PANews reported on November 29 that ALEX (X platform account @disneyland_12), the initiator and product & technology director of the Ethereum Meme distribution platform jump.fun, posted a message saying: "The original intention of establishing jump.fun is to create a fair, just and decentralized memecoin launch platform. Users donate through fomo3d to obtain JUMP token rewards, 50% of the donation funds are used to provide initial liquidity to memecoin, and 100% of the protocol income is used to repurchase JUMP tokens, thus forming a closed-loop economic model. Since jump.fun went online three days ago, the sustainability of the economic model has been preliminarily verified, but due to the complexity of the fomo3d smart contract donation method, as well as the decision-making and technical errors that have occurred since the launch, it has caused extremely bad effects and misunderstandings on the community and partners. A lot of things have happened in the past three days, and the details are not convenient to be disclosed for the time being. As the initiator, I am well aware that I and our team have no malicious intentions, but things have gone against our wishes and it is difficult to defend. Jump.fun has started the donation refund process and user loss compensation process from today, and the progress and details will be announced to the community at any time."