Pump.fun’s Earnings Outperform Ethereum and 24 Protocols Combined, and other News
The Solana blockchain has seen a remarkable boom in memecoins in recent months, led first by the success of WIF. Now there is another project that has surpassed even Ethereum in terms of revenue – Pump.fun, a platform for launching memecoins on Solana.
Yesterday, this platform recorded a higher daily revenue in commissions than the top 24 blockchain protocols combined. Pump.fun generated $5.3 million in revenue on the last day, surpassing giants such as Ethereum and Lido, according to astonishing data provided by DeFiLlama.
This remarkable performance is partly due to recent developer actions. The most notable of these is the removal of the fee to start using Memecoins, which used to be $2, and now allows for completely free launches.
Since July, when the platform reached $28.73 million in monthly revenue, Pump.fun has maintained significant growth. Moreover, these figures strengthen Solana’s position, surpassing Ethereum in daily revenue generated by memecoins.
Pump.fun launched in January 2024 with a mission to simplify token launches. Since then, it has experienced explosive growth, generating millions in revenue. However, the returns for the average user are often minimal, as most tokens launched fail to succeed.
One of the major challenges for cryptocurrencies is to reach a market capitalization of $69,000, which allows them to be listed on the Raydium exchange. In total, only 41 Memecoins launched on Pump.fun have exceeded $1 million in market capitalization, representing just 0.002% of the tokens launched.
Furthermore, only 141 of these tokens (0.008%) are listed on aggregators like CoinGecko. These numbers reflect the difficulty of getting a successful Memecoin on Pump.fun, so much so that some users compare the chances of success to winning in a casino.
TON Price Climbs 10%
In other news, the price of Toncoin, the native currency of The Open Network (TON), has increased by 10.4% in the last 24 hours. According to CoinMarketCap, Toncoin is now approaching the $7 mark, a resistance level that it had lost during the crash at the beginning of the month. Although it has yet to break through, the strength of the rally suggests that it may only be a matter of time. In one week, the coin is up 27.9%.
It is one of the most popular cryptocurrency with the greatest potential in the market. Its growth has been remarkable and it has positioned itself in the number 8 position in terms of market capitalization, with more than $17.4 billion.
Toncoin’s performance over the past 24 hours has been the best among the top 100 largest cap cryptocurrencies. Currently traded on major exchanges worldwide, each Toncoin is priced at $6.97.
Especially due to its close relationship with the Telegram messaging app, which is rapidly evolving as a Web3 platform integrated with the TON network, TON’s potential is outstanding. Telegram’s most recent developments include its own browser and a Web3 mini-app store.
Telegram has nearly 1 billion users. It offers a great opportunity to explore and participate in the TON ecosystem. The success of tap-to-earn games that have captured the attention of millions of users is an example of this potential. Games like Hamster Kombat have attracted hundreds of millions of users.
A significant increase in the price of TON is expected with the launch of specific tokens for these games, such as Yescoin or Tapswap. Toncoin could be the main beneficiary of this new wave of Web3 games on Telegram, as happened with Notcoin.
By Leonardo Perez