The competitive landscape playing out right now is the battle between Pump and the infra based token launchpads like Meteora and Raydium. 

Both have tried to compete directly with Pump and failed, but their new strategy is to build the infrastructure that enables hundreds of startups to compete with Pump instead. 

Whether this approach will work is yet to be seen, but glimpses of the current dynamic between Bonkfun and Pump reminds me of the early battle between Sushiswap and Uniswap.

What's Pump's endgame?

Seems like they are expanding vertically... Is lending the next area of expansion?

Do they want to become a "WeChat for DeFi"?