Pump.fun, a protocol based on the Solana blockchain, has achieved a record turnover of $5.3 million in one day, a phenomenon rare enough to be highlighted. This result is all the more impressive when you consider that it exceeds the turnover of the 24 highest-earning protocols.
Record revenue for Solana exceeds that of the top 24 protocols combined
This is some surprising information, to say the least. Pump.fun managed to generate a record 24-hour turnover of $5.33 million on August 13.
The launcher has significantly outperformed the combined revenue of the 24 most lucrative protocols, even surpassing the Tron, Ethereum, and Solana blockchains combined on this metric.
Pump.fun generated more revenue on August 13 than the 24 most lucrative protocols and blockchains
Early July, The launchpad had already managed to generate nearly $2 million in revenue in 24 hours, surpassing Ethereum, which had recorded a turnover of 1.91 million dollars over the same period of time.
In order to generate revenue, Pump.fun charges a 1% fee on all transactions made. The main launchpad on Solana is regularly used to launch memecoins: in total, 1.5 million tokens have been created there.
👉To go further – What is a memecoin crypto and should you buy one?
In recent weeks, Criticism surrounding the launcher has been rife. Pump.fun is notably accused by some experts of undermining the memecoin marketIndeed, the platform allows a token creator to launch his memecoin for only 2 dollars, a ridiculous price.
Binance: the leading crypto exchange platform
However, the memecoins created on Pump.fun are far from being great successes.
Out of 1.5 million tokens launched on Pump.fun, only 1.41% of themor about 22,300 memecoins, have arrived on Raydium, the Solana blockchain’s decentralized exchange (DEX). Even at the height of memecoin popularity last February, this rate only reached 2.56%.
Instead of calming things down and trying to change the position of its detractors, Pump.fun does not hesitate to taunt them. The launcher boasted on X that it launched 10,000 new tokens in just 3 hours:
3 hours. Tens of thousands in the trenches. 10,000 coins.
ARE YOU NOT ENTERTAINED!? pic.twitter.com/kr7KkmHzVx
— pump.fun (@pumpdotfun) August 13, 2024
Since January 2024, the month of its launch, Pump.fun has never recorded such results.
An announcement made by Pump.fun on August 9th could be the source of this craze. Indeed, The launcher announced that it would reward memecoin creators with a payout of 0.5 SOL, or about $75 according to the current price of SOLif their tokens could reach Raydium.
🚨 Also read – Solana: a patch deployed urgently to avoid a new breakdown
It is thus entirely possible that for the sake of profit, thousands of people have started designing their own tokenwith the hope of arriving on the DEX.
Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts
The #1 Crypto Newsletter 🍞
Receive a daily crypto news recap by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products, or services. Some links in this article may be affiliate links. This means that if you purchase a product or sign up for a site from this article, our partner pays us a commission. This allows us to continue to provide you with original and useful content. There is no impact on you and you can even get a bonus for using our links.
Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers must do their own research before taking any action and only invest within the limits of their financial capacities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with a high return potential implies a high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of these savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
33 articles
