Pump.fun, a Solana-based platform, has announced the creation of the Glass Full Foundation (GFF), a new fund to support selected projects in its ecosystem amidst declining revenues and increasing competition.
Goals and Objectives of Glass Full Foundation
The head of Pump.fun stated that the foundation will 'inject significant liquidity into ecosystem tokens to support our most diehard cults.' However, no details have been provided on how recipient projects are chosen or where the funds are sourced from. Initial capital deployments have already begun, with additional support planned.
Pump.fun's Revenue Decline
Recent reports indicate a steep drop in Pump.fun's revenue: from over $7 million per day in January during the memecoin boom to around $200,000 in recent weeks. This coincided with a rise in activity on the competing platform LetsBonk.fun.
Discussions on Transparency and Governance of the Foundation
While the GFF's formation reflects trends in crypto projects, Pump.fun has not clarified whether the foundation will be legally formalized or how it will be governed. The industry is also discussing whether the creation of a liquidity-focused foundation can help Pump.fun retain top-tier projects.
Pump.fun's initiative to create the liquidity-focused GFF aims to support its ecosystem, but the lack of clarity regarding funding sources and selection criteria raises questions about the future prospects and governance of the foundation.
