Memecoin Launchpad Pump.fun has introduced new restrictions on creator fee settings, limiting token deployers to one post-launch change in how fees are allocated on the platform.
Pump.fun co-founder Aron Cohen said in a post on
With this change, each token will have one chance to redirect creator fees to another wallet, after which the settings will be locked forever.
Pump.fun’s latest update follows a broader review announced in January, in which the platform acknowledged that its creator fee model distorted incentives by disproportionately rewarding token deployers over traders.
Pump.fun’s broader attempt to shift incentives to traders
On January 10th, the platform introduced changes such as multi-wallet distribution and post-launch management aimed at increasing transparency and better aligning rewards with trading activity.
On February 17th, Pump.fun introduced a “cashback coin” that required creators to choose at the start whether the fees would go to them or be redirected to the trader, and once chosen, the higher-level model would be locked in.
This change was aimed at rebalancing the distribution of rewards between token deployers and traders. However, while the overall fee model was fixed at launch, creators and coin custodians were able to adjust the specific wallets that received those fees and how they were distributed once the tokens went public.
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This meant that even if the model did not change, the underlying recipient could change, creating potential trust issues for traders. The latest update narrows that flexibility by allowing only one post-launch change for recipients to pay, and then permanently locking the settings.
Early community reactions suggest that this change will do little to address broader trading dynamics on the platform. X user gake said the change might not help much, while another user Tom said it was a “drop in the bucket” and showed the team was at least aware of the problem.
Pump.fun activity declines as fees and trading volumes decline year over year
The change in Pump.fun’s incentive structure comes as fees have fallen from their peak. The platform recorded $31.8 million in fees in January 2026, down about 75% from its best-ever performance of $148 million in January 2025, according to DefiLlama data.
In February 2026, the platform recorded revenue of $25 million, which was a 66% decrease from approximately $75 million in February 2025.
The trading volume on this platform follows a similar pattern. According to DefiLlama, Pump.fun had a monthly trading volume of more than $11.6 billion in January 2025, which decreased by about 81% to about $2.1 billion in January 2026.
Monthly trading volume in February 2026 was approximately $1.91 billion, down 68% from $6.1 billion in February 2025.
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