 How Asymmetric handled the volatility of the sell-off using a strategy called “delta replacement”
14:17 Why the Volatility Index (VIX) spiked and whether it could do so again
22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is
27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures
31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July
41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing
45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets
53:45 What Ripple's lawsuit settlement and the SEC’s subpoenas to VCs mean for the broader crypto industry
58:13 Whether Harris will actually do a “crypto reset”
1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC)
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric
Guest:
Chris Cecere, GP and Head of global macro and trading at Asymmetric
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How to Trade This Solana Rally | Joe McCann
In this episode of Empire, Joe McCann, founder of Asymmetric, shares why he believes Solana offers unique technical architecture that enables new types of web3 applications not possible on Ethereum. He explains why he thinks Solana's scalability offers a better developer experience compared to building on Ethereum L2s. McCann dives into macro trends, analyzing market flows to evaluate if the recent market move has legs. To close out he evaluates risks to his Solana thesis. We hope you enjoy!
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Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use EMPIRE20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there!
Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home
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Timestamps:
(00:00) Intellectual Convexity
(10:16) Identifying Institutions & Jurisdictions of Interest
(15:53) Bull Environment is Here?
(20:46) The Solana Thesis
(30:39) Bonk VS Solana Thesis
(33:07) DAS 2024
(34:22) TOKU ad
(35:35) Managing Risks & Taking Profit
(46:46) Solana Investment
(51:03) Factoring in Macro
(56:41) Event vs Fundamental Driven Trades
(01:03:51) Why L2s Won't Work
(01:15:49) What Could Derail Solana?
(01:22:06) Exciting Solana Applications
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Resources
Asymmetric
https://asymmetric.financial/
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Joe McCann on the problem traditional venture investors face in crypto
In a market known for mantras such as "irresponsibly long," Joe McCann has been taking a more prudent approach to crypto venture capital investing.
The former head of systematic and algorithmic trading at Passport Capital launched his latest venture, Asymmetric, in the spring of last year and started deploying capital this past summer in the wake of the Three Arrows Capital meltdown.
On this episode of The Scoop, McCann explained that his firm's approach to venture capital investing in crypto means it will take money off the table and hedge its exposure.
"The liquid nature of crypto, especially at the early stage, is actually a feature, not a bug of crypto, but you actually need to know how to manage a liquid portfolio," McCann said. "So if you have 150 vol asset in your portfolio, you may want to manage that, right?"
Indeed, McCann said traditional venture investors don't have experience with the necessary trading tools — such as derivatives and other financial contracts — to hedge risk in liquid assets, which cryptocurrencies inherently are relative to early-stage startup equity. This difference is a major impediment to VCs operating in crypto, according to McCann.
"There is a fragile reputation that a lot of folks in the industry may have concerned with, 'hey, I'm going to invest in this startup and we're in it for the long haul, and we're not going to ever take profits or sell the token,'" McCann said. "The problem with that is that's great for traditional venture capital, where typically you don't have a liquidity event for 10 to 12 years ... with crypto, we know that it becomes liquid in months. So the way that you manage a traditional venture capital portfolio isn't relevant anymore — you're actually managing a liquid portfolio."
Episode 103 of Season 4 of The Scoop was recorded at Converge in San Francisco with The Block's Frank Chaparro and Asymmetric Founder and CEO/CIO Joe McCann.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Tron, Ledn
About Tron
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |
About Ledn
Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io
A Conversation with Joe McCann, Founder, Chairman of the Board, NodeSource
Frank Chaparro and Matteo Leibowitz interview Joe McCann, the Founder and Chairman of the Board of NodeSource in this week's episode of The Scoop. Frank, Teo, and Joe discuss open source software, how it's changing the banking industry, decentralized financing, and how they're all coming together.
View show notes and transcript.