As a seasoned researcher with years of experience delving into the intricacies of blockchain technology and the crypto market, I find myself constantly amazed by the dynamics that unfold within this space. The recent surge of Pump.fun on Solana, generating more fees than some top protocols in Ethereum and even Ethereum itself, is a testament to the power of innovation and user-friendly interfaces in driving adoption.
Recently, information from DeFiLlama’s on-chain data indicates that Pump.fun, a token launchpad on the Solana network which enables users to create and deploy their own tokens, particularly meme coins, is generating higher fees than several leading protocols in both Solana and Ethereum.
Pump.fun Generates More Fees Than Ethereum
As a researcher examining the DeFi landscape, I’ve found an interesting observation: Yesterday, the launchpad I’m studying raked in an impressive $5.3 million in fees. This is nearly twice as much as Lido, a leading liquidity staking platform on Ethereum, which made $2.3 million in the same period.
As a researcher, I find it intriguing to note that Pump.fun appears to be raking in more transaction fees than Ethereum, a network renowned for its comparatively high gas fees among all blockchains. In the past day alone, Ethereum has accumulated approximately $1.67 million in fees.
Currently, Solana is distributing approximately $1.32 million in fees from transactions and smart contract deployments to its validators. Moreover, there’s growing interest in Pump.fun, causing Solana’s network to surpass Tron, a platform that previously led in USDT transfers. In the past 24 hours, Tron generated around $1.15 million in fees.
The increasing curiosity towards Pump.fun, leading to increased on-chain gas fees, might be attributed to its attractive value proposition. This platform allows users not only to generate but also instantly trade tokens for under $2 with just a single click, as described on X. The simplicity of use and the rising popularity of meme coins on Solana have propelled Pump.fun to prominence in the crypto world.
Plans To Make Token Minting Successful
Although Pump.fun experiences significant growth, accumulating large sums in fees, recent studies indicate potential issues. In fact, it’s found that fewer than 0.002% of all tokens launched on their platform eventually achieve a market capitalization of $1 million.
Among the countless meme coins recently introduced, just 41 managed to keep a market capitalization of one million dollars or more for several weeks. This poor performance might be due to the fact that many meme coins lack intrinsic value and primarily serve as sources of amusement.
On August 9th, Pump.fun announced their upcoming strategy: to implement modifications and motivate the production of more prosperous tokens. As a result, their launchpad will waive fees for users who introduce a fresh token.
Previously, users were required to spend approximately $2 in SOL for token creation. Now, this fee gets passed on to the initial purchaser of the token instead.
As an analyst, my objective is to motivate developers to navigate their tokens past the significant “bonding curve” stage, aiming for a market capitalization of at least $70,000. Successful passage through this phase will result in automatic listing on Raydium and reward the issuer with 0.5 SOL.
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2024-08-15 07:46