pump.fun generated $3.12 million in 24-hour revenue, surpassing Hyperliquid and ranking as the third-highest protocol globally, according to Defillama.

Executive Summary

Decentralized launchpad pump.fun reported $3.12 million in revenue within a 24-hour period, according to Defillama data. This performance positions pump.fun as the third-highest revenue-generating protocol in the cryptocurrency market, exceeding Hyperliquid's $2.48 million for the same period. The platform's revenue figures place it directly behind stablecoin issuers Tether and Circle, highlighting its growing financial prominence within the Web3 ecosystem.

The Event in Detail

pump.fun's revenue of $3.12 million over 24 hours surpassed Hyperliquid, which recorded $2.48 million. This data places pump.fun behind only Tether, with $21.7 million, and Circle, with $7.62 million, in daily revenue across the crypto space. The revenue for pump.fun is primarily derived from a 0.05% protocol fee applied to each trade on its platform, which facilitates the rapid creation and launch of new tokens.

Financial Mechanics and Business Strategy

pump.fun's operational model focuses on enabling users to launch tokens without coding knowledge, fostering a high volume of new token creation. The platform's revenue structure includes a base 0.05% protocol fee from trades. Additionally, its Project Ascend initiative incorporates dynamic fees ranging from 0.05% to 0.95% based on market capitalization, alongside creator shares of up to 50%. This structure contrasts with fixed-fee models, such as Raydium's 0.25% fee with no direct creator shares. Reports project pump.fun's estimated lifetime revenue to reach $800 million by 2025, capturing a 62% market share in Solana-based memecoins, compared to Raydium's projected $500 million lifetime revenue and 25% market share. The platform has also implemented a revenue-sharing program, distributing 50% of PumpSwap fees.

Market Implications

pump.fun's substantial revenue generation underscores the increasing activity in decentralized token launch platforms and the growing market for speculative assets, particularly memecoins. The platform processes over 30,000 new token launches daily and serves approximately 350,000 active wallets, contributing to a daily trading volume that has exceeded $300 million, marking a 50% increase in May. This activity occurs despite a reported 50% decline in the overall memecoin market capitalization since the beginning of the year. The platform's success in fee generation has seen it hold the top spot for weekly fee generation for nine consecutive weeks, and some reports indicate it has surpassed Ethereum in total fee revenue for 2025.

Broader Context and Regulatory Scrutiny

Since its launch in January 2024, pump.fun has rapidly expanded, also extending its operations to the Base and Blast networks. However, this growth has attracted increased regulatory scrutiny and legal challenges. Concerns have been raised regarding the speculative nature of tokens launched on the platform, with some analyses indicating that approximately 98% of tokens have been flagged as potentially fraudulent, and over 60% of users reporting financial losses. The platform operates on a bonding curve model, which rewards early participants with lower token prices but can lead to rapid devaluation for late entrants. Legal actions include a Racketeer Influenced and Corrupt Organizations Act (RICO) lawsuit alleging the platform operated a "Meme Coin Casino" and manipulated token launches, as well as lawsuits related to specific tokens like PNUT. Furthermore, the platform faces tax implications, including capital gains taxes on token sales and ordinary income tax on airdropped tokens, with upcoming reporting requirements for crypto brokers to the IRS via Form 1099-DA.