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Pump.Fun Upends Ethereum Blockchain in Daily Revenue
Memecoin launchpad has seen the highest daily turnover in all of DeFi over the past 24 hours.
Memecoin launch platform Pump.Fun has seen the highest gross revenue in all of decentralized finance (DeFi) over the past 24 hours, surpassing even Ethereum.
The platform has raked in $867,429 over the past 24 hours, compared to Ethereum’s $844,276, according to DeFiLlama. Solana-based Telegram trading bot Trojan was the third-highest revenue generator of the day, as the memecoin infrastructure continues to dominate in DeFi.
According to DeFiLlama, Pump.Fun is generating $315 million in annual revenue, averaging $906,160 per day over the past week.
The memecoin frenzy of the past few months is driving the dominance of Pump.fun. Solana-based memecoins have been the primary drug of choice for on-chain degens.
The app allows non-technical users to launch their tokens in minutes. Users can spend as little as $2 to launch their token and are not required to provide any liquidity up front. Pump.Fun allows new tokens to trade along a bond curve until they reach a set market cap of around $75,000, where the bond curve will then be burned on Raydium to create a secure liquidity pool.
Pump.Fun generates revenue through accrued commissions. The platform charges a 1% commission on transactions that occur on the platform. After a token is bound and burned on Raydium, Pump.fun is no longer able to charge the 1% commission.
Meanwhile, Ethereum is the blockchain of the second largest cryptocurrency, Ether, with a market cap of $395 billion. It supports hundreds of applications and thousands of digital assets and secures over $60 billion in smart contract value.
Ethereum generates revenue because users pay fees, known as gas and denominated in ETH, to execute transactions and smart contracts.