Key takeout
One-click mint, “graduation” of bonding curves, locking LPS’s concentrated fluidity, pushing Pump.Fun’s share to 75%-80% at its peak.
Releases and prices are cyclical. After a plunge 80% from the January high, the activity was back by late August.
Rivals (Letsbonk, Heavendex, Raydium launchlab) can flip shares in the short term with fees and incentives, but network effects often bring back activity.
Security Incidents and US Class Actions (including RICO claims) are the biggest overhangs in terms of durability.
Pump.Fun is a Solana-Native Launchpad for launching tokens as easily as a few clicks.
The new coins begin with bonding curve contracts, where approximately 800 million tokens are sold in sequence. Once that supply is acquired, the token is a “graduate” and the transaction automatically transitions to an automated market maker (AMM). Today, it is Pump.Fun’s own distributed exchange (DEX), Pumpswap (fires previously moved to Raydium).
For creators, the cost is minimal. There is no charge for mint. Graduation will carry only a small fixed fee of 0.015 SOLANA (SOL) deducted from the liquidity of the token, not a separate payment.
After graduation, Pumpswap burns liquidity provider (LP) tokens linked to trading pairs and cannot effectively lock liquidity and manually withdraw them. Funds can only move through normal trading activities. This design standardizes early price discovery for new Memecoin, significantly reducing the risk of traditional lag pulls.
Did you know? Only a small portion of the Pump.Fun tokens have been “graduated.” In July and August 2025, graduation rates reached approximately 0.7% to 0.8% of the launch.
How Pump.Fun captured 80% of Solana’s MemeCoin launch
The advantage of Pump.fun came from the creation of ultra-minor infringement tokens and pairing them with standardized paths to liquidity.
Pump by routing new tokens to AMM via graduation from the bonding curve. When Solana Meme Cycle was featured, its design was translated into domination: By mid-August 2025, Pump.Fun had recaptured about 73%-74% of its launchpad activities over the course of seven days.
The lead was not contested. In July, Challenger Letsbonk temporarily flipped Pump. We increased our volume and revenue before momentum could turn around (proof that deployers quickly move to where execution and liquidity are best seen).
Pump.Fun strengthened its advantage with two strategic policy shifts. Pump. Public disclosures show weekly repurchases of millions of dollars and the eight-figure creator’s claims.
Throughout 2025, external trackers have consistently shown Pump.Fun.
Did you know? Solana’s fees remained near Penny (or even lower) during the period of Mania. In the second quarter of 2025, despite the January spike during official Trump, the average fee fell to around $0.01 with a median of about $0.001.Trump) Token Frenzy.
Fast timeline for share and revenue
January 24th-26th, 2025: Pump.Fun reaches the all-time high daily rate record of around $15.4 million when Solana’s Meme season reaches that height.
Later in January, Feb. 26, 2025: Daily launches slide approximately 200/day from approximately 1,200/day (January 23-24) to February 26th, marking drops of over 80% based on dune tracking cohort.
May 16th-17th, 2024: The approximately $1.9 million insider exploit will be temporarily suspended. Revised service resume and detailed after death.
July 2025: New rival Letsbonk makes Pump.fun easily top with 24-hour revenue and market share.
August 8, 2025: Pump.Fun launches Glass Full Foundation to support selected lists during revenue failures.
August 11th-21st, 2025: Market share bounced back to about 74% in seven days, reaching a record week of $13.5 million and billions of weeks. Some trackers show intraday highs of nearly 90% as their rivals fade.
August 20, 2025: The cumulative fee exceeds $800 million, highlighting the size of Pump.Fun’s model despite its volatility.
September 2025: As the project rises, creators claim more than $16 million, and the team continues to actively buy back.
Pump.Fun’s advantage is periodic, but resilient. When emotions get weaker, releases and prices drop sharply. As incentives and liquidity improve, that share tends to recover. Often, they land in the 70%-80% range with a 7-day metric.
“Anti-Pump” pitch with rivals
Competitors have tried to compete on the economy and liquidity. As mentioned earlier, Letsbonk temporarily stole the spotlight in July. Some trackers showed it earlier in market share before Pump.Fun regained its lead in August. The report described it as pump.fun as a reliable issue.
Raydium Launchlab was positioned as an internal replacement after Pump.Fun stopped its graduation pool to Raydium and introduced Pumpswap. LaunchLab leveraged Raydium’s native liquidity infrastructure to move new tokens directly into the Raydium Amm pool, attracting creators and algorithmic traders for deep, established liquidity.
New challenger Heaven (Heavendex) introduced the “Give-It-It-Back” model, which burns 100% of the platform’s revenue, dealing with roughly 15% of its daily firing activity. It established itself as the strongest rival of Pump.Fun’s model during the summer share battle.
Ultimately, the switching costs will be lower. Deployers will move to either venue to offer the best mix of fees, incentives and post-graduation fluidity. Market share can change quickly as rivals reduce fees or increase rewards.
Security, legal risks, market cycle
Pump.Fun faces a share of challenges.
Security Incident
Pump.Fun had a notable security incident. In May 2024, former employees exploited privileged access to withdraw about $1.9 million, prompting temporary halts and contract relocation, and the team said the contract was safe. On February 26, 2025, its official X account was hijacked to promote fake “pump” tokens.
Legal overhang
Several US civil lawsuits allege pump.fun promoted the sale of unregistered securities. The consolidated amendment complaint filed in July 2025 added RICO (Racketeer-affected and damaged organizational law) claims and new defendants. The outcome remains uncertain, but the lawsuit could reshape how LaunchPads approaches listings, disclosures and revenue programs.
Cyclic demand
As explained, launch counts and fee revenue reflect retail risk preferences. After a strong start to 2025, revenues in July fell to around $25 million, down about 80% below its January peak. Interest in Memecoin naturally changes over time.
Reputation risk
The scrutiny of memokine as a pump and dump play has not diminished. In one case, I created a Pump.fun token and cash out using a wired reporter hacked X account. This puts pressure on the platform to improve account security, close verification and block opportunistic launches.
Did you know? One Compliance Company I insisted Approximately 98%-99% of the pump.
Can pump.fun keep its edge?
If the flywheel is held
Pump.Fun’s August rebound will rebound about three-quarters of the new Solana launch. Core Loop – Low friction, standardized “graduation” liquidity and trader concentration remain the same. If buybacks and creator incentives continue to strengthen that cycle, control can persist even at later stages.
If the grip slips
July showed how fast momentum can move when rivals pay commissions or attract deployment bots. Ongoing litigation could add another layer of uncertainty and trigger changes to listings, disclosures, or revenue programs.
Important metrics to watch
LaunchPad Share (Weekly): pump.fun’s shares and rivals will compete beyond “graduated” tokens and trading volumes. A stable range of 65% to 80% suggests that the moat holds. Consistent drop refers to erosion.
Buyback and incentive spending: Monitor weekly buybacks and creator payments. Sustainable and visible support often precedes a recovery in market share.
Prices and graduation policy: Creation or graduation fee adjustments, or how liquidity is handled, may change the behavior of the deployment immediately.
Solana background: Note the volume and total locked value (TVL) of Dex. As liquidity decreases, the depth after graduation and the stickiness of the trader decreases.
Legal Milestones: Follow the development of an integrated class action lawsuit. An unfavorable ruling can limit the growth lever or cause operational changes.
