In September 2024, the Solana-based protocol Pump.fun made waves in the crypto world by becoming the fastest growing crypto app in history, reaching $100 million in revenue in record time. This meme coin launchpad has been responsible for birthing some of the biggest memes, viral metas, and even dangerous stunts in the crypto space. From a cute dog named Billy to a slew of celebrity tokens and a developer setting himself on fire, Pump.fun has been at the center of meme coin mania.
Critics have accused Pump.fun of oversaturating the meme coin market, while others have praised it for driving the meme coin craze. But what exactly is Pump.fun and how does it work?
Pump.fun was created by a pseudonymous founder named Alon in January 2024. It is a protocol that allows anyone to create a token in minutes for free. With over 1 million tokens launched to date, Pump.fun has been responsible for up to 67.5% of daily token launches on Solana. One of its controversial features is the built-in live streaming function, where meme coin developers perform stunts to pump their tokens, resulting in polarizing streams.
Despite facing competition from rival protocols like Moonshot and Makenowmeme, Pump.fun has maintained its dominance in the market. The removal of the token creation fee in August 2024 made it completely free to launch tokens, with creators now being rewarded with 0.5 SOL (~$80) if their token completes its bonding curve.
The bonding curve of a token fills up as its market cap rises. Once a token hits a market cap of $69,000, it graduates to be traded on decentralized exchange Raydium with $12,000 worth of liquidity.
Pump.fun has been the birthplace of several major meme coins, including Billy, Michi, and Shark Cat, which reached market caps in the hundreds of millions. More recent tokens like FWOG, Smoking Chicken Fish, and Reddit Dog have also gained popularity. The platform has also seen the launch of celebrity tokens endorsed by the likes of Iggy Azalea, Andrew Tate, and Jason Derulo, as well as tokens inspired by hacks of celebrities and businesses.
Notably, Pump.fun has also been home to a series of contentious livestream tokens. While some aim to innovate the creator economy, others have courted controversy with explicit or dangerous content. From suggestive streams to fake deaths, Pump.fun has seen it all.
In conclusion, Pump.fun has solidified its position as a powerhouse in the meme coin market, driving both excitement and skepticism within the crypto community. Its innovative approach to token creation and viral marketing strategies have set it apart in the ever-evolving world of cryptocurrency. After being hit a number of times, he went up in flames and was rushed to the hospital with third degree burns across 30% of his body.
The future of Pump.fun
At the time of writing, Pump.fun appears to have fended off a challenge from rival meme coin factory SunPump, which at one point flipped Pump.fun in terms of daily meme coin traders. Since then, Pump.fun has clawed its way back to dominance.
But this momentary blip showed that meme coin traders have an appetite for other meme coin launchpads—they won’t stay loyal without a reason to. Possibly for that reason, the Pump.fun protocol has continued to evolve.
As Makenowmeme appeared with lower fees, Pump.fun followed with an update to remove its own fees. Amid the emergence of SunPump, Pump.fun leaned into its streaming feature by allowing multiple people to stream at the same time—akin to Twitter Spaces for meme coins.
The protocol has also attracted negative attention. In May 2024, Pump.fun suffered an attack from a disgruntled employee. Jarett Dunn drained an estimated $2 million worth of Solana and sent the funds to random addresses before going on a Twitter spree claiming he wanted to “kill” the platform because it had “inadvertently hurt people.” He was arrested in London a few days later. In August 2024, Dunn pled guilty to fraud by way of an abuse of position, as well as transfer of criminal property.
As for what is next, it’s hard to tell. Pump.fun’s updates come out of the blue and there is no white paper or roadmap. It’s likely the platform will continue to react to competition, adding new features and tweaking current ones in a bid to retain its competitive edge.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos, and more. The global pandemic caused by the outbreak of COVID-19 has changed the way we live our lives in unprecedented ways. From social distancing measures to travel restrictions, the world has had to adapt to a new normal in order to combat the spread of the virus. As a result, many industries have been severely impacted, including the travel and tourism sector.
The travel and tourism industry, which once thrived on the exploration and adventure of new destinations, has come to a screeching halt as countries around the world have closed their borders to prevent the spread of COVID-19. This has had a devastating impact on airlines, hotels, restaurants, and tourist attractions, many of which have been forced to shut down or lay off employees in order to stay afloat.
Air travel has been one of the hardest-hit sectors of the tourism industry, with many airlines grounding their fleets and cancelling flights as demand for travel plummeted. This has led to billions of dollars in losses for airlines, as well as massive layoffs and furloughs for airline employees. In addition, many countries have imposed strict quarantine measures for travelers, further discouraging people from flying.
Hotels and resorts have also seen a sharp decline in business, as travel restrictions and safety concerns have led to a sharp decrease in bookings. Many hotels have had to close their doors temporarily, while others have had to drastically reduce their staff in order to cut costs. This has had a ripple effect on the tourism industry as a whole, as many restaurants, shops, and other businesses that rely on tourism have also suffered as a result.
Tourist attractions, such as museums, theme parks, and historical sites, have also been severely impacted by the pandemic. Many attractions have had to limit the number of visitors in order to comply with social distancing guidelines, leading to a decrease in revenue. In addition, many attractions have had to implement new safety measures, such as temperature checks and mandatory mask-wearing, in order to ensure the safety of their guests.
Despite the challenges facing the travel and tourism industry, there is hope on the horizon. As countries around the world begin to roll out vaccines and implement new safety protocols, there is optimism that travel will eventually rebound. Many airlines, hotels, and tourist attractions are offering flexible booking policies and enhanced cleaning protocols in order to reassure travelers that it is safe to venture out once again.
In the meantime, the travel and tourism industry is finding new ways to adapt to the current situation. Virtual tours, online experiences, and staycations have become increasingly popular as people look for ways to satisfy their wanderlust while staying safe. As the world slowly begins to reopen, the travel and tourism industry will undoubtedly undergo a period of transformation, but with resilience and innovation, it will eventually bounce back stronger than ever.