Pump.fun

Pump.fun is a fair-launch token launchpad built on Solana that lets anyone create and immediately trade a new SPL token in under sixty seconds for approximately $2. Launched on January 19, 2024, by three British entrepreneurs — Noah Tweedale, Alon Cohen, and Dylan Kerler — the platform was designed as a direct response to a persistent problem in crypto: most new token launches favored insiders through presales, team allocations, and vesting cliffs that left ordinary traders buying at a disadvantage. Pump.fun removes all of that by design. Every token created on Pump.fun starts life on an automated bonding curve, a mathematical pricing mechanism that sets price as a function of supply bought. The platform uses a constant-product formula, the same model underlying Uniswap V2 and most mainstream automated market makers. A fixed supply of one billion tokens is minted at creation, with around 800 million made available for bonding curve trading. The first buyers pay the lowest prices; as demand pushes more SOL into the curve, the price rises non-linearly. There are no presales, no team allocations, and no vesting schedules. Every wallet — creator included — faces the same starting price at the moment of launch. The creator pays a small deployment fee of around 0.02 SOL and a 1% fee applies to every buy and sell transaction on the curve. When a token accumulates enough buy pressure to push its market cap to approximately $69,000 (roughly 85 SOL deposited), the bonding curve fills and the token graduates. Originally, graduated tokens automatically migrated to Raydium DEX, a process that carried a 6 SOL graduation fee and required traders to follow the token across platforms. In March 2025, Pump.fun replaced Raydium graduation with its own native automated market maker: PumpSwap. Launched on March 20, 2025, PumpSwap is a constant-product AMM that seamlessly absorbs graduated tokens directly within the Pump.fun ecosystem, dropping migration fees to zero. PumpSwap charges a 0.25% trading fee, split between liquidity providers (0.20%) and the protocol (0.05%). Locked LP tokens prevent rug pulls; liquidity cannot be removed after migration. PumpSwap growth has been substantial. By February 2026, it processed $16 billion in monthly trading volume, a ten-fold increase from December 2025. In March 2026, PumpSwap briefly surpassed Raydium to capture 42.3% of AMM market share on Solana, making it the largest decentralized exchange on the network by volume. Since launch, Pump.fun has facilitated the creation of over 11.9 million tokens and generated nearly $800 million in total protocol revenue. At peak activity in 2025, the platform produced over $1 million in daily revenue and up to $138 million in monthly revenue. The platform now accounts for the majority of new token launches on Solana, with some periods seeing it responsible for over 80% of all new SPL token deployments. Graduation rates remain low by design — fewer than 2% of launched tokens ever cross the $69,000 threshold. The bonding curve structure intentionally filters signal from noise: most tokens trade briefly within the curve and expire, while those with genuine community momentum reach sustained trading on PumpSwap. Pump.fun introduced a creator rewards program in late 2024 that shares a portion of trading fees with the original creator of each token. Since inception, the program has distributed over $400 million to token creators. Creators receive 0.05% of all trade fees generated on tokens they launch. In July 2025, Pump.fun launched its native PUMP governance and fee-accrual token. The ICO opened on July 12, 2025, at $0.004 per token and sold out within minutes, raising approximately $1.3 billion across public and private tranches — one of the largest token sales in Solana history. US and UK citizens were excluded from participation due to regulatory restrictions. PUMP has a fixed maximum supply of one trillion tokens, with approximately 43% in circulation at launch. The platform directs 100% of daily protocol revenue into PUMP buybacks, generating roughly $1 million in daily buy pressure at typical revenue rates. As of mid-2026, Pump.fun continues to expand beyond memecoins. The platform introduced USDC trading in July 2026, enabling users to trade any token on Solana, Ethereum, Base, BNB Chain, and Robinhood with zero fees using a cross-chain USDC balance, removing the need to hold native gas tokens. A BOOST mode feature has reinjected over $7 million in liquidity from otherwise stranded positions back into active trading. The platform relaunched its livestreaming feature in April 2025 with enhanced moderation after suspending it in November 2024 following controversies involving dangerous behavior by streamers. Pump.fun has faced regulatory scrutiny in multiple jurisdictions. The UK Financial Conduct Authority issued a warning in late 2024, prompting the platform to block UK users in December 2024. A class-action lawsuit filed in January 2025 in the Southern District of New York alleged the platform operated as an unregistered securities exchange. The platform has geo-blocked users from the US, UK, and Singapore for certain features. These proceedings remain ongoing. Pump.fun operates two programs on Solana Mainnet: the primary launchpad at program address 6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P and the PumpSwap AMM at pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA. Both carry live status on Solana Mainnet.