In a recent update, data from DeFiLlama indicates that Pump.fun, a launchpad on Solana that enables users to create and deploy tokens, particularly meme coins, is generating more fees than some of the top protocols on Solana and Ethereum.

According to DeFiLlama, Pump.fun generated $5.3 million in fees in the last 24 hours alone. This amount is almost double the $2.3 million in fees generated by Lido, a prominent liquidity staking platform on Ethereum.

Interestingly, Pump.fun is generating more fees than Ethereum, a network known for its relatively high gas fees compared to other blockchains. In the past day, Ethereum generated $1.67 million in fees.

Meanwhile, Solana transfers and on-chain smart contracts deployment resulted in the distribution of $1.32 million in fees to validators. The popularity of Pump.fun has exceeded that of Tron, which is dominant in USDT transfers, with Tron generating $1.15 million in fees within the same period.

The increasing interest in Pump.fun, driving up on-chain gas fees, can be attributed to its unique value proposition. Through this launchpad, users can create and trade tokens instantly for less than $2 with just one click. This ease of use, along with the growing popularity of meme coins on Solana, has propelled Pump.fun to the forefront of the crypto industry.

To address the token minting issue, Pump.fun plans to introduce changes and incentivize the creation of more successful tokens. The launchpad will no longer charge users a fee when they deploy a new token, shifting that fee to the first buyer of the token instead.

Overall, the goal is to encourage developers to push their tokens through the critical “bonding curve” stage, aiming for a market cap of at least $70,000. Tokens that pass this stage will be automatically listed on Raydium, and the issuer will receive 0.5 SOL as payment.

(Source: Cryptochronicle.xyz)