Pump.fun, a platform on Solana that lets users create and trade meme coins, is making a lot of money. In fact, it’s raking in more fees than some of the biggest platforms on Solana and even Ethereum!
Pump.fun Outperforms Ethereum and Other Blockchains
In just one day, Pump.fun generated over $5.3 million in fees. That’s almost double what Lido, a popular Ethereum platform, made. Even more impressive, Pump.fun’s fees are higher than Ethereum itself, which is known for its high transaction fees.
Pump.fun is also beating out Tron, which is popular for USDT transfers. This shows just how much interest there is in Pump.fun.
Why is Pump.fun So Popular?
The reason for Pump.fun’s success is simple: it’s easy to use. Users can create and trade tokens for less than $2 with just a few clicks. This, combined with the growing popularity of meme coins on Solana, has made Pump.fun a major player in the crypto world.
The Challenge of Meme Coin Success
While Pump.fun is making a lot of money, there’s a problem: most of the meme coins launched on the platform don’t last very long. Less than 0.002% of them ever reach a market cap of $1 million.
This is likely because most meme coins are just for fun and don’t offer any real value.
Pump.fun’s New Plan to Boost Success
To encourage the creation of more successful meme coins, Pump.fun is making some changes. They’re no longer charging users to create tokens. Instead, the first buyer of a new token will pay the fee.
The goal is to help tokens get past the initial “bonding curve” stage, where they need to reach a market cap of at least $70,000. If a token succeeds, it will be automatically listed on Raydium, and the creator will get paid 0.5 SOL.
Pump.fun hopes these changes will lead to more successful meme coins and make the platform even more popular.
