Pump.fun flips Ethereum in 24-hour revenue generation — DefiLlama

Alex O’Donnell7 hours agoPump.fun flips Ethereum in 24-hour revenue generation — DefiLlamaThe Solana memecoin creation tool’s cumulative fee revenues are approaching $75 million, according to DefiLlama.8100 Total views42 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSolana memecoin creation tool Pump.fun surpassed Ethereum in 24-hour revenue on July 29, according to data from DefiLlama. 

Pump.fun pulled approximately $864,000 over the last 24 hours as of mid-day July 29, significantly outpacing Ethereum, which clocked around $550,000 during the same period, according to the data.

This is not the first time Pump.fun’s revenue eclipsed Ethereum’s. On June 30, the memecoin platform’s 24-hour revenue hit an all-time high of nearly $2 million, slightly surpassing Ethereum’s $1.91 million during the same period.

The memecoin platform’s record-breaking performance comes from a memecoin trading frenzy that has largely taken place on Pump.fun’s native Solana, a layer-1 blockchain. Its cumulative fee revenues are approaching $75 million, according to DefiLlama.Pump.fun’s cumulative fee revenues approach $75 million. Source: DefiLlama

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Pump.fun and Ethereum rank third and fourth, respectively, by 24-hour revenue. Solana leads the pack at some $1.7 million. Tron, a smart contract platform launched in 2018, ranks a distant second at around $900,000, according to DefiLlama.

Ethereum is the largest layer-1 smart contract platform, with almost $60 billion in total value locked (TVL). DefiLlama’s revenue data for Ethereum only counts burned Ether (ETH) tokens and excludes gas fees, which amounted to nearly $1.6 million in the last 24 hours.

Fuelled by venture capital funding and political speculation, memecoins now command upward of $53 billion in market capitalization, according to CoinGecko. Dog-inspired Solana memecoin Bonk (BONK) has traded up some 8,000% in the past year and now exceeds $1 billion in market capitalization, accordingto Coinranking.

Pump.fun promises to let users “launch a coin that is instantly tradeable for under $2 in one click,” and its “For You algorithm uses your past actions on pump dot fun to curate a feed that changes in real-time,” according to the platform’s X account.

It has recently hosted memecoin launches for celebrities, including Caitlyn Jenner, Iggy Azalea and Rich The Kid, among others.

Magazine:Memecoins: Betrayal of crypto’s ideals… or its true purpose?# Blockchain# Cryptocurrencies# Altcoin# Ethereum# Solana# MemecoinAdd reaction