Solana’s Pump.Fun Nears $100M Revenue With 1.8M Memecoins Deployed

Pump.Fun, a platform for creating memecoins on the Solana blockchain, is nearing the $100 million mark in total revenue. According to DeFiLlama data, the platform’s revenue has climbed to $94.5 million, a considerable jump from $50 million at the end of June.

Since its inception in January 2024, Pump.Fun has facilitated the creation of over 1.8 million memecoins. The platform takes advantage of Solana’s low transaction fees, making it an appealing choice for users interested in generating new tokens.

Unique Token Model Drives Growth

Pump.Fun employs a distinct bonding curve model for both launching and trading tokens. The mechanism ensures fair access to new coins and mitigates the pre-sale advantages often seen in other crypto projects. In this system, a token starts at a base price, with the price predictably increasing as more people buy it. This approach guarantees liquidity and maintains a continuous market for the tokens.

The platform has gained significant traction amid the recent surge in interest in memecoins. Pump.Fun has seen a rise in the creation of tokens tied to political figures, celebrities, and other meme-related themes.

Pump.Fun’s rapid growth can also be attributed to its low entry costs, around $2 to launch a token, and its focus on memecoins, which, despite their volatility, often generate substantial trading activity, even if short-lived.

Pump.Fun Faces Criticisms

Recently, Pump.Fun eliminated the fees for deploying user tokens and started offering creators a reward of 0.5 SOL (about $80) when their tokens progressed along the bonding curve. This change has made it even more attractive for users to launch new tokens, accelerating the platform’s growth.

However, the surge in revenue has also drawn criticism from some users. They have expressed concerns about the quality of new projects launching on the platform and the lack of long-term value in many of the memecoins, which they believe are often too speculative.

After Pump.Fun’s social media account posted a bold message referencing the numerous failed coins created on its platform, users began voicing their frustrations.

“It’s not fun anymore,” one user commented. “99% of people lost money. Either way, you made money,” another user pointed out. Another complaint stated that only Pump.Fun and the scammers are benefiting.