JAKARTA - Coin Pump.fun meme aggregator platform operating in the Solana blockchain ecosystem posted a positive 2024 achievement. On January 2, the platform recorded revenues of more than US$14 million (around Rp226.8 billion), thanks to the high user activity in launching and trading meme coins.
Data from Dune Analytics and Defilama shows that Pump.fun managed to collect 72,506 Solana tokens (SOLs) from transaction fees. Currently, the price of SOL is trading above 200 US dollars (around Rp3.24 million) per coin.
In addition, Pump.fun maintains its dominance in Solana-based decentralized exchange (DEX) markets. In December 2023, the platform contributed to 52.8% of total transactions across the DEX on the Solana network.
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Revenue Almost Touches IDR 6.4 Trillion
This achievement continues the positive trend achieved by Pump.fun at the end of 2023. In November, the platform recorded a record monthly revenue of 106 million US dollars (around Rp1.7 trillion).
This makes it the first decentralized application in the Solana ecosystem to successfully penetrate this figure. To date, the total revenue of this platform has approached $398 million, most of which have been converted to USD Coin (USDC) and stored on the Kraken exchange.
Behind the huge success, Pump.fun also faced a number of obstacles. In November 2023, the platform's livestream feature was in the spotlight because of malicious content broadcast by users, including reports of violence and other inappropriate acts.
Community criticism of the Pump.fun feature forces developers to stop the livestream feature indefinitely. This incident led to a 66% drop in weekly revenue towards the end of the year.
In addition, the UK financial regulator, Financial Conduct Authority (FCA), issued a public warning in December 2023 regarding the promotion of financial services without permission by Pump.fun. The FCA also blocked access to this platform in the UK region. Despite facing a number of obstacles, Pump.fun still shows its potential in Solana's memecoin ecosystem.
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