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

Solana 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 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 has traded up some 8,000% in the past year and now exceeds $1 billion in market capitalization, according to Coinranking.

Pump.fun promises to let users “launch a coin that is instantly tradeable for under $2 in one click” and features a “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, Rich The Kid, among others.