Pump.fun, a memecoin launchpad on the Solana blockchain, has reached $100 million in revenue just over seven months after its January debut, making it the fastest-growing protocol by revenue in the cryptocurrency ecosystem. According to data from Dune Analytics, Pump.fun achieved this milestone in 217 days—34 days faster than the previous record-holder, ENA. This analysis was shared by Ryan Watkins, co-founder of the data-focused hedge fund Syncracy Capital.
Pump.fun’s rapid revenue growth is attributed to its appeal to retail speculators and its relatively high fees compared to other decentralized exchanges (DEXs) on the blockchain. The protocol has collected 684,716 SOL in revenue, valued at approximately $92 million as of the latest data from CoinGecko.
The platform’s meteoric rise has been driven by its popularity among “degens,” who created over 500,000 tokens on Pump.fun within a single month, often using creative and wild promotional tactics. In early July, the platform’s daily revenue peaked at $1.99 million, surpassing that of the entire Ethereum network, as reported by DeFiLlama.
However, despite its explosive start, activity on Pump.fun has slowed in recent weeks. The platform recently introduced the ability to launch tokens for free and offered incentives for successful token releases. This led to an overwhelming number of token launches, which eventually contributed to the tapering off of activity and a deceleration in revenue growth.
While revenue is a key measure of success, Watkins emphasized that the number of active addresses interacting with Pump.fun’s contracts is also an important metric to consider when assessing the protocol’s impact.