"What else is there to make money in encrypted currency applications?"

Speaking of which, you may react unconsciously - stabilization coins, CEX, Perp DEX, chained dream cards...

And pump.fun, an application that used to be endless in the meme boom and created one of the largest IPOs in the history of encrypted currency, is beginning to be forgotten. Even in some conversations, I heard the question:

"pomp.fun is alive? they still make money?"

pump.fun not only earns money, but also remains the top-of-the-art "printer" in encrypted primary applications. Statistics on DefiLlama show that, within 24 hours, 7 days, 30 days, or any time frame in a year, the revenue of pump.fun is second only to that of Tether, Circle and Hyperliquid, which is stable at 4。

although the "dog-beating" community is cold and clear, and many, if not even a few days, no one talks, the average daily income of pump.fun in the past seven or 30 days is still more than millions of dollars。

is that real income, or pop.fun in fake

is the revenue real

first, according to the pump.fun official income dashboard, the revenue of pump.fun currently consists of three components:

- bonding revenue: pre-leaving transaction fee revenue, pump.fun charged 0.95 per cent of the agreement fee for the transaction

- Pumpswap Income: For new currency that has successfully graduated (transferred to Pumpswap AMM) and for transactional agreement fees of 0.93% for currency that has a market value of 0-420 SOL

- Terminal (Padre) Income: putp.fun acquired the trading terminal in October last year and reshaped the brand into a multi-chain trading platform, Terminal, after which the proceeds of the trading platform were also recorded as putp.fun revenue Medium

- Income less recommended return to domestic service and return of transactions

For the agreed income of the bonding period, the official Solana address used to receive this portion of the revenue is CebN5WGQ4jvepvsVU4EoHepgzq1V7AbicfhtW4xC9iM. Bonding Curve income that comes to that address is contractually written to die, and if it is falsely generated by external transfers of funds to that address, there will be a direct call from an external address to the System Programme Command. After analysing the transactions at this address, we do not find any falsification of income through simple, external SOL transfers。

in other words, it is true that the revenue from the contract is drawn entirely from the protocol fees that the real contract calls。

DefiLlama's revenue data are the official API that directly calls the "pump.fun." That's why we first made a chain analysis of the official "bonding Curve" income address. However, DefiLlama's income for Pumpswap and Terminal (Padre) is calculated by the Dune SQL query on the Solana chain, without relying at all on the pump.fun official API, which has a very high degree of objectivity and immutability in the chain。

by this point, we rule out the suspicion of a simple and brutal way in which the revenue is faked by “external transfers” or “misaling data”, but they still have the possibility of “self-solding” through robots or internal wallets. so we're going to ask -- is it true and organic that the revenue of the pump.fun is in the current state of the whole encrypted money market, and the meme currency heat is even more so

in the current market environment, what is the rationality of revenue

According to data on token terminal, in the first quarter of this year the number of active daily addresses in Solana has stabilized at between 1.2 million and 2.2 million, while the number of active daily addresses on the top is about 150,000。

At the same time, according to data from the statistical dashboard on Dune, the daily average of the 150,000 addresses was approximately 30,000。

This means that if 30,000 new coins are deployed entirely by different real users each day, about 20 percent of the active users on the pump.fun are issuing new coins every day. However, according to a paper published last month by Giulio Marino and others, “Predifying the situation of new crypto-tokens: the Pump.fun case”, between 1 September and 1 October 2025, a total of 65.577 million new coins were deployed on the pump.fun, although only 24.323 million addresses were deployed。

And the average daily deployment of the current currency is more than last September:

given the current market environment, the data is more "anti-intuitive" – it's almost over in social media, but there are so many new coins that are being deployed every day in pump.fun. at the same time, the number of active addresses in the past month is about 10 per cent higher than last september。

Pumpswap and Terminal (Padre) still account for relatively small heads of millions of dollars per day. For example, on 18 March, the revenues of Pumpswap and Terminal (Padre) were about 284,000 and $58,000 respectively, while the revenues from Bonding Curve were about $795 million, or 2.3 times the sum of the former two。

The new token graduation rate has been more than twice as high as last September:

at the same time, some 26,000 new coins were deployed on the pomp.fun. if $795 million of the bonding curve income is to be realized, the $795 million/0.95 per cent (agreement rate collected by bonding curve) would be required to deliver $836.842 million in exchange, on average, for each newly deployed token, an average of approximately $3218 per newly deployed token。

If the above data are combined, it would not sound so hard, but rather normal, to give an average of $300 per new token, because in September of last year, when the data were completely behind, the goal could still be achieved. If we're going to use the SOL, the SOL now earns more than last September, except for a drop in the dollar。

But here, we still have the question: why does the dollar fall when you repurchase your daily income almost in full from August last year? Although we can see from the data on the chain that more than $300 million worth of PUMPs have been bought back in their wallets, is it possible that they are creating false revenues through brushing and sneaking out with scattered addresses while "buy back"

WHERE'S THE PUMP

LET'S TAKE A LOOK AT THE PUMP TOKEN RELEASE PLAN:

TO DATE, THE FLOW OF US$PUMP IS AS FOLLOWS:

- ICO: 33%, TGE FULLY UNLOCKED

- Team: 20%, still locked. Medium

- Investors: 13%, still locked Medium

LP & EXCHANGE: 2.6% TGE FULLY UNLOCKED

- ECOLOGICAL FUNDS: 2.4%, TGE FULLY UNLOCKED

- LIVE SUPPORT: 3%, TGE FULLY UNLOCKED

- FOUNDATIONS: 2%, TGE FULLY UNLOCKED

- COMMUNITY AND ECO-INCENTIVES: 24%, TGE UNLOCKED 50%, REMAINING LINEAR UNLOCKED WITHIN 1 YEAR, CURRENTLY UNLOCKED 65.27%

