Highly recommend everyone to pay attention to Cloudflare $NET. This company currently has a market value in the hundreds of billions online. I only realized how promising this company could be after recently building my own website. If you are like me now, rarely actively opening websites and mostly letting AI call them for you, then you will understand what I’m about to say. Because Cloudflare has embedded one of its business scenarios into the AI-to-website intermediate link. ➠ In the past: I have a need → open website → website returns data ➠ Now it is becoming: I have a need → ask AI → AI accesses website/API → fetches and organizes data → returns to me What it’s doing isn’t really creating a brand-new business. After breaking it down these days, I found that almost all its product launches revolve around this transmission path: ➠ Customer → Cloudflare → origin site/application ← Cloudflare ← external user or agent request Including future business logic, it can be said that it is evolving from "hosting the internet" to "hosting the AI-empowered internet." As of 2026 Q2, about 23% of websites worldwide already use Cloudflare as a reverse proxy (Figure 1). In other words, Cloudflare already stands at the request entry point for a significant portion of websites. Moreover, looking at data from the past seven quarters, it has preliminarily validated the growth capability of its original business segment (Figure 2). ➠ Quarterly revenue grew from $460 million to $696 million; ➠ Year-over-year growth rate increased from 27% to 36%; ➠ DBNR rebounded from 111% to 120%; ➠ Number of large customers with annual revenue over $100,000 increased from 3,497 to 4,698. This original business isn’t really the sexy kind; it’s the old story. The new story (AI requesting website access chain) is what makes me feel the space is huge. Because one person cannot continuously open a dozen websites, repeatedly call dozens of interfaces, and perform tasks around the clock at the same time. But this behavior is exactly what AI can and will do. According to Cloudflare’s own network observation, non-human traffic has exceeded 50% for the first time. Although this includes not only AI agents but also traditional crawlers, automation tools, and malicious bots, the direction is clear: machines are becoming important visitors to the internet. We also need to pay attention to the supply side that the platform itself is cutting: ➠ In 2026 Q2, Cloudflare added nearly 2 million new developers in a single quarter, while the entire year of 2025 added about 1.5 million developers. Currently, its active developers have exceeded 7.4 million (Figure 3). This means more and more machines are "passing through Cloudflare," and more and more people are "building applications on Cloudflare." More developers → more applications and agents → more computing and network requests → more calls to Cloudflare products → more usage and revenue. This is where Cloudflare closes the loop of imagination: In the past, it waited for websites to be built and then brought in traffic. In the future, it hopes applications will be born on Cloudflare. Of course, as I said, these are future matters and do not equal realized revenue yet. Plus, Cloudflare has a large free tier, and the developer platform has not disclosed independent revenue, payment ratios, or average revenue. But undoubtedly, this is a company worth tracking long-term. The original post also included opinions on whether it’s worth entering now and how to enter, which I won’t repeat here, just picking some viewpoints as a supplement.

The fee scale of Q2 Pump fun$PUMP is about $212 million. Breaking down this part: In the Bonding Curve phase, the actual fee captured by the Pump Fun protocol is $62.06 million, which corresponds to a fee rate of 0.95%. That means for every $1 million in transaction volume, Pump Fun can earn about $9,500 in fee revenue. At this stage, when users buy or sell Meme, Pump Fun receives a platform share from the transaction fees. However, from the quarterly trend, this income peaked in 2025 Q3 and then entered a downward phase overall. Although there was a brief rebound in 2026 Q1, it fell again in Q2, and the overall trend remains downward. Pump Fun has basically said goodbye to the rapid growth phase brought by the early Solana Meme boom. More precisely, the Bonding Curve business heavily depends on the issuance of new Memes and early trading enthusiasm. Therefore, when attention to Memes on Solana declines, or some funds and users are diverted to other ecosystems, this part of the income is often the first to be affected.

A little-known fact: Pump fun's DEX is also the largest DEX on Solana This means that the Pump Fun protocol is both the largest Launchpad and the largest DEX on Solana, occupying the leading position in two tracks with one project Currently, this situation does not exist on the mainstream chains in the market Moreover, the largest source of fees for Pump fun actually comes from PumpSwap, not the LaunchPad part of the business In the chart in Figure 2, you can actually divide them into three parts to look at its main revenue structure This is the chart data I have organized; if you look at the original Defillama data, it would be even more chaotic: (1) Bonding Curve fee scale = 62.06 million + 10.86 million + 5.22 million, totaling about 78.14 million USD This is the main business for which Pump fun is known in the market, responsible for the token lifecycle's launch phase From the protocol capture perspective, this stage is still currently Pump Fun's largest source of cash (2) Pump swap fee scale = 23.40 million + 25.64 million + 74.87 million, totaling about 124 million USD This is the part of the data most easily overlooked by the market because the past market perception of Pump Fun was mostly limited to "a platform that issues Memes" But in fact, after a Meme or token completes the Bonding Curve phase on Pump fun, it enters PumpSwap for continued trading This stage corresponds to the second phase of the token lifecycle (3) Other business = 9.05 million + 1.06 million, totaling about 10.11 million USD This part is currently small in scale, totaling only about ten million, belonging to ancillary tools, so I won't elaborate here _____________________________________ There is another point in Figure 2 that needs to be expanded: In Defillama's original statistical scope, the total revenue created by a protocol is fully included in the revenue items So there are some repeated items in the cost section, which can easily cause confusion, so you have to look at the profit part, which is the money the protocol actually keeps. I did not expand on the details in the original chart Of the approximately 212 million USD in fees in Q2, Pump fun ultimately retained about 91.55 million USD in gross profit, corresponding to about a 43% gross margin ➠ PumpSwap's profit ultimately captured by the protocol was 23.40 million USD, while Bonding Curve retained 62.06 million USD For these two business segments, the fee scale is larger for the former than the latter, but the value ultimately captured by the protocol is significantly higher for the latter Comparing the change curves of these two business segments over the past few quarters (Figure 3), Bonding Curve clearly depends on market sentiment and has a strong positive correlation with Solana's on-chain activity. Looking at the detailed data change points, this part is very sensitive In contrast, PumpSwap's growth curve is smoother, which further indicates that Pump Fun's revenue structure has changed ➠ In the past, the platform mainly captured value during the token issuance phase, but now the trading phase is becoming a new income supplement The issuance phase has higher protocol capture capability, thus contributing higher profit margins Swap business requires distributing more value to liquidity providers and creators, reducing protocol profit margins, but it covers the longer-term trading demand after token issuance Finally, a brief mention: from the daily K-line chart, $PUMP is in a pullback phase within an uptrend, and the current price around 0.0022 has not yet reached a support level That is all~