Same: a lucrative bubble for platforms, not for users

The same seduces, but the profits escape those who buy them. According to a Galaxy Research report, these tokens, booming on Solana, benefit above all from platforms and trading bots. Far from the community image they project, they feed a fast market where private investors, often losing, serve a well -established industrial mechanics.

Even: a ground mined for private investors

While Cathie Wood announced a carnage on the market, the report published on 1^er October by Galaxy Research brought a clarification on the current dynamics of the same.

Behind the apparent popular euphoria, the majority of private traders leave losers, while the market is largely dominated by automated actors. Here are the key indicators revealed by the investigation:

• “Most traders lose money in a short -term gambling type market”,, noted The report. The instability and speed of exchanges make any human strategy ineffective in the face of automated tools.

• The median duration of detention of a same on Solana is now 100 seconds, compared to 300 seconds a year earlier. This figure illustrates the rise of bots, capable of buying and reselling in a few milliseconds.

• These conditions create a market inaccessible to traditional users, who are most often trapped in a mechanics where speed prevails over analysis.

Far from the naive image of community investment, the same ecosystem works as a competitive environment dominated by automated technologies. Under these conditions, particular investors are structurally disadvantaged, unable to compete with the speed of execution and the privileged access to the information available to bots.

A profitable infrastructure for platforms

The platforms orchestrate the launch, purchase and resale of the same, capturing in passing most of the value generated. They are the ones who record the most massive profits.

According to Galaxy Research, Axiom, an active trading platform in this sector, has generated more than $ 200 million in income with a team of less than ten employees. The precise report “Thatxiom has reached millions of dollars in monthly income by taking costs on the same traders”. This model is supplemented by tools like Bonkbot or Trojan, which monetize access to automatic sniping functions when launching new tokens.

One of the most emblematic cases is that of Pump.fun, a same launchpad on Solana. Launched in early 2024, the platform industrialized the process of creating tokens, hosting nearly 13 million same on the 32 million existing on Solana.

Last July, Pump.fun raised $ 500 million in less than 12 minutes when launching its own token, Pump, putting 125 billion tokens on the market. Between August 11 and 17, the platform generated $ 13.48 million in income, and recorded a daily volume exceeding one billion dollars.

These figures illustrate the commercial efficiency of a sector that has transformed the creation of same in lucrative call. This evolution challenges the sustainability of the model, while these cryptos have just fallen at their lowest level. Ultimately, the concentration of income in the hands of technical intermediaries could supply tensions within the ecosystem, even arouse calls for regulation. Even more, this economic structuring is likely to amplify user distrust of a market perceived as inequitable, even manipulated.