Solana memecoin deployer pump.fun has generated a record $5.3 million in revenue in the last 24 hours, more than the daily revenue of the next 24 highest-earning protocols combined.
Pump.fun netted a total of $5.33 million in revenue in the last day, significantly outpacing established blockchain networks such as Ethereum and Solana, which posted combined revenues and fees of $2.3 million and $1.6 million, respectively.
It has even made more in daily revenue than the next 24 protocols combined within the same timeframe, according to DefiLlama data.
The token deployer generates revenue by charging a 1% fee on all trades that occur on its platform.
Pump.fun has come under fire from market pundits in recent weeks, with many accusing the deployer of “killing” memecoins, as the platform allows for a token creator to launch a new token for as low as $2.
Related: Pump.fun flips Ethereum in 24-hour revenue generation — DefiLlama
Pump.fun has been leaning into these accusations, boasting that its platform launched 10,000 new coins in a three-hour timeframe during an X space conversation between former President Donald Trump and Elon Musk.
On Aug 9, pump.fun announced that it would reward token creators with a payment of 0.5 SOL — worth roughly $80 at current prices — if their tokens completed their bonding curve and were deployed on the Solana-based automated market maker Raydium.
The new incentive came following new data, which revealed that a staggering 98.6% of all tokens launched on pump.fun never completed the bonding curve process and failed to launch on Raydium.
Pump.fun was launched in January 2024 as an antidote to nefarious insider token launches.
Historically, memecoins have been launched by way of pre-sales and insider buying, where launch teams can conceal the number of tokens they have and unfairly manipulate the market. Pump.fun ensures that all of the data concerning tokens created on its platform is public and transparent, meaning that anyone can see the number of available tokens and who holds them.
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