Solana Mimecoin Distributor Pump.Fun has generated a record $5.3 million in revenue over the past 24 hours, which is more than the next 24 highest-yielding protocols combined in a single day.
Pump.fun has made a total of $5.33 million in revenue over the past day, significantly outperforming established blockchain networks such as Ethereum and Solana, which recorded $2.3 million in revenue and $1.6 million in fees, respectively.
According to DefiLlama data, the protocol generated more daily revenue than the other 24 protocols combined over the same period.
Token distributors generate revenue by charging a 1% fee on every transaction that occurs on the platform.
Pump.fun has come under fire from market experts in recent weeks, with many accusing the distributor of “killing” Mimecoin, as the platform allows token creators to launch new tokens for as little as $2.
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Pump.fun backed up these accusations, boasting that it had launched 10,000 new coins on its platform in just three hours while former President Donald Trump and Elon Musk were talking on XSpace.
On August 9, pump.fun announced that it would reward token creators with 0.5 SOL (equivalent to about $80 at current prices) when the tokens complete the bonding curve and are distributed to Raydium, a Solana-based automated market maker.
The new incentive comes as new data shows that a whopping 98.6% of all tokens launched on pump.fun failed to complete the bonding curve process and were never launched on Raydium.
Pump.fun was launched in January 2024 as a solution to malicious insider token issuances.
Historically, Mimecoins have been launched through pre-sales and insider buys, which allows the launch team to hide the number of tokens they hold and unfairly manipulate the market. Pump.fun ensures that all data about tokens created on the platform is public and transparent, allowing anyone to see how many tokens are available and who holds them.
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