The post Pump.Fun Flips Ethereum Blockchain in Daily Revenue appeared on BitcoinEthereumNews.com.

The memecoin launchpad recorded the largest daily revenue in all of DeFi over the last 24 hours. Memecoin launchpad Pump.Fun posted the highest gross revenue in all of Decentralized Finance (DeFi) over the last 24 hours, surpassing even Ethereum. The platform amassed $867,429 in the last 24 hours, compared to Ethereum’s $844,276, according to DeFiLlama. Solana-based Telegram trading bot, Trojan, was the third-highest revenue generator of the day, as memecoin infrastructure continues to dominate in DeFi. Pump.Fun is generating $315 million in annualized revenue according to DeFiLlama, and averaged $906,160 per day over the last week. Revenue Ranking – Source: DeFiLlama The memecoin frenzy of the last few months is driving Pump.fun’s dominance. Solana-based memecoins has been the primary drug-of-choice for on-chain degens. The app allows for non-technical users to launch their own tokens in a matter of minutes. Users can spend as little as $2 to launch their token and are not required to provide any liquidity up front. Pump.Fun allows new tokens to trade along a bonding curve until they reach a set market capitalization of roughly $75,000, in which the bonding curve will then be burned to Raydium to create a safe liquidity pool. Pump.Fun generates revenues through accrued fees. The platform charges a 1% fee on transactions that take place on the platform. After a token bonds and is burned to Raydium, Pump.fun is no longer able to charge the 1% fee. Meanwhile, Ethereum is the blockchain of the second-largest cryptocurrency Ether, with a market capitalization of $395 billion. It supports hundreds of applications and thousands of digital assets, and secures over $60 billion of value in smart contracts. Ethereum generates revenue as users pay fees, known as gas and denominated in ETH, to execute transactions and smart contracts. Source: https://thedefiant.io/news/defi/pump-fun-flips-ethereum-blockchain-in-daily-revenue

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Filed under: News - @ August 1, 2024 1:18 pm