Event cameras, drawing inspiration from biological systems, efficiently detect changes in ambient light with low latency and high dynamic range while consuming minimal power. The most current approach to processing event data often involves converting it into frame-based representations, which is well-established in traditional vision. However, this approach neglects the sparsity of event data, loses fine-grained temporal information during the transformation process, and increases the computational burden, making it ineffective for characterizing event camera properties. In contrast, Point Cloud is a popular representation for 3D processing and is better suited to match the sparse and asynchronous nature of the event camera. Nevertheless, despite the theoretical compatibility of point-based methods with event cameras, the results show a performance gap that is not yet satisfactory compared to frame-based methods. In order to bridge the performance gap, we propose EventMamba, an efficient and effective Point Cloud framework that achieves competitive results even compared to the state-of-the-art (SOTA) frame-based method in both classification and regression tasks. This notable accomplishment is facilitated by our rethinking of the distinction between Event Cloud and Point Cloud, emphasizing effective temporal information extraction through optimized network structures. Specifically, EventMamba leverages temporal aggregation and State Space Model (SSM) based Mamba boasting enhanced temporal information extraction capabilities. Through a hierarchical structure, EventMamba is adept at abstracting local and global spatial features and implicit and explicit temporal features. By adhering to the lightweight design principle, EventMamba delivers impressive results with minimal computational resource utilization, demonstrating its efficiency and effectiveness.