AI 中文总结
本研究通过两个时间窗口和两个流水线版本验证Solana memecoin市场中狙击手队列与算法过滤器拒绝的群体重叠极低（<1%），证明生命周期阶段分离是结构性的，并排除了四种替代解释，为过滤器设计和跨阶段监控提供启示。
AI 中文摘要
先前关于Solana memecoin市场的实证研究常常混淆毕业前（bonding-curve）和毕业后（开放市场）代币群体。我们检验了在同一底层市场上运行的两个独立算法检测流——狙击手队列检测和算法过滤器拒绝——之间群体重叠的假设。使用两个不重叠的观察窗口（2026年6月11日至6月25日，以及2026年6月29日至7月16日）和两个独立版本的队列检测流水线（v1和v2），我们计算了每个窗口中队列检测到的mints与拒绝流mints之间的集合重叠。尽管队列检测器选择性存在显著差异（v1：20,162个mints；v2：623个mints）且拒绝流覆盖范围不同（v1窗口：83个mints；v2窗口：1,743个mints），两个窗口中的重叠率均低于队列群体的1%。生命周期阶段的分离是结构性的而非统计性的：队列检测在this http URL bonding-curve阶段运行，而拒绝过滤在PumpSwap和其他毕业后场所运行。跨窗口队列重叠为零，确认不同时间窗口检测到不同的代币群体。我们系统地排除了四种替代解释：时间窗口伪影、数据源不匹配、DEX场所不对称和流水线版本伪影。讨论了过滤器设计、协调行为研究和跨阶段代币监控的意义。所有数据集均以CC-BY-4.0许可发布以供复制。
英文摘要
On-chain studies of memecoin launchpads usually rely on one data-collection pipeline, yet whether differently configured pipelines observe the same tokens is rarely measured. This paper compares the output mint sets of two separately configured pipelines from one research programme on the Solana pump.fun launchpad: a cohort-detection pipeline that flags coordinated early-buyer wallets, and a rejection-filtering pipeline that logs a trader-side observer's pre-trade filter decisions. Two consecutive, non-overlapping windows are analysed (v1: June 2026; v2: June-July 2026); in each, the rejection data are restricted to the interval spanned by the cohort detections under four timestamp rules. Only raw counts, observed proportions and Jaccard/Dice indices are reported. In v2, where the rejection stream covers the whole 17.5-day window, the cohort set contains 623 mints and the rejection set 1,742, with 5 overlapping mints (0.803% of cohort; 0.287% of rejection). In v1 a collection gap means the rejection stream covers only the final 14.25 hours (4.4%) of the 13.4-day cohort window; the 20,162 cohort and 53 rejection mints share 1 mint, and within the covered interval none, a count too small to be informative. Both windows show nearly disjoint outputs, agreeing in direction but not in magnitude. Collector configuration, not only market behaviour, therefore shapes which tokens an on-chain study observes, and the paper proposes reporting cross-collector overlap and collector coverage as a routine check. Data and a script that re-derives every number are openly available.
Comments15 pages, 1 figure, 4 tables. v2: restructured and retitled; corrected v1 result and disclosure of the v1 rejection-stream coverage gap. Data and code: 10.5281/zenodo.21399918
