Pump.fun has announced the launch of its native token $PUMP through an Initial Coin Offering (ICO) scheduled for Saturday, July 12. The project aims to create a new social platform on Solana while competing with Facebook, TikTok, and Twitch.
Rapid Growth and Platform Vision
Since its launch in January 2024, Pump.fun has reported rapid revenue growth, claiming to be the fastest-growing company in history. The platform is designed for anyone to build and trade tokens, having reached milestones of $100 million, $300 million, and $500 million in revenue faster than any other company. Ultimately, they aim to establish a decentralized social network that rewards users with monetary and attention-based incentives.
ICO Details and Tokenomics
Pump.fun confirmed that the $PUMP ICO will offer 33% of the total supply, equating to 330 billion tokens. 18% has already been sold in a private round to institutional buyers, while the public sale will distribute 15% at a price of $0.004 per token. All tokens sold in private and public sales will be fully unlocked and tradable from day one.
Ecosystem Goals and Token Utility
$PUMP token is described as a crucial tool for scaling the platform and rewarding participation. The distribution of $PUMP will focus on community initiatives, creator incentives, and liquidity support. An upcoming airdrop was also announced, although further details were not disclosed.
The launch of $PUMP represents Pump.fun's ambitious approach to transforming social media through blockchain technology, focusing on rewarding users and creating a more decentralized structure.
