Pump.fun直播功能回归：如何在memecoin市场崩溃中保持安全？

Solana上的memecoin发行平台Pump.fun的联合创始人Alon Cohen宣布，直播功能在经过五个月的暂停后重新启用。这一决定是在平台上发生了几起涉及有害内容的事件后做出的。4月4日，Cohen在X上发帖称，该功能已经回归，并配备了“行业标准的内容审核系统和透明的指导方针”。目前，该功能仅向5%的用户开放。

新内容审核政策的目的

Pump.fun的网站描述了其新直播内容审核政策的目的，即“在Pump.fun上培养一个既保留创造力和表达自由，又鼓励用户之间有意义的互动，同时避免非法、有害和负面互动的社交环境。”违反审核政策可能会导致创作者的直播和Pump.fun账户被终止。

禁止的内容类型

暴力
虐待动物
色情
危害青少年

然而，政策也通过声称“Pump.fun并不打算普遍定义什么是‘适当’或‘不适当’的内容”来制造模糊性。“有一种隐含的假设，即一些内容——也许是很多内容——通常被定义为NSFW（不适合工作场所）的内容实际上会在Pump.fun上出现，”Pump.fun的审核政策中写道。平台补充说，它保留“在必要时单方面决定内容的适当性并相应地进行审核”的权利。

memecoin市场的现状

Pump.fun在去年11月移除了其直播功能，因为随着memecoin创作者转向越来越令人震惊的策略来推广他们的代币，平台上充斥着极端内容。据称，一些用户威胁如果代币没有达到价格目标就会采取暴力或自残行为。

The platform stated that its unprecedented growth put pressure on its moderators, and to ensure user safety, it would indefinitely suspend the live streaming feature “until the moderation infrastructure is ready to handle the increased level of activity.”
At the time, Mikko Ohtamaa, co-founder of algorithmic trading firm Trading Strategy, said that if Pump.fun continued to allow live streaming without proper moderation, it would soon be forced to shut down once mainstream audiences became aware of what was happening.
“I advocate for freedom of speech, but these live streams are causing real problems with people breaking the law on stream. When mainstream media catches onto this, it will trigger a shutdown,” Ohtamaa said.
The decision by Pump.fun to reintroduce its live streaming feature comes as interest in memecoins has declined significantly following a series of high-profile rug pulls (such as Libra (LIBRA) and Melania Meme (MELANIA)). Coupled with poor price performance from tokens like Trump (TRUMP)—which according to CoinGecko is now down more than 90% from its January high—the market for these tokens has cooled considerably.
Data from Dune Analytics shows that in March, the graduation rate for tokens launched on Pump.fun—that is, the percentage of tokens that reach a large enough market capitalization to trade on regular decentralized exchanges—has fallen below 1%, down from a high of around 1.67%. Combined with a sharp drop in the number of tokens being launched on the platform, this has reduced the total number of tokens graduating from Pump.fun each week from about 5,400 in January to less than 1,500 in March.
The number of tokens being launched on the Solana network overall has also fallen sharply. According to Solscan data, only 31,651 were launched on April 5th—less than a third of the 95,578 created at the peak of memecoin mania on January 26th.