Pump.fun, a Solana-based platform for launching memecoins, has achieved impressive financial results, collecting over $800 million. Analyzing the data shows that the platform continues to thrive despite growing competition.
Overview of Pump.fun
According to a Dune dashboard by analyst *@adam_tehc*, Pump.fun has collected $800.7 million since its launch. The primary source of revenue for the platform is a 1% swap fee on token transactions. Previously, the platform charged projects when they 'graduated' to Raydium, a Solana decentralized exchange, after reaching a set market capitalization.
Competition with LetsBonk.fun
Pump.fun has been a key player in the growth of memecoins on Solana, though it has recently faced competition from LetsBonk.fun, which launched in April with support from the Bonk community and ties to Raydium’s LaunchLab. Last month, LetsBonk briefly overtook Pump in the number of tokens reaching 'graduated' status. However, Pump has since regained leadership as several top memecoin deployers migrated back to its platform. Crypto trader *@WazzCrypto* remarked, 'The top 10 deployers on LetsBonk moved over to Pump.'
Changes in the Memecoin Landscape
Pump's recovery has widened the revenue gap. The platform has been generating over $1 million a day, while LetsBonk’s daily revenue has plummeted to below $30,000, a sharp drop from about $1 million earlier this month. Additionally, Pump launched its own token last month, raising $600 million in 12 minutes during an initial coin offering (ICO), and has initiated a buyback program to support the token’s value.
The memecoin landscape is shifting. While Solana led the sector through 2024, it has recently been overtaken by Base, a Coinbase-incubated blockchain. The new Base App combines token trading with decentralized social media features, automatically minting posts as ERC-20 tokens through the Zora protocol.
