The token issuance platform pump.fun, based on Solana, has surpassed Ethereum in daily revenue over the past 24 hours.
According to data from DefiLlama, pump.fun saw its daily revenue soar to $1.99 million on July 2nd. This figure set a new all-time high for pump.fun’s daily revenue, outstripping Ethereum’s $1.91 million and positioning pump.fun as the highest-grossing blockchain platform.
A total of 11,462 tokens were launched on pump.fun, bringing the total number of tokens launched on the platform since its inception to 1.19 million.
This surge stems from pump.fun’s revenue model and celebrity-inspired memecoins. Tokens named after celebrities such as Caitlyn Jenner, Iggy Azalea, Trippie Redd, and Davido have driven pump.fun’s revenue to unprecedented heights.
Specifically, pump.fun charges a 1% fee for transactions and a 2 SOL fee when tokens reach sufficient liquidity to be listed on the DEX Raydium.
In March 2024, analysts predicted pump.fun could achieve $66 million in annual revenue. This projection may easily be surpassed, as current revenue has already reached 352,336 SOL, equivalent to $52.8 million. The trend among Solana users is to leverage the latest news and celebrity trends to create hundreds, even thousands, of related tokens, hoping that one will go viral and increase in value.
Low costs and fast transaction speeds on Solana have created an ideal environment for trend-driven memecoins, with pump.fun completing the puzzle by allowing token creation with just a few clicks and providing ample liquidity from over 50,000 daily users.
This is reflected in statistics showing nearly half a million tokens launched on Solana in May, most of which are memecoins, with the majority debuting on pump.fun.
Despite the controversy within the community, pump.fun’s market-savvy concept and revenue model not only significantly boost user engagement on its platform but also increase trading activities, generating revenue for Solana