Key Takeaways
- Pump.fun surpasses $800M in lifetime revenue from swap fees.
- LetsBonk briefly overtook Pump but lost ground as top deployers returned.
- Pump launched its native token, raising $600M in 12 minutes.
Pump.fun Surpasses $800M in Revenue Amid Solana Memecoin Battle
Pump.fun, the memecoin launchpad that runs on Solana, has gone beyond $800 million in its lifetime revenue, thus making it a leader in the rapidly growing memecoin sector. In the light of the information given by the on-chain analyst @adam_tehc, most of the revenue that Pump has made (over $800.6 million) is from the 1% swap fee it charges on every token transaction.
Before the launch of its own decentralized exchange, PumpSwap, the platform used to collect fees when tokens after hitting a particular market capitalization “graduated” to Raydium. This regular income — more than $1 million each day — is a clear confirmation of the viability of their model in the face of strong rivalry.
Competition with LetsBonk Intensifies
For two weeks, Pump’s closest competitor, LetsBonk.fun, was ahead of it in terms of the number of tokens that had graduated. This was mainly due to the fact that it got easy access to Raydium’s LaunchLab and the support of the Bonk memecoin community. However, the leader of the top 10 memecoin deployers, who moved back to Pump’s platform, has allowed the latter to reclaim the lead as per the trader @WazzCrypto point of view.
Daily revenue at LetsBonk has reduced drastically to below $30,000 from $1 million at the beginning of this month, this is a clear indication of the loss of momentum.
In addition, by the issue of its own token in July, which was able to raise $600 million in only 12 minutes during an initial coin offering, Pump became even stronger. At the moment, the platform is purchasing tokens at prices higher than the market in order to calm down the demand.
However, Solana’s prominence as the central hub for memecoins is being threatened. The Coinbase-incubated blockchain Base set new record of memecoin launches for a single day with nearly 58,000 new projects while only 32,760 launches were reported on Solana. This data is sourced from The Block.
Summary
Pump.fun has reaffirmed its dominance in Solana’s memecoin ecosystem by surpassing $800M in lifetime revenue and outpacing its competitors. Despite rising challenges from LetsBonk and Coinbase-backed Base, Pump’s strong revenue model, token launch success, and loyal developer base suggest it remains a central player in the memecoin landscape.
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