Solana

DeFi

Catfish

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Ethena

<p class="is-style-lead">Solana’s Pump.fun surpassed $100 million in revenue since its January launch, but users aren’t sure the feat is good for crypto and decentralized finance.</p> 
<p>It took the Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) memecoin launchpad 217 days, or roughly seven months, to <a href="https://x.com/RyanWatkins_/status/1830630230568124675" target="_blank" rel="">achieve</a> its record revenue. Pump.fun beat DeFi giants like Ethena (<a href="https://crypto.news/price/ethena/" target="_blank" rel="noreferrer noopener">ENA</a>), Pancakeswap (<a href="https://crypto.news/price/pancakeswap/" target="_blank" rel="noreferrer noopener">CAKE</a>), and even Curve Finance (<a href="https://crypto.news/price/curve-dao/" target="_blank" rel="noreferrer noopener">CRV</a>) to the milestone.</p> 
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   <p lang="en" dir="ltr">Pumpdotfun is the fastest growing application by revenue in the history of the cryptoeconomy — $100M in revenue in just 217 days.<br><br>Love it or hate it Pump is a massive signal to builders to build on Solana and a trojan horse for consumer adoption of blockchains. <a href="https://t.co/xhTNpLBoCW" target="_blank" rel="">pic.twitter.com/xhTNpLBoCW</a></p>— Ryan Watkins (@RyanWatkins_) <a href="https://twitter.com/RyanWatkins_/status/1830630230568124675?ref_src=twsrc%5Etfw" target="_blank" rel="">September 2, 2024</a>
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<p>The protocol allows anyone to create meme-inspired tokens on Solana’s blockchain. Once developers launch a coin, the crypto trades on a bonding curve till it exceeds a $69,000 market cap.</p> 
<p>Solana became the go-to memecoin chain in DeFi after the service debuted in early 2024. At one point, developers <a href="https://crypto.news/solana-memecoin-dev-sets-self-on-fire-master-marketing-or-madness/" target="_blank" rel="noreferrer noopener">created</a> over 500,000 memecoins via the platform in a month. The launchpad paved the way for oversaturation in the Solana ecosystem since creating tokens became easier than a few clicks. A crypto.news research <a href="https://crypto.news/only-0-76-of-pump-fun-wallets-made-1000-or-more-cn-research/" target="_blank" rel="noreferrer noopener">found</a> that less than 1% of Pump.fun wallets profited $1,000 or more.</p> 
<p> You might also like: <a href="https://crypto.news/iggy-azalea-launched-her-coin-on-pump-fun-what-is-it/"> Iggy Azalea launched her coin on Pump.fun. What is it? </a> </p> 
<h2 class="wp-block-heading" id="crypto-users-unhappy-with-pump-fun-success">Crypto users unhappy with Pump.fun success</h2> 
<p>Pump.fun may have raced to $100 million in revenue in record time, but many have questioned if it’s a net positive development for DeFi and the whole cryptocurrency industry.</p> 
<p>The biggest concern stemmed from the protocol’s sustainability and its promotion of the casino-like underbelly of digital assets.&nbsp;</p> 
<p>One user argued that the platform fueled cash grabs by celebrities that did not align with crypto’s ethos. Several public figures, from Andrew Tate to Iggy Azalea, <a href="https://crypto.news/iggy-azalea-launched-her-coin-on-pump-fun-what-is-it/" target="_blank" rel="noreferrer noopener">launched</a> Pump.fun memecoins. Most of the tokens have crashed well below their peaks.</p> 
<p>Questions over regulatory scrutiny of the Solana-based platform also remain, with agencies like the U.S. Securities and Exchange Commission insisting SOL itself, and perhaps its ecosystem, violates federal securities laws.</p> 
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   <p lang="en" dir="ltr">Ask them:<br><br>1. How growable &amp; sustainable is a business model of scheming insiders &amp; cash-starved D-list celebrities rugging retail plebs?<br><br>2. How many of the rugged users were minors?<br><br>3. How long until the legislators &amp; regulators step in when they become more aware of 1 and 2?</p>— Fishy Catfish (@CatfishFishy) <a href="https://twitter.com/CatfishFishy/status/1830605109627375753?ref_src=twsrc%5Etfw" target="_blank" rel="">September 2, 2024</a>
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<p> Read more: <a href="https://crypto.news/only-0-76-of-pump-fun-wallets-made-1000-or-more-cn-research/"> Only 0.76% of pump.fun wallets made $1,000 or more: CN research </a> </p>

Pump.fun hits $100m revenue, but users criticize unsustainable model

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