pump.fun

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pump.fun
Image: official site logo (pump.fun)
founded	January 2024
founders	Noah Tweedale, Alon Cohen, Dylan Kerler
type	Meme coin launchpad
parent	Baton Corporation Ltd
blockchain	Solana
token	PUMP
website	pump.fun

pump.fun is a Solana based meme coin launchpad founded in January 2024 that lets anyone create and trade tokens through a bonding curve, and it became one of the highest revenue applications in crypto history.

Contents

1 History
2 Mechanics
3 Fee model and revenue sharing
4 The PUMP token
5 Acquisitions
6 Features
7 Controversies
8 Competitors
9 References

pump.fun is a meme coin launchpad on the solana blockchain that allows any user to create a token in seconds for less than two dollars and trade it on an automated bonding curve. Launched on January 19, 2024, it became the dominant venue of the trenches, the culture of high velocity onchain meme coin speculation, and one of the most profitable applications ever deployed on a blockchain.

History

The pump.fun domain was registered on September 19, 2023, and the platform went live on January 19, 2024. It was built by three young English entrepreneurs, Noah Tweedale, Alon Cohen and Dylan Kerler, who operate through the UK registered parent company Baton Corporation Ltd (see pump fun founders). The founders have said they built the site after being rug pulled themselves as meme coin traders, and designed it so that every token launches with no presale and no team allocation.

Growth was explosive. The platform generated roughly $60 million in fees in the first half of 2024 and had collected over $250 million in revenue by November 2024. By January 2025 more than six million tokens had been launched, and lifetime revenue approached $800 million by mid 2025. Gross protocol revenue for 2025 totaled about $971 million, and in the first quarter of 2026 pump.fun earned roughly $124.7 million, over 30 percent of all Solana application revenue. Commentators have described the site as cryptocurrency's 4chan for its anonymous, imageboard like stream of token launches. Celebrities including Iggy Azalea, Caitlyn Jenner and Jason Derulo launched tokens through the platform, and breakout coins such as fartcoin reached billion dollar valuations after graduating.

Mechanics

Every pump.fun token mints a fixed supply of one billion, of which 800 million are sold along a constant product bonding curve. When the curve accumulates roughly 85 SOL in real reserves, historically about $69,000 in market capitalization, the token "graduates": liquidity is deposited into a decentralized exchange and the curve closes (see graduation rate). Until March 2025 graduated tokens migrated to raydium with the LP tokens burned; since then they migrate instantly and free to pumpswap, the platform's own DEX. Trades on the curve carry a fee of about one percent. Only a small fraction of tokens ever graduate, a rate that has ranged from about 1.4 percent lifetime down to 0.26 percent in June 2026 before the BOOST launch mechanism, introduced in 2026, lifted it back toward multi month highs.

Fee model and revenue sharing

pump.fun originally kept the full trading fee. In May 2025 it introduced creator revenue sharing, adding a 0.05 percent creator fee on PumpSwap trades. In September 2025 it launched project ascend, a dynamic fee system that pays token creators a tiered share of trading fees, up to 0.95 percent on small tokens and declining as market cap grows. Creators earned over $2.4 million in the first 24 hours of the new model.

The PUMP token

On July 12, 2025 pump.fun held an initial coin offering for PUMP at $0.004 per token. The public sale, reported at between $500 million and $600 million, sold out in about 12 minutes, and a private sale of roughly $720 million brought the total raise to about $1.3 billion at a $4 billion fully diluted valuation, one of the largest ICOs ever. US and UK buyers were excluded. The company began token buybacks funded by revenue, and on April 29, 2026 burned roughly $370 million of PUMP, about 36 percent of circulating supply, while committing 50 percent of net revenue to a year of ongoing buybacks. A long promised airdrop to users remained undelivered as of mid 2026.

Acquisitions

pump.fun made its first acquisition on July 11, 2025, buying the wallet tracker kolscan. In October 2025 it acquired the multichain trading terminal Padre, rebranded Terminal, a deal that crashed the PADRE token about 80 percent and prompted a compensation airdrop. In February 2026 it acquired the execution terminal Vyper to expand cross chain trading.

Features

Beyond the launchpad, pump.fun operates pump fun livestreaming, a token linked streaming product marketed as creator capital markets, a pump fun mobile app released in February 2025, the Terminal trading interface, and pump fun go, a bounty marketplace launched in June 2026.

Controversies

The platform has drawn repeated criticism for enabling harm. In November 2024 its livestream feature was suspended after users broadcast threats of violence and animal abuse to pump their coins, returning with moderation in April 2025. Also in November 2024, a 13 year old creator dumped his Gen Z Quant token on buyers and was doxxed in retaliation. In December 2024 the UK Financial Conduct Authority warned the platform was operating without permission, and pump.fun blocked UK users. Beginning in January 2025 it faced consolidated class action litigation alleging the sale of unregistered securities and racketeering, allegations the company disputes (see pump fun lawsuits). In June 2026 the GO bounty board drew backlash over a suicide linked listing, and in 2026 reports alleged that more than 40 employees were laid off shortly before their PUMP token grants vested.

Competitors

Rivals have repeatedly challenged pump.fun's dominance. DEX Screener's Moonshot launched in July 2024, and Raydium answered PumpSwap with LaunchLab in 2025. The most serious challenge came from letsbonk fun, the BONK community launchpad that briefly overtook pump.fun in July 2025 before its share collapsed. Later entrants included Believe, Heaven, Bags and Jupiter Studio, leaving a more fragmented launchpad market by 2026, with pump.fun again the leader.

References

Category: Platforms