Solana Pump fun Shatters Records with $5.3M Revenue in Just 24 Hours
Solana Pump fun – In a dramatic turn of events, Solana memecoin deployer Pump.fun has shattered records, amassing an astonishing $5.3 million in revenue within the last 24 hours. This figure dwarfs the daily earnings of the next 24 highest-earning protocols combined. For comparison, established blockchain networks like Ethereum and Solana reported combined revenues and fees of $2.3 million and $1.6 million, respectively. According to DefiLlama data, Pump.fun’s revenue surpasses the cumulative earnings of these top protocols within the same timeframe, demonstrating its unprecedented success.
Controversy and Incentives: The Ongoing Debate
Despite its remarkable financial performance, Pump.fun has faced significant criticism from market analysts. Critics argue that the platform’s low-cost model, allowing token creators to launch new coins for as little as $2, is harming the memecoin market. In response, Pump.fun has leaned into these criticisms, highlighting its recent achievement of launching 10,000 new tokens in just three hours, as mentioned during an X space conversation between former President Donald Trump and Elon Musk.
On August 9, Pump.fun introduced a new incentive aimed at encouraging token creators. The platform announced it would reward creators with 0.5 SOL (approximately $80 at current prices) if their tokens successfully completed their bonding curve and were deployed on the Solana-based automated market maker, Raydium. This move comes after recent data revealed that a staggering 98.6% of tokens launched on Pump.fun failed to complete the bonding curve process and never made it to Raydium.
Launched in January 2024, Pump.fun was designed as a response to problematic insider token launches. Traditionally, memecoins have been introduced through pre-sales and insider buying, allowing launch teams to hide token quantities and manipulate the market unfairly. Pump.fun addresses these issues by ensuring transparency, making all data about tokens created on its platform publicly available, so anyone can see the number of available tokens and their holders.
Leave a comment