Pump.fun, a Solana memecoin creation tool, has outperformed Ethereum in a 24-hour revenue generation, drawing approximately $864,000 compared to Ethereum’s $550,000, according to data from DefiLlama. This is not the first time for Pump.fun; on June 30 it set a 24-hour revenue high of nearly $2 million, subtly edging out Ethereum’s $1.91 million for the same period.
The trading frenzy around memecoins primarily through the native Solana, a layer-1 blockchain has largely contributed to Pump.fun’s impressive performance. According to DefiLlama, the platform’s cumulative fee revenues now approach a significant $75 million.
In terms of 24-hour revenue, Pump.fun and Ethereum rank third and fourth respectively, with Solana leading at roughly $1.7 million. Tron, a 2018-launched smart contract platform, sits in a distant second place at around $900,000.
Ethereum, the largest layer-1 smart contract platform, holds nearly $60 billion in total value locked (TVL). However, DefiLlama’s revenue statistics for Ethereum only calculate the burned Ether tokens, excluding gas fees, which in the past 24 hours amounted to close to $1.6 million.
With the backing of venture capital funding and the fuel of political speculation, memecoins now control over $53 billion in market capitalization, as per the data from CoinGecko. One of these, the dog-inspired Solana memecoin Bonk (BONK), has risen by a staggering 8,000% over the past year, bringing its market capitalisation to exceed $1 billion.
Pump.fun is now courting mainstream appeal, attributing to its recent launch of memecoins for celebrities including Caitlyn Jenner, Iggy Azalea and Rich The Kid, among others. The platform also claims to enable users to launch a coin that is instantaneously tradeable for under $2 with the click of a button and uses a customised algorithm to curate a feed based on users’ past activities that updates in real-time.