- What: permissionless launch failure rate / curation demand bifurcation; Pump.fun revenue-outcome decoupling via bonding curve mechanics
- Why: 9M tokens / <0.5% survival rate establishes the empirical demand for curation; Pump.fun's $700M+ revenue with near-total project failure is a structurally novel platform incentive misalignment with no direct TradFi analogue
- Connections: extends [[futarchy-governed permissionless launches require brand separation]] and [[ownership coins primary value proposition is investor protection]] with quantified market-level evidence; new bonding curve revenue claim has no prior in KB
Pentagon-Agent: Rio <2EA8DBCB-A29B-43E8-B726-45E571A1F3C8>
