Pump.fun becomes the fastest growing crypto app
In a remarkably short span of just over seven months, Pump.fun has soared to $100 million in revenue, setting a record as the most rapidly expanding revenue-generator app within the cryptocurrency sector—even amidst a recent dip in platform activity.
Launching in January, this memecoin hub achieved the $100 million revenue milestone in 217 days, showcasing its rapid ascent in figures from Dune Analytics. This performance surpassed that of the previously quickest revenue accumulator, ENA, by 34 days, drawing insights from Ryan Watkins of the data-centric hedge fund, Syncracy Capital.
Other rapidly climbing protocols include CVX, CAKE, and AERO, which reached the $100 million revenue mark in 306, 325, and 338 days, respectively, according to an analysis leveraging data from Token Terminal, DefiLlama, and Syncracy.
The income streams of DeFi protocols comprise the entirety of fees collected from users, minus the shares disbursed to liquidity providers.
As it stands, Pump.fun has amassed revenue equaling 684,716 SOL, valued at approximately $92,066,900, per the latest CoinGecko figures.
The groundbreaking revenue pace of Pump.fun came amid an explosive surge in its adoption by crypto enthusiasts, leading to the creation of over half a million tokens on the platform in just a month—many promoted through extravagant schemes. In early July, its daily earnings soared to $1.99 million, outstripping the Ethereum network, as per DeFiLlama's figures.
Watkins points out, however, that revenue is just one of many metrics for evaluating success, highlighting the significance of active addresses interacting with Pump’s contracts.
Recently, the platform enabled cost-free token launches, along with incentives for impactful rollouts. Nevertheless, facing criticism over the relentless surge of token debuts led to a reduction in activity, subsequently slowing down the protocol’s revenue generation.
On a particular Saturday, crypto enthusiasts created a mere 5,388 tokens via the meme coin platform—marking a 73% drop from the figure three weeks prior, based on Dune Analytics figures.
With this decrease in token creation, the revenue growth rate at Pump.fun has also decelerated: over the past week, the platform’s average daily revenue was around 2,819 SOL, merely 20% of its peak daily revenue of 13,511 SOL recorded on June 30.
This decline in average daily earnings arrived shortly after the launch of SunPump, a rival meme coin platform by Justin Sun, which debuted on the Tron network on August 15.
