Pump.fun Climbs to #3 in 24h Protocol Revenues

• Pump.fun pulled in about $3.12 million in protocol revenue over the past 24 hours
• The platform is in third place among crypto platforms by revenue, behind only Tether and Circle
• Pump.fun’s surge seems to come after the Project Ascend update, which was launched in early September

According to data from DeFiLlama from earlier in the morning, Pump.fun pulled in about $3.12 million in protocol revenue over the past 24 hours. The figure pushed the Solana-based launchpad past Hyperliquid, which logged around $2.48 million in the same period.

This puts Pump.fun in third place among crypto platforms by revenue, behind only stablecoin issuers Tether (roughly $21.7 million) and Circle (about $7.62 million) over the same period.

As for Hyperliquid, Native Markets (a project within the Hyperliquid ecosystem) has just secured the rights to the USDH ticker, following the competitive auction. The team now plans to release a dollar-pegged stablecoin under that name.

Interestingly, PumpSwap (Pump.fun’s DEX) recorded huge trading volumes last week with almost $878 million in 24-hour volume, surpassing the likes of Raydium and Meteora.

Related: PUMP Price Gains 74% in Volume After Binance.US Listing and Aggressive $84 Million Buybacks

Project Ascend Update Drives Revenues

Pump.fun’s surge seems to come after the Project Ascend update, which was launched in early September. 

The update introduced dynamic fees based on the market capitalization of tokens, which means, smaller projects pay higher fees, but as they scale and grow in market cap, fees drop. Such an approach encourages creators to build longer-term, sustainable tokens.

Additionally, the Pump.fun protocol has also been using part of its revenue to buy back its native token (PUMP), reducing circulating supply and helping support the token price. This also likely played a role in the recent surge.

Related: Pump.fun’s ‘Project Ascend’ Goes Live, But PUMP Price Remains in Consolidation

Thanks to Solana’s low transaction costs and high throughput, Pump.fun can scale token launches and trading with relatively lower friction. That efficiency is what makes the platform attractive for creators and traders interested in memecoins or community-based projects.

Memecoins and the Revenue Race

The fact that a memecoin launchpad like Pump.fun can outperform Hyperliquid (a comprehensive DeFi platform) in revenue suggests that community-driven and cultural narrative components are still extremely powerful in crypto.

It also emphasizes that the platforms that optimize for lower cost, scale, and ease of use (especially in vibrant ecosystems like Solana) can quickly capture value.

The recent Pump.fun’s ascent demonstrates that revenue generation is also increasingly driven by launchpad activity, the creator economy, and meme token innovation, alongside traditional avenues like yield farming and derivatives trading.