Solana’s Pump.fun Becomes the Fastest Growing Crypto App by Revenue

Pump.fun, a memecoin launchpad on the Solana blockchain, has achieved $100 million in revenue in just over seven months, making it the fastest-growing protocol by revenue in cryptocurrency history. Despite a recent slowdown in platform activity, Pump.fun’s rapid rise is noteworthy. Data from Dune Analytics reveals that the platform reached this revenue milestone in 217 days, outpacing its nearest competitor, ENA, by 34 days.

“Pump.fun’s revenue growth was partially due to its appeal to retail speculators, but also because it charges the highest fees of any decentralized exchange (DEX) on-chain,” noted Ryan Watkins in an analysis for Decrypt. Watkins highlighted that other protocols, such as CVX, CAKE, and AERO, took significantly longer—306, 325, and 338 days, respectively—to reach the same revenue threshold, according to data from Token Terminal, DefiLlama, and Syncracy.

As of the latest figures, Pump.fun has accrued 684,716 SOL in revenue, valued at approximately $92.07 million, per CoinGecko. This growth has been fueled by a surge of user engagement, with over 500,000 tokens created on the platform in a single month. At its peak in early July, Pump.fun’s daily revenue hit $1.99 million, surpassing the daily revenue of the Ethereum network, according to DeFiLlama.

However, revenue is not the sole metric of success for Pump.fun. Watkins emphasized the importance of the number of active addresses interacting with Pump.fun’s contracts. Despite its success, the platform has faced criticism for the sheer volume of token launches, leading to a tapering in user activity and revenue growth.

Recent data shows a significant decline in token creation, with just 5,388 tokens launched on a recent Saturday, marking a 73% drop from the numbers seen three weeks prior. Correspondingly, Pump.fun’s daily revenue has decreased, averaging around 2,819 SOL over the past week, only 20% of its June 30 all-time high of 13,511 SOL.

This slowdown coincides with the launch of SunPump, a competing memecoin launchpad on the Tron network, by Justin Sun on August 15. As the competitive landscape evolves, it remains to be seen how Pump.fun will adapt to maintain its position as a leader in the rapidly growing crypto space.

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