Secret takeaways
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One-click minting, bonding-curve “graduation” and locked LPs focused liquidity, pressing Pump.fun’s share to 75% -80% at its peak.
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Launches and charges are cyclical. After plunging 80% from January highs, activity snapped back by late August.
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Competitors (LetsBonk, HeavenDEX, Raydium LaunchLab) can turn share in the short-term with charges or rewards, however network results typically pull activity back.
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Security occurrences and United States class-action lawsuits (consisting of RICO claims) are the greatest overhangs on resilience.
Pump.fun is a Solana-native launchpad that makes introducing a token as simple as a couple of clicks.
New coins begin on a bonding-curve agreement, where around 800 million tokens are offered in series. As soon as that supply is purchased out, the token “graduates,” and trading instantly moves to an automatic market maker (AMM). Today, that’s Pump.fun’s own decentralized exchange (DEX), PumpSwap (earlier launches moved to Raydium).
For developers, the expense is very little. There’s no cost to mint, and graduation brings just a little, set charge of 0.015 Solana (SOL) subtracted from the token’s liquidity instead of as a different payment.
After graduation, PumpSwap burns the liquidity supplier (LP) tokens connected to the trading set, successfully locking liquidity so it can’t be withdrawn by hand. Funds can just move through routine trading activity. This style standardizes early rate discovery for brand-new memecoins while dramatically minimizing conventional rug-pull dangers.
Did you understand? Just a small portion of Pump.fun tokens ever “graduate.” In July and August 2025, the graduation rate hovered around 0.7% -0.8% of launches.
How Pump.fun recorded 80% of Solana’s memecoin launches
Pump.fun’s supremacy originated from combining ultra-low-friction token production with a standardized course to liquidity.
By routing brand-new tokens through a bonding-curve graduation into an AMM, Pump.fun made early rate discovery more foreseeable and lowered among the primary methods developers might rug-pull. As the Solana meme cycle got, that style equated into supremacy: By mid-August 2025, Pump.fun regained approximately 73% -74% of launchpad activity over a seven-day duration.
The lead wasn’t uncontested. In July, opposition LetsBonk briefly turned Pump.fun on volume and earnings before momentum swung back (evidence that deployers move quick to any place execution and liquidity appearance best).
Pump.fun strengthened its supremacy with 2 tactical policy shifts: Aggressive, revenue-funded buybacks of the Pump.fun (PUMP) token (in some weeks taking in over 90% of earnings) and a revamped creator-payout plan under “Job Ascend.” Public disclosures show multimillion-dollar weekly repurchases and eight-figure developer claims, which likely assisted draw in deployers and regain momentum.
Throughout 2025, external trackers regularly revealed Pump.fun holding around a 75% -80% share of “finished” Solana launchpad tokens throughout market increases– a level it went back to in August after the July dip.
Did you understand? Solana’s charges hugged cents (or perhaps lower) throughout durations of mania. In Q2 2025, typical charges was up to about $0.01, while the typical hovered around $0.001, regardless of a January spike throughout the Authorities Trump ( TRUMP) token craze.
A fast timeline of share and earnings
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Jan. 24-26, 2025: Pump.fun strikes an all-time everyday cost record of around $15.4 million as Solana’s meme season reaches its height.
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Late January-Feb. 26, 2025: Daily launches slide from approximately 1,200/ day (Jan. 23-24) to about 200/day by Feb. 26, marking an 80%+ drop based upon Dune-tracked mates.
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Might 16-17, 2024: An expert exploit of around $1.9 million forces a short-lived time out; service resumes after repairs and a comprehensive post-mortem.
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July 2025: New competing LetsBonk briefly tops Pump.fun in 24-hour earnings and market share– the very first significant flip given that Pump.fun’s breakout.
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Aug. 8, 2025: Pump.fun releases the “Glass Complete Structure” to support chosen listings throughout a profits downturn.
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Aug 11-21, 2025: Market share recuperates to around 74% on a seven-day basis, striking a $13.5-million record week and multibillion weekly volumes. Some trackers reveal intraday highs near 90% as competitors fade.
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Aug. 20, 2025: Cumulative charges exceed $800 million, highlighting the scale of Pump.fun’s design regardless of volatility.
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September 2025: Under Job Ascend, developers declare over $16 million, while the group continues aggressive buybacks– commonly credited with assisting bring back traction.
