Pump.fun, a prominent platform for deploying memecoins on the Solana network, has announced plans for a future token release alongside the introduction of a new trading terminal.
Pump.fun, a prominent platform for deploying memecoins on the Solana network, has announced plans for a future token release alongside the introduction of a new trading terminal, “Pump Advance.” The announcement was made during an X Spaces event on Oct. 19.
Currently, over 2.4 million unique tokens have been deployed on Pump.fun, according to data from Dune Analytics.
The platform has become a significant player in the memecoin space, despite a notable failure rate for new tokens. Approximately 98.5% of memecoins attempted on Pump.fun do not achieve successful listings on Raydium, a decentralized trading protocol on Solana.
Pump Advance aims to enhance the trading experience by incorporating mini-charts, data on top holders, and social indicators, providing users with tools to navigate the extensive array of available tokens.
The platform will also offer a promotional period with 0% fees for the first month and improved login security through Privy.
To encourage successful token launches and reduce the prevalence of rug pulls, the Pump team revealed an $80 incentive program for token creators, set to begin in August 2024. This initiative aims to support developers in completing bonding curves and successfully listing their tokens.
Despite criticism regarding the high failure rates associated with memecoins on the platform, which some traders liken to a “slaughterhouse,” Pump.fun continues to attract significant user engagement.
On Aug. 13, the platform achieved revenues exceeding $5.3 million in a single day, surpassing the combined earnings of the 24 largest protocols during that period.
Industry opinions on memecoins remain divided, as some experts argue they offer legitimate use cases while others view them as speculative ventures.
The future token release and trading tool advancements could further influence the dynamics of this controversial sector.
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