In 57,000 openings of the $5 card pack, the cash reward was 15% lower than the expected value.

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After a strong start, the newly launched TCG and gacha features by pump.fun struggled to maintain continuous usage, with daily trading volume dropping by 91% compared to the peak on the second day.

Although it is common for activities to decline after a product is launched, analysts believe that the replacement of the underlying gacha infrastructure of pump.fun is resulting in worse outcomes for users.

At the same time, when pump.fun initially launched the gacha feature, it sparked a new round of activity for Collector Crypt, and this platform has just recorded a new high in weekly trading volume.

Pump.fun TCG Card packs disappoint collectors after changing suppliers

Last week, pump.fun quietly launched a new feature in its mobile app that allows users to open gacha card packs containing rare RWA such as TCG cards and luxury watches. After making its debut on Collector Crypt's infrastructure, this gacha feature was subsequently migrated to the competitor market of Phygitals.

It is alleged that this switch has resulted in significant losses for collectors. Independent analyst Samstar stated that through the pump.fun application, Phygitals charges a 9% commission, which is nearly twice the 5% commission of Collector Crypt. In addition, Samstar also pointed out that there is a discrepancy between the actual value and the expected value of some card packs, leaving collectors in a continuous state of loss.

In the $25 card pack, the discrepancy is relatively small; over about 5,000 opens of the pack, the actual value achieved was 94% of the expected value, which was 99.4% to begin with.

This gap is likely due in large part to the fact that there are no high-value, rare cards in the Phygitals card pack at all, which are what are referred to as “chase cards”. According to Samstar, in over 76,000 attempts at opening the pack, none of the “chase cards” cards have been drawn; considering that Phygitals does not have an on-chain verifiable random function (Verifiable Random Function, VRF), this result is considered “very concerning”. VRF is an encryption tool that can generate random and unmanipulated numbers in a provable manner.

The collectors' disappointment can also be observed from the proportion of cards that were retained instead of being immediately sold back for cash. During the Collector Crypt integration period, the total value of cards retained by users was reportedly over $400,000. In contrast, the value of collectibles from Phygitals packs that were retained by users was only $11,000.

gacha Trading volume cools down after a strong debut

Although the debut of gacha of pump.fun brought in millions of dollars in transaction volume, it has been difficult to maintain a stable level of activity for this feature. On October 20th, the daily consumption amount of pump.fun exceeded 8 million US dollars; by October 25th, the daily transaction volume of gacha had plummeted by 91%, remaining only 660,000 US dollars.

This trend is consistent with the integration of gacha in other applications before, such as Jupiter and Solflare. They usually experience strong trading volumes when they go live, followed by a decline in trading volume over the following days and weeks.

Samstar It is speculated that pump.fun may be testing this feature with two suppliers simultaneously before deciding whether to establish a formal partnership. Unlike most of Collector Crypt's partners, pump's application does not use any on-chain notes ( onchain memos ).

In addition, none of the related companies have issued any announcements regarding these integrations, which indicates that there may currently be no formal cooperative relationships between pump and any on-chain gacha companies.

Collector Crypt Weekly trading volume reaches a record high

Despite the decline in trading volume for this feature, the pump application has undoubtedly brought about a significant distribution effect. Data from Blockworks shows that during the period when this feature was available, over 10,800 new users interacted with Collector Crypt.

Driven by a new round of activity brought about by pump, Collector Crypt set a new record for weekly trading volume this week, generating total revenue of over 156 million US dollars from gacha and market sales.

According to DefiLlama data, thanks to this considerable trading volume, Collector Crypt has also set new highs for both weekly and monthly income, and there are still 5 days left until the end of October.

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