$10 million market cap. What would have to happen for solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump to be worth $50M, $100M – or even $500M? My smartwatch keeps telling me I don't get enough sleep. One reason might be that I have a habit of going down completely unnecessary crypto rabbit holes late at night. 😂 Last night's rabbit hole was @codecopenflow. machine.fun is launching soon, and while I've written quite a bit about the @peaq side of it, I realized I knew surprisingly little about the other half. So instead of sleeping, I took a closer look. Codec is building tools for robotics and Physical AI. In simple terms, they want to make it easier for developers to build and test robots before deploying them in the real world. Their main product today is SimArena, where developers can create and test robots virtually. Interesting project. But I was more curious about the token. What exactly is solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump for, and what would have to happen for it to become more valuable? At roughly $10M today, solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump is tiny compared to most established crypto projects. But small obviously doesn't automatically mean undervalued. The most interesting connection I found is machine.fun itself. Codec isn't just associated with the platform – it's actually building machine.fun together with peaq, bringing its robotics tooling and experience into the project. And that's where solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump enters the picture: part of machine.fun's platform fees are planned to be used for open-market purchases of $PEAQ and solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump. The exact split hasn't been disclosed yet. So if machine.fun attracts real projects, generates trading activity and collects meaningful fees, part of that activity would translate into actual buy-side demand for solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump. That's where the thesis gets interesting. More successful robotics projects → more activity on machine.fun → more fees → more solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump bought on the open market. But machine.fun isn't the only potential source of utility for solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump. Codec plans to use the token across its own ecosystem for things like product access and discounts, marketplace reputation, staking and contributor rewards – with potential buybacks as usage grows. That creates a second potential loop: more people using Codec's products → more utility for solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump → potentially more demand for the token. If both loops actually start working at scale, today's ~$10M valuation suddenly becomes a lot more interesting. But there are plenty of “ifs” in that sentence. Codec is still early and machine.fun hasn't proven the model yet. And much of Codec's own planned token utility is still being rolled out. The team itself says final parameters for things like staking, rewards, discounts and marketplace fees will be published as those systems go live. That's important because a good project doesn't automatically make a good token. So solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump at ~$10M is interesting to me, but the valuation alone isn't the reason. The question I'm watching is whether machine.fun can turn real robotics activity into actual demand for solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump — and whether Codec itself can do the same through its own products. Until those mechanisms are live and actually being used, that's still a bet on execution. But at a ~$10M market cap, it doesn't take a billion-dollar outcome for the numbers to get interesting. If they can make those loops work, $10M could start looking pretty small. If they can't, being small doesn't matter.

People are underestimating how big machine.fun could be for @peaq. If this works as intended, activity on machine.fun could help bring more real machines into the peaq ecosystem while creating actual demand for $PEAQ at the same time. Forget “pump.fun for robots” for a second. That's a much bigger idea. Let me explain. First, the simple version. You may have heard of pump.fun on @solana. It made creating a crypto token ridiculously easy: pick a name, ticker and image, connect a wallet, and pretty much anyone can launch a coin without knowing how to code. Now imagine taking that basic idea and applying it to robotics, hardware and Physical AI projects. That's where machine.fun starts – a project by @peaq and @codecopenflow. A team building a robot, drone, sensor or other machine could use the platform to launch a token, raise capital, build a community and develop the project in public. But here's what I didn't understand until I read @MartinElKhouri's latest article: The token launch is only the beginning. machine.fun is supposed to become an open launchpad and marketplace for hardware, robotics, Physical AI and adjacent projects. And through its Foundry, the idea is to help promising teams with something much harder than creating a token: actually turning their idea into a product. That can mean support with manufacturing, marketing and getting the product to market – and eventually even purchasing, financing and distributing the hardware. So imagine a small robotics team with a great prototype but no huge VC network, no manufacturing operation and no global distribution. machine.fun wants to help bridge that gap. From idea → to funding → to product → to actual machines in the real world. And then I got to the part about platform fees. Because this is where machine.fun suddenly connects back to $PEAQ. Part of the fees generated by the platform are planned to be used for open-market purchases of $PEAQ and solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump. Those purchased tokens can then help subsidize projects onboarding onto software such as peaqOS – the software that gives machines things like an onchain identity and lets them participate in the Machine Economy. In much simpler terms: Activity on machine.fun could help pay for bringing more machines into the peaq ecosystem. And that potentially creates a pretty interesting flywheel: Trading activity → fees → $PEAQ / solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump purchases → peaqOS onboarding → more projects and machines → potentially more activity. That's the part I hadn't understood before. And there's another important consequence: Those open-market purchases would translate activity on machine.fun into actual demand for $PEAQ and solana:69LjZUUzxj3Cb3Fxeo1X4QpYEQTboApkhXTysPpbpump. That doesn't automatically mean prices go up, of course. But it means activity on machine.fun wouldn't be completely separate from the economics of the tokens behind the infrastructure. The more activity the platform generates, the more fees it can generate. And part of those fees would flow back into buying the tokens that help bring more projects and machines into the ecosystem. That's a much more interesting connection than I originally thought machine.fun had to peaq. So no, I don't think “pump.fun for robots” really captures it anymore. pump.fun made it incredibly easy to launch a token. machine.fun wants to use that basic idea as the starting point for something much bigger: helping robotics and hardware projects raise money, build products, manufacture them, get them into people's hands – and ultimately bring more real machines into the Machine Economy. Obviously, much of this is still the vision. The platform has to launch, teams have to build useful products, and as Martin himself points out, many early-stage projects simply won't make it. But I think I finally understand what they're trying to build. And once I understood that, another piece suddenly made a lot more sense: Why Solana? I originally thought the answer was pretty simple: users and liquidity. But Martin's article makes a much more interesting argument. It has to do with how very early-stage projects raise capital – and why that problem is especially difficult when you're building hardware instead of software. @peaq brings the machines. @solana brings the capital formation. machine.fun is trying to connect the two. But that's probably another post. 😂