web3: PUMP is down 3%, unsettled contracts are highly innovative in step with TVL

After the previous day ' s surge, PUMP fell on Wednesday, but the derivatives and chain data did not simultaneously cool. Unsettled contracts, financial rates and agreement lockouts continue to rise, indicating an increase in speculative funds and actual use.

Unsettled contracts to new heights

According to CoinGlass, the unsettled PUMP futures contract rose to $258.62 million, up from $216.74 million the previous day, with an increase of approximately $41.88 million 24 hours. This usually means greater access to futures and sustainable contracts markets.

When the increase in holding and the rebound in prices occur, it tends to suggest that traders are adding new positions rather than simply flatting them. However, the rapid upswing of hold also means that leverage accumulates and markets become more sensitive to short-line fluctuations.

Change in funding rates

The PUMP fund rate rose to 0.039 per cent on Wednesday, compared to -0.0036 per cent on the previous day. This change shows that market sentiment has shifted markedly over a short period of time and that demand for it is rising.

In the sustainable contract market, positive fund rates usually mean that many people are willing to pay for their positions. The higher the rates, the higher the overcrowding, and, once prices suddenly weaken, the higher leverage position will also be more likely to trigger a concentrated silo.

TVL increases in step with income

According to DeFiLlama, the total locking capacity of Pump.fun has risen to 3.34 million SOLs, a record high. The agreement had a single-day income of 23706 SOLs on Tuesdays, with a cumulative weekly income of over 47,500 SOLs.

The previous week, the agreement had generated 15,199 SOLs, the strongest single-week performance in 18 months. Meanwhile, the number of active addresses last week increased to 81429, up from 74438 in the previous week, an increase of nearly 9.4 per cent.

A follow-up point on the chain.

These data indicate that the heat is not entirely from second-tier market speculation in the near term and that the use of the agreement itself is increasing. However, TVL is priced in SOL and its United States dollar-calibre performance will change if SOL prices fluctuate.

And what's more important for the PUMP is whether the chain's activity will remain high. The risk of short-line withdrawal is magnified if the new use is sustainable or helps to support market sentiment; if the leverage is over-centralized.