Pump.fun Responsible for 70% of Token Launches on Solana Network

Token launchpad Pump.fun has been responsible for approximately 70% of all transactions on the Solana network over the past two days. Its Saturday dominance is the highest since the platform disabled its controversial streaming feature in November.

Over the past week, Solana (SOL) has climbed 12%. The upward trajectory has, in part, been motivated by its meme coin trenches. Pump.fun is the go-to spot for most meme coin creating, buying, and selling with over 5.5 million tokens being created on the platform in its year lifetime.

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Decrypt’s 2024 Project of the Year: Solana Meme Machine Pump.fun

It started on a whim. Two devs, a laptop, and an idea to develop a platform for launching crypto tokens fairly, cheaply, and easily—all while minimizing the risk of scams. The product wasn’t perfect—far from it. And after launching in January, it arguably led to more crypto scams than would have existed without it; they just looked different. But by the end of the year, the Solana meme coin launchpad Pump.fun had become undeniably the most culturally significant crypto project of the year. Maybe...

On Saturday, Pump.fun accounted for 71.1% of all tokens created on the Solana network and 69.5% on Sunday, according to Dune data. A major reason for the protocol’s dominance over other methods is because it lowered the barrier for entry, simply allowing users to create a token in minutes even if they lack technical or financial abilities.

That said, other projects have tried to replicate its success. For example, Moonshot, which was created by popular crypto site DEX Screener, launched in June. But it failed to make a major impact. Moonshot only launched more than 1,000 tokens per day twice in December, by comparison Pump.fun launched over 45,000 in the past 24 hours alone.

With this, Pump.fun has accounted for 56.2% of all transactions on Solana decentralized exchanges so far this month—despite only 1.21% of its created tokens hitting the threshold that gets them listed on decentralized exchanges.

But this dominance isn’t anything new for Pump.fun. The platform first recorded over 70% dominance of SPL tokens launching on Solana, according to Dune data, back in November when the Pump.fun’s livestreaming feature boomed.

During the livestream meta, degens opened their cameras to perform wild stunts like shooting a gun out of their window, beheading a chicken, or faking their own suicide for money. While this helped push Pump.fun Solana dominance to an all-time high of 75.5%, it ultimately went too far and resulted in the livestreaming function being removed.

The platform’s dominance then retracted to 53% by December 17, spending most of the month in the 60s—momentarily hitting 71% on December 27.

The 7 Wildest Meme Coin Livestreams on Pump.fun in 2024

Livestreaming with an attached meme coin was popularized this year after a mom promised sexual acts if her apparent son’s meme coin, called LiveMom, hit specific market caps.  Despite promising to pour milk over her “36DDs,” the same ones her son allegedly “actually suckled on,” the pair ghosted with nothing really crazy going down. But clearly, some degens saw the viral sensation this became and tried to capitalize on it. Quickly, a flurry of copycat tokens launched, including LiveSis, countles...

With its roots in degeneracy, Pump.fun has lately become the breeding ground for the latest evolution in artificial intelligence. With AI agents creating tokens on the platform as a way to brand itself, raise money, and reach a wider audience.

As such, the launchpad’s success hasn’t waned after livestreaming was dropped. According to DefiLlama, it has now brought in over $79.94 million in monthly revenue, more than layer-1 networks Tron (TRX) and Bitcoin (BTC).

Edited by Stacy Elliott.