Pump.fun’s supremacy is cyclical however durable. When belief damages, launches and charges drop dramatically. When rewards and liquidity enhance, its share tends to rebound– typically landing in the 70% -80% variety on seven-day metrics.
Competitors and the “anti-Pump” pitch
Rivals have actually attempted to contend on economics and liquidity. As kept in mind previously, LetsBonk briefly took the spotlight in July, with some trackers revealing it ahead in market share before Pump.fun restored the lead in August. Protection explained it as Pump.fun “warding off” a trustworthy difficulty.
Raydium LaunchLab placed itself as the internal option after Pump.fun stopped finishing swimming pools to Raydium and presented PumpSwap. LaunchLab leveraged Raydium’s native liquidity facilities– moving brand-new tokens straight into Raydium AMM swimming pools– to draw in developers and algorithmic traders looking for deep, recognized liquidity.
A more recent opposition, Paradise (HeavenDEX), presented a “give-it-back” design that burns 100% of platform earnings and, for a stretch, managed around 15% of everyday launch activity. It placed itself as the greatest competitor to Pump.fun’s design throughout the summer season share fights.
Eventually, changing expenses are low. Deployers transfer to whichever place uses the very best mix of charges, rewards and post-graduation liquidity. When competitors cut charges or improve benefits, market share can move rapidly.
Security, legal threat and market cycles
Pump.fun has actually faced its share of difficulties.
Security occurrences
Pump.fun has actually had significant security occurrences. In Might 2024, a previous staff member made use of fortunate access to withdraw about $1.9 million, triggering a short-lived trading stop and agreement redeployment, with the group specifying that the agreements stayed safe. On Feb. 26, 2025, its authorities X account was pirated to promote a phony “PUMP” token– a suggestion of social-engineering vulnerabilities in memecoin platforms.
Legal overhang
A number of United States civil actions declare that Pump.fun helped with the sale of unregistered securities. A combined modified problem submitted in July 2025 included RICO (Racketeer Influenced and Corrupt Organizations Act) claims and brand-new offenders. The results stay unsure, however the lawsuits might improve how launchpads approach listings, disclosures and earnings programs.
Cyclical need
As gone over, launch counts and cost earnings show retail threat hunger. After a strong start to 2025, July earnings dropped to about $25 million, approximately 80% listed below January’s peak, before activity got later on in the summer season. Interest in memecoins naturally differs gradually.
Track record threat
Analysis of memecoins as pump-and-dump plays hasn’t faded. In one case, a Wired press reporter’s hacked X account was utilized to develop a Pump.fun token and squander within minutes– including pressure on platforms to enhance account security, tighten up confirmation and dissuade opportunistic launches.
Did you understand? One compliance company declared around 98% -99% of Pump.fun tokens fit pump-and-dump/rug-pull patterns– an evaluation Pump.fun challenged.
Can Pump.fun keep its edge?
If the flywheel holds
Pump.fun’s August rebound to approximately three-quarters of brand-new Solana launches recommends the core loop– low friction, standardized “graduation” liquidity and trader concentration– is still undamaged. If buybacks and developer rewards keep enhancing that cycle, supremacy might continue even through slower stages.
If the grip slips
July demonstrated how quick momentum can move when a competing damages charges or draws in deployer bots. The continuous lawsuits includes another layer of unpredictability and might activate modifications to listings, disclosures or earnings programs.
Secret metrics to view
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Launchpad share (weekly): Track Pump.fun’s share versus competitors throughout “finished” tokens and trading volumes. A constant 65% -80% variety recommends its moat is holding; constant drops indicate disintegration.
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Buyback and reward invest: Display weekly buybacks and developer payments. Continual and noticeable assistance typically precedes healings in market share.
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Costs and graduation policy: Any change to production or graduation charges– or how liquidity is managed– can rapidly change deployer habits.
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Solana background: Watch on DEX volume and overall worth locked (TVL). Thinner liquidity minimizes post-graduation depth and trader stickiness.
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Legal turning points: Follow advancements in the combined class action. Unfavorable judgments might restrict development levers or activate functional modifications.
This post does not include financial investment guidance or suggestions. Every financial investment and trading relocation includes threat, and readers need to perform their own research study when deciding.