There are currently approximately US$PUMPs representing approximately 36.5 per cent of the total supply of US$PUMP in the multi-signatured purse of US$PUMP at the address of Cfq1ts1iFr1eUWWWm8eFxUzm5R3YA3UvMZnwiShbZt。

IT'S NOT RIGHT WITH THE DOLLAR PUMP'S TOKEN RELEASE PLAN. WE CAN BE CLEAR THAT AFTER THE TGE, ALL OF THE USPMPS WERE TRANSFERRED TO THE MULTI-SIGNED HOSTING WALLET FOR DISTRIBUTION. THE THEORETICAL MAXIMUM TRANSFERABLE AMOUNT IS ONLY ABOUT 58.67 PER CENT OF THE TOTAL SUPPLY (ICO 33 PER CENT + LP AND EXCHANGE 2.6 PER CENT + ECOLOGICAL FUNDS 2.4 PER CENT + LIVE SUPPORT 3 PER CENT + FOUNDATIONS 2 PER CENT + COMMUNITY AND ECOLOGICAL INCENTIVES HAVE BEEN UNLOCKED APPROXIMATELY 15.67 PER CENT) AND THE BALANCE OF THE US$PMP CORRESPONDING TO THE MULTI-SIGNER WALLET SHOULD NOT BE LESS THAN ABOUT 41.33 PER CENT。

Where did this 4.83% go? I don't know. We don't even know where the rest of the parts have a clear description of what the US$PUMP is, except for the distribution of ICO sales. Although, based on data on the chain, we did find that US$ PUMP, which accounts for about 24 per cent of the total supply, remained silent for a long period of time after a large transfer to the various addresses, and largely corresponded to parts other than the distribution of the sale of the ICO, the official location of the wallets was never disclosed。

In particular, the community and ecological incentive component, which is now known to us publicly, is about to be Glass Full Foundation (a total of approximately $1.7 million pump.fun eco-Memem), $10,000 each for six meme communities, $60 million grant, and $150,000 for 12 projects, with a total of $3 million, but only 6 successful projects are currently announced。

But this part is the clearest...

But even with this transparency problem, even if 4.83 per cent were smuggled out, a large buyback of the official 10 per cent of the total supply and 30 per cent of the current flow could offset this. Why is the price performance of the US$PUMP still flat

THE REASON FOR THIS MAY BE THAT THERE IS INDEED NOT ENOUGH PUMP TO BUY AND THAT LARGE BUYBACKS GO TO SEA IN THE ABSENCE OF MARKET RECOGNITION。

Unrecognized casinos

When it comes to Hyperliquid, we will recognize the leading position and narrative potential of Perp DEX, but the pump.fun's meme track, even if dispersed, is overwhelmingly considered to be a fraud and unsustainable。

in the section before the article, we recognized the authenticity of the revenue of the pomp.fun, and now we need to look at some other data. these data can show that the poor perception of meme coins is not simply emotional repulsion by the occupant in the face of sharp fluctuations in meme currencies, but can give rise to rational resistance from institutional investors。

As early as last April, the Medallion Analytics study showed that during the 180-day statistical cycle, about 178,000 deployments of multiple tokens were launched, of which 85.3 per cent were profitable. Within 180 days, the total number of such deployments was approximately 3.59 million coins, of which some 3.07 million, or 85.5 per cent, were released by the profitable deployments。

IN THE STATISTICAL CYCLE, THE TOP 10 DEPLOYMENTS BENEFITED APPROXIMATELY 365 MILLION SOLS, WHILE THE 10 DEPLOYMENTS WITH A MEDIUM PROFIT PERFORMANCE BENEFITED ONLY 47.3 SOLS, A GAP OF ABOUT 7720 TIMES. FOR TOP-LEVEL DEPLOYMENTS, THE AVERAGE TIME BETWEEN ISSUANCE OF NEW TOKENS IS 0.11 HOURS, WHILE MEDIUM DEPLOYMENTS ARE 1096 HOURS。

Solidus Labs studied the new deployment of tokens between January 2024 and March 2025. Research analyses indicate that up to 98.6 per cent of the coins are frauds involving higher prices。

the distribution of meme coins has long been not a creative match, but a profit from the flow of water lines. the top-level deployers, after a very short period of quick gain, are able to invest their money in the relevant facilities for automatic currency issuance, making their harvest faster。

the cost of issuing new meme coins on Solana is worth $2 or even less, which is indeed a technological advance, but they have not led meme track in a virtuous direction, convincing the diaspora and institutional investors that meme money is indeed a cultural and even a spiritual asset. They tried to widen the course to live currency, ICM and most recently AI Agent, but none worked。

That's where the data are, and they still make the most money because they provide a "low-cost harvesting tool" like a casino。

for pump.fun, every new coin issued by the deployer and every false amount painted before the token graduate would make a steady, zero 95 per cent of the risk-free gain. if you want to make the tokens more visible, you need to brush more volumes and get more revenue to put.fun. the funds in this ecology are real, the income is real, but the ecology itself is organic and the scattered are injured. for institutional investors, the lack of a long-term foundation for healthy and sustainable development in such an ecosystem may be the root cause of the low price of the putp.fun currency。

In the end, we have one more question:

now that the buyback of pump.fun cannot raise the price of the coin, is it better to use the daily income as a pledge incentive than the buyback now

Maybe. Maybe they don't care anymore。