Pump.fun Flips Ethereum in Daily Revenue to Become the World’s Biggest Crypto App
Solana’s wildly popular token deployer application, pump.fun, generated over $1.9M in daily revenue, eclipsing Ethereum.
Iconic no-code token deployment application pump.fun continues to make waves in the crypto space. This time, the Solana-based application has achieved even greater heights, surpassing Ethereum in daily revenue generation to become the most valuable protocol in the blockchain industry.
Pump.fun Generates $1.9M in 24 Hours, Recording All-Time High Daily Revenue
As the appetite for quick profits and high-risk trading grows, Solana’s most popular token deployment application, pump.fun, has witnessed unprecedented activity. In the last 24 hours, the protocol has generated over $1.9M in revenue.
In doing so, pump.fun not only records a new all-time high in daily revenue generation but also flipped the Ethereum blockchain to become the leading crypto protocol in this metric. Essentially, pump.fun has established itself as the most valuable application in the blockchain industry.
On top of generating all-time high daily revenue, pump.fun also achieved another considerable milestone. Within a mere six months since launch, the platform has produced over $50M in cumulative revenue, crossing this key threshold on June 30th based on DeFiLlama data.
Solana Meme Coins Continue to Dominate
Pump.fun’s rampant success comes following a meteoric meme coin season on Solana, led by viral tokens like BONK and WIF. In a recent CoinMarketCap research report, it was highlighted that Solana-based meme coins have outperformed their Ethereum-based rivals on a YTD timeframe.
According to CoinMarketCap, Solana memes outperformed Ethereum memes by a dramatic margin, netting an average return of 8,469% to 962%. However, the report admits that this could also be due to recency bias, with top Ethereum-based meme coins like PEPE and SHIB having been launched and established before the beginning of 2024.
While pump.fun is undoubtedly a strong contributor, Solana’s meme coin dominance is not limited to one application alone.
Not only has pump.fun outstripped the Ethereum blockchain in terms of revenue generation, but Solana DEX volume and NFT trading volume have also surpassed that of the rival Layer 1 in recent weeks.
Despite Surge in Revenue, Pump.fun DAU Remains Stable
An all-time high in daily revenue is not the only milestone pump.fun achieved in the last few days. On top of generating over $1.9M in revenue in 24 hours, the protocol also celebrated the launch of 1.2 million tokens since the platform went live in January based on Dune Analytics data.
Averaging approximately 13,450 token launches per day, pump.fun is projected to record 2M deployments in roughly 59 days, or around late August.
Over the last week, pump.fun DAUs (Daily Active Users) have returned to the platform following a recent lull in activity. According to AlphaVybe data, pump.fun DAUs have climbed 27.4% over the last week, rising from 43,235 to record 55,105 active accounts on July 1st.
Curiously enough, the application's surge in revenue was not reinforced by a larger number of DAUs or token deployments, meaning that the driving force behind the boost remains unclear.
SolanaFloor reached out to the pump.fun team to ascertain the source of the rush in daily revenue. Thus far, pump.fun has declined to comment.
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