In three hours, 10,000 new tokens were issued on the platform... This is the latest milestone for Pump.fun.
Solana token issuance platform Pump.fun has just announced that within 3 hours, 10,000 people have joined the trenches and issued 10,000 new coins. Don’t you find it interesting?
The reason for such explosive data is undoubtedly related to the nearly three-hour live broadcast conversation between Trump and Musk today. Musk posted a message after the live broadcast, saying that the combined views of the conversation with Trump and subsequent discussions on other accounts reached about 1 billion times.
Issuing coins at no cost and offering rewards, will memecoin PVP go crazy or be destroyed?
On August 9, pump.fun announced that pump.fun will introduce two major updates: 1) 0 fees for token creation; 2) when the token completes its joint curve, the token creator will receive 0.5 SOL (about US$80).
principle:
1. Instead of having to pay about $2 to create a token, the creator now pays the first buyer of the token, which prevents flooding. Also, when a token is created, it is not put on the chain until someone buys it.
2. If the token completes its bonding curve, they will receive 0.5 SOL (~$80).
- This money is paid from the pump.fun migration fee
- Regardless of whether the token developer has ever held the token or still holds the token, the payment will be made
- The reward also incentivizes all developers to bring their tokens to 100% curve
The reason why Pump.fun incentivizes tokens to complete the bonding curve may be related to previous reports that 98.6% of all tokens launched on pump.fun never completed the bonding curve process and thus could not be launched on Raydium, so a new incentive structure was introduced.
Note: What is a bonding curve? Pump.fun utilizes a bonding curve model to provide guaranteed liquidity for newly issued tokens once they enter Raydium, an automated market maker on the Solana blockchain. The bonding curve model extracts a small portion from each token purchase and distributes it to the curve. Once the token reaches a market cap of $63,000, the bonding curve is completed and the token is launched on Raydium with guaranteed liquidity. In short, this means that the token will never completely lose liquidity and traders can sell even if the price drops significantly. This model prioritizes early users because the number of tokens sent to the bonding curve at a lower valuation is cheaper than users who buy tokens at their dollar value.
Zero-cost token issuance + reward incentives, the dual factors have driven more tokens to be created, including today's hot topic of Trump and Musk, which has prompted more than 10,000 memes to be created.
However, the crypto market cannot digest so many new coins generated in one day. 99.9% of them may quickly return to zero and have a very short lifespan. In this extreme PVP battle, only a few new coins were paid attention to, such as $Yeah. However, the market value of Yeah was only more than 1 million US dollars at its highest. As of now, it has fallen back to around 450,000 US dollars, and it has only been more than 7 hours since its birth.
The number of meme coins that can really be used to play games continuously is decreasing.
Pump.fun becomes a profit machine
According to data from the DefiLlama website, the total revenue of the pump.fun protocol has reached nearly $90 million, reaching $89.03 million; the revenue since August (13 days) has exceeded $10 million, reaching $10.04 million; the protocol revenue in the past 24 hours was about $850,000. In addition, according to Dune data, the number of tokens issued by the pump.fun platform has exceeded 1.75 million, reaching 1.7568 million.
The platform has been earning huge revenue from the 1% fee charged on all transactions on the platform. On July 29, pump.fun doubled its daily revenue compared to the Ethereum network, generating a staggering $864,000 in revenue in 24 hours, compared to the Ethereum network’s $550,000 in the same time frame.
