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Pierce the Veil – The First Punch Lyrics 13 years ago
The way I see it:

Like in almost any Pierce The Veil song it's about 2 lovers.
The start of the song expresses it clearly.

However they made their relationship into a war:
"I don't wanna miss when you cry, glass over diamond blue eyes"
"See you throw the first punch"
"It's such a shame you had to go and run your mouth."
"Fuck you and your new love for yourself. It don't mean shit."

Apparently they know it's bad for them and want to stop it when they scream "Why can't we just be friends?"
Not necessarily breaking up, just behave like friends and not enemies.
Although breaking up can be an alternative, and they're so obsessed with each other that they keep "breaking the rules" because they're tempted).

About the "first punch", it has 2 options too.
He's either wanting to see the first punch (not necessarily physical) so he could justify when he strikes and claim that the other side started it.
The other option is that he can't wait to see it because he enjoys this game or the pain in it (even tho he knows it's bad for him).

The fact that he's saying that it's just half of the fun matches both of these scenarios. The first half (enjoying that war or pain) or the second ("justified" conscience-clean revenge that would probably hurt twice than it should).

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