The memecoin launchpad raked in $3.3 million over the past seven days, putting it in second place behind Ethereum.
Pump.Fun, a memecoin launchpad platform, has become the second-largest revenue-generating platform in DeFi over the last week, surpassed only by the Ethereum network.
The platform allows users to launch a token on Solana or Blast in minutes with no coding experience. During a Pump.Fun token’s initial launch phase, the token will trade along a bonding curve within the platform. Upon reaching a particular market capitalization, the bonding curve liquidity is transferred to Raydium, where the token commences trading on the open market.
Despite major memecoins such as $WIF and $PEPE trading lower over the past month, Pump.Fun activity has continued to trend higher. Over 450,000 unique tokens have been launched on the platform since March 1, with some tokens, such as $MICHI and $SC, eclipsing the $100m market cap level after launching at a market cap of $5,000.
Pump.Fun’s ascent to one of the top earners in DeFi is indicative of the memecoin mania that has defined 2024.
Its bonding curve mechanism acts as “un-ruggable liquidity” and allows users to speculate on microcap tokens without the worry of a malicious developer removing the liquidity on a traditional token launch. This significantly improves the user experience of high-risk, high-reward microcap trading.
Credit: Source link