A new report from DeFiLlama reveals that Pump.fun, a launchpad on Solana for creating meme coins, has surpassed other protocols in generating fees on both Solana and Ethereum.<\/p>\n
According to DeFiLlama, Pump.fun amassed $5.3 million in fees in a single day, nearly double the $2.3 million earned by Lido, a prominent liquidity staking platform on Ethereum. This surge in fees is notable, as Pump.fun outperformed Ethereum, a network known for its high gas fees, which only generated $1.67 million in fees during the same period.<\/p>\n
Moreover, Solana saw $1.32 million in fees distributed to validators for transfers and smart contract deployments. Pump.fun’s popularity has surpassed that of Tron, a key player in USDT transfers, as Tron only generated $1.15 million in fees in the last day.<\/p>\n
The spike in Pump.fun’s popularity and the resulting increase in on-chain gas fees can be attributed to its user-friendly platform, enabling users to create and trade tokens quickly and affordably, driving the surge in meme coin activity on Solana.<\/p>\n
Despite Pump.fun’s success in fee generation, research indicates that less than 0.002% of tokens launched on the platform reach a $1 million market cap. Only 41 out of the numerous meme coins launched maintained a market cap of $1 million for a few weeks. This poor performance is often due to the lack of intrinsic value in many meme coins, which are primarily created for entertainment purposes.<\/p>\n
In response to these findings, Pump.fun announced plans to incentivize the creation of more successful tokens by eliminating fees for token deployment. Previously, users had to pay around $2 in SOL to create tokens, but now this fee is shifted to the first token buyer.<\/p>\n
The objective is to encourage developers to progress their tokens through the crucial “bonding curve” stage, aiming to achieve a market cap above $70,000. Tokens that clear this stage will be listed on Raydium, with the issuer receiving 0.5 SOL as compensation.<\/p>\n","protected":false},"excerpt":{"rendered":"
A new report from DeFiLlama reveals that Pump.fun, a launchpad on Solana for creating meme coins, has surpassed other protocols in generating fees on both Solana and Ethereum. Pump.fun Generates More Fees Than Ethereum According to DeFiLlama, Pump.fun amassed $5.3 million in fees in a single day, nearly double the $2.3 million earned by Lido, […]<\/p>\n","protected":false},"author":1,"featured_media":17408,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Pump.fun On Solana Generates $5.3 Million In Fees, 100% More Than Ethereum - Bitrabo","description":"A new report from DeFiLlama reveals that Pump.fun, a launchpad on Solana for creating meme coins, has surpassed other protocols in generating fees on both Solan"},"footnotes":""},"categories":[316],"tags":[768,673,4239,7251,561,4210,4585,1213],"class_list":["post-17407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-ethereum","tag-fees","tag-fun","tag-generates","tag-million","tag-pump","tag-pump-fun","tag-solana"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/17407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=17407"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/17407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/17408"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=17407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=17407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=17407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}