Pump.fun, a Solana-based memecoin launchpad, has achieved a significant milestone, exceeding the Ethereum network in daily revenue.
Pump.fun Popularity Amid Memecoin Craze
Notably, Pump.fun generated $1.99 million in revenue. This positions it as the highest revenue-generating blockchain protocol, overtaking Ethereum’s $1.91 million by $0.98 million, according to data from DefiLlama.
Dune Analytics reveals that on July 1, a total of 11,528 tokens were deployed on Pump.fun, taking the total number of tokens launched on the platform to a staggering 1,199,685. In terms of cumulative revenue generated, Pump.fun now has 346,613 SOL which is equivalent to $51.3 million.
Pump.fun gained traction among members of the crypto space during the recent memecoin boom, attracting users with its ease of use and Solana’s low transaction fees. The platform has become a hub for creating various themed cryptocurrencies, including political and celebrity tokens.
Despite Pump.fun’s recent success, Bitwise CIO Matt Hougan maintains that the enduring value of the Ethereum network as a fully programmable blockchain gives it an edge. Hougan noted that Ethereum serves as the backbone for emerging crypto-based applications, such as tokenization, stablecoins, and Decentralized Finance (DeFi).
Investment Potential of Ethereum
In a recent report by Crypto-Vanguard, Hougan predicted that Ethereum ETPs could attract $15 billion in net flows by the end of 2025. If achieved, this will rank it among the most successful ETP launches in history. He suggested that as the use of blockchain applications grows, the value of ETH, the native asset of the Ethereum network, will increase due to transaction fees paid domiciled in the coin.
Hougan insists that Ethereum holds a certain appeal to investors, describing it as one of the most exciting technology investments globally.
Analysts however applaud Pump.fun’s rise in daily revenue as it marks a notable achievement in the blockchain space. They stated that it showcases the platform’s growing influence and the evolving dynamics within the crypto market.
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