Author: David C., Bankless; Translated by: 0xjs@Golden Finance

Pump.fun, a popular memecoin launching platform among Solana traders, has attracted new criticism this week over concerns that its updated token launching mechanism will make memecoin betting less fun.

Pump helped users create nearly 2 million unique memecoins in its early lifespan, and although 99.99% of those memecoins never gained any meaningful value, the activity made the Pump team rich, earning them $100 million in fees since the platform went live in March.

Their success is compounding. The platform recently eliminated its $2 fee for creating memecoins, passing the fee on to the first buyer of a token (usually a bot). The shift has led to a massive influx of new tokens onto the platform, rampant speculation, and record fees for Pump, which took in $5.3 million in fees in 24 hours this week.

All of these actions have led to a lot of complaints on crypto Twitter that the only winner in the new moves is the Pump.

Can the platform sustain this kind of action, or will traders migrate elsewhere?

Appendix: According to crypto researcher arndxt's research on Pump.fun trading data, only 70 traders (accounting for 0.0028%) made a profit of more than $1 million; 924 (0.037%) made a profit of more than $100,000; 11,936 (0.477%) made a profit of more than $10,000; and 76,567 (3.061%) made a profit of more than $1,000. Only 20% of traders made a profit, and the remaining 80% faced losses.