Pump.fun surpasses $100 million in revenue as Polymarket outshines NFTs in August #pumpfun
Quick Take#BinanceBlockchainWeek
• Popular memecoin launchpad Pump.fun has made $100 million in cumulative revenue from more than one million memecoins since it launched in January of this year.
• Another hot crypto project, Polymarket, had more volume in August than all NFTs across all chains combined, according to analysis.
The crypto industry has always generated its fair share of speculators, for better or for worse. It's no wonder, then, why two of the hottest platforms in crypto—memecoin launchpad Pump.fun and decentralized prediction marketplace Polymarket—are built upon speculation.
Though, curiously, the platforms can be seen as inverses of one another. On Pump.fun, users speculate on memecoins that aside from their branding and community value have no intrinsic value proposition, meaning it should be hard to predict which coins are going to break through the noise and attract fans. On Polymarket, users are encouraged to use every bit of information at their disposal when trading positions on the market, predicting everything from political elections to how many times Elon Musk will tweet this week.
But both platforms have seen a meteoric rise. Launched in January 2024, Pump.fun recently passed $100 million in total cumulative revenue generated for its developers, according to a Dune Analytics dashboard. Pump.fun's developers take a 1% fee on all transactions on its platform. Pump.fun even recently eliminated the cost for deploying a token, making it easier than ever for users to spin up a new memecoin.
However, Pump.fun's daily revenue on Friday was the second-lowest single-day sum since May 24. Whether or not the launchpad can continue to incentivize users to create and trade memecoins will be critical to its future growth, lest the project comes to resemble friend.tech, a once-hot Web3 social platform that has essentially stopped making money over the past three months, according to The Block's data.
