Author: David C., Bankless; Translated by: 0xjs@ Jinse Finance
Pump.fun, a popular memecoin launching platform among Solana traders, has attracted new criticism this week over concerns that its updated token launching mechanism will make memecoin staking less fun.
Pump helped users create nearly 2 million unique memecoins in its early life, and although 99.99% of those memecoins did not gain any meaningful value, the activity made the Pump team rich. Since the platform went live in March, they have earned $100 million in fees.
Their success is compounding. The platform recently eliminated its $2 fee for creating memecoins, passing the fee on to the first buyer of a token (usually a bot). The shift has led to a massive influx of new tokens onto the platform, rampant speculation, and record high fees for Pump, which earned $5.3 million in fees in 24 hours this week.
All of these actions have led to a lot of complaints on crypto Twitter that the only winner in the new moves is the Pump.
Can the platform sustain this kind of action, or will traders migrate elsewhere?
