Delphi Digital's 2026 report, in collaboration with MetaEra, identifies Pump.fun as a significant consumer app to watch. Despite meeting some initial forecasts, the platform struggles with core issues, particularly the tension between long-term goals and short-term incentives driven by token dynamics. The Bagwork model, while showcasing creator-driven token potential, also exposed significant flaws. Pump.fun continues to face challenges in attracting non-crypto creators and sustaining growth in its live-streaming segment. These hurdles highlight the complexities of balancing innovative token models with practical user engagement strategies.