Some data sharing and thoughts on the launchpad track
The total revenue of the launchpad sector over the past year is about 700-800 million.
Since its inception over a year ago, excluding the initial months when it hadn't taken off, $pump has generated approximately 700-800 million in revenue.
From the chart below, it can also be seen that bonk and pump are actually engaged in a competition for existing market share. The revenue of the entire sector is related to the overall market conditions, linked to the phases of popular projects, and not much related to how many launchpad projects are in the sector.
In other words, if the pie doesn't get bigger, bonk and pump are just competing for shares within this 700-800 million.
Assuming everyone shares 50% with token holders, the income for holders would be around 300-400 million a year. Currently, the market cap of pump + bonk is about 7 billion, which means the market is giving them a 20x PE.
This valuation is certainly not expensive, but the bug is that first, pump does not distribute income, and second, bonk's rise proves that the moat of this sector is not as large as we imagined. Both of these may not necessarily hold the top two positions in the long run. This uncertainty makes a 20x PE seem fair.
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