- Pump.fun revenues have soared, but criticism is piling up too as the protocol is accused of “killing” memecoins.
- Pump.fun tokens never see the light, and most never make it to exchanges.
- During the Trump-Musk Twitter space, over 10,000 tokens were generated from the interview, most of them rug-pulled.
Pump.fun, a popular memecoin launcher, has shattered revenue records, even surpassing the vast majority of protocols on Ethereum and Solana.
According to data from DefiLlama, Pump.fun earned over US$5 million (AU$7.6 million) on August 14, outranking over 20 of the highest-revenue earning protocols and blockchains combined. In comparison, Ethereum and Solana reported combined revenues and fees of US$2.3 million (AU$3.5 million) and US$1.6 million (AU$2.4 million), respectively, over the same period.
Related: Solana DEX Volume Plunges 72% Amid Decreasing Interest for Memecoins
Moreover, in the last 24 hours, the platform has racked up over US$1.85 million (AU$2.8 million) in revenues, slightly higher than Jito and Raydium, two of the leading DeFi protocols in the Solana ecosystem.
The protocol also broke its previous record high, achieved on June 30, by at least 10x. What’s interesting —and controversial— about Pump.fun is that you can list tokens with as little as US$2 (yes, two dollars) and little technical knowledge.
Most of these tokens never make it to centralised or decentralised exchanges, like Raydium (only 1.4% made it to the DEX), as per data from Dune:
In other words, most of these tokens fail. This was discovered in a Dune chart, showcasing how most tokens never reach the bonding curve process, i.e., the so-called graduation phase.
During the interview between Donald Trump and Elon Musk, held in a Twitter space on Monday, Pump.fun traders bet on newly created memecoins derived from the dialogue. So, there’s probably a memecoin named Tampon on Pump.fun (yes, Tampon was a word Trump said during the live chat).
Related: Trump Memecoins Tumble as Former President Fails to Mention Crypto in Musk Interview
This has been the centre of accusations against the project. But Pump.fun doesn’t care. They’re actually proud of it. If you think that the 10,000+ tokens generated during the three-hour conversation between Trump and Musk rug-pulled, then you’ve guessed correctly.
Hours later, the protocol posted a meme on X that reads: “3 hours. Tens of thousands in the trenches. 10,000 coins. ARE YOU NOT ENTERTAINED!?”
Users in the comment section didn’t let that slide.
It’s pretty safe to assume they were definitely not entertained…
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