Solana-Based Memecoin Launchpad Pump.fun Becomes Fastest Growing Crypto App in History

Pump.fun, a memecoin launchpad on Solana, reached $100 million in revenue in just 217 days, becoming the fastest-growing protocol in the cryptocurrency ecosystem.
Pump.fun's daily revenue peaked at $1.99 million in July, surpassing the Ethereum network.

Pump.fun, a memecoin launchpad that debuted on Solana in January, has set a new record as the fastest-growing protocol by revenue in the cryptocurrency ecosystem. The platform achieved an astounding $100 million in revenue in just 217 days, outpacing its closest competitor, ENA, by 34 days, according to data from Dune Analytics.

The rapid growth of Pump.fun has been fueled by its strong appeal to retail speculators and its high fees—the highest of any decentralized exchange (DEX) on the blockchain.

Ryan Watkins, co-founder of Syncracy Capital, highlighted that this combination contributed significantly to the protocol’s impressive revenue growth.

Pumpdotfun is the fastest growing application by revenue in the history of the cryptoeconomy — $100M in revenue in just 217 days.

Love it or hate it Pump is a massive signal to builders to build on Solana and a trojan horse for consumer adoption of blockchains. pic.twitter.com/xhTNpLBoCW
— Ryan Watkins (@RyanWatkins_) September 2, 2024

“Pump.fun's revenue growth was partially due to it appealing best to retail speculators, but also because it charges the highest fees of any DEX on chain,” Watkins told Decrypt.

In its early days, Pump.fun gained popularity among degens, who launched over 500,000 tokens in a single month. This surge in activity saw the platform’s daily revenue peak at $1.99 million in July, even surpassing the Ethereum network at one point.

However, the pace of revenue growth has recently slowed, with daily earnings averaging just 2,819 SOL—only 20% of the 13,511 SOL all-time high recorded on June 30. The slowdown coincides with the launch of SunPump, a competing memecoin launchpad on the Tron network, introduced by Justin Sun on August 15.

Despite this dip, Pump.fun's meteoric rise to $100 million in revenue remains a historic achievement, solidifying its place in the rapidly evolving crypto landscape.

Edited by Harshajit Sarmah