- The token launchpad made its debut on Solana in January, and it quickly achieved $100 million in income because to a flurry of activity and fees.
- Even though activity on the platform has decreased recently, Pump.fun is the fastest-growing protocol in the cryptocurrency ecosystem by revenue growth, having generated $100 million in revenue in just over seven months.
According to data from Dune Analytics, the meme coin launchpad, which made its debut in January, generated $100 million in sales in 217 days. In comparison, it took 34 fewer days for the second fastest-growing protocol, ENA, to reach the same revenue benchmark.
The investigation, which uses data from Token Terminal, DefiLlama, and Syncracy, reveals that other rapidly expanding protocols include CVX, CAKE, and AERO, which took 306, 325, and 338 days, respectively, to reach $100 million in sales. The total costs that DeFi protocols charge their customers less the amount that is distributed to their liquidity providers is how they generate income.
As of this writing, Pump.fun had generated 684,716 SOL in income, or approximately $92,066,900, based on CoinGecko data.
Pump.fun’s explosive income growth comes after degens quickly adopted the Solana-based protocol, creating over 500,000 tokens on the network in less than a month, many of which were pushed with outrageous antics. According to DeFiLlama data, the protocol’s daily earnings surpassed the Ethereum network in early July, reaching $1.99 million.
The platform allowed token launches to launch for free last month and provided rewards for successful launches. However, because of criticism regarding the relentless pace of token launches, platform activity has now decreased, which has slowed the protocol’s income growth.
According to Dune Analytics data, memecoin degens created merely 5,388 tokens on the altcoin launchpad on Saturday, which is around 73% fewer tokens than the amount they distributed on the platform about three weeks ago.
Pump.fun’s revenue has increased at a slower rate than the token production on the platform. Over the last week, the site has generated an average of 2,819 SOL in revenue every 24-hour. That represents 20% of the 13,511 SOL daily revenue that was the all-time high as of June 30.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
