- Pump.fun introduces Glass Full Foundation to support Solana ecosystem projects with liquidity.
- The platform faces competition from LetsBonk.fun while battling a sharp revenue decline.
- Pump.fun’s new features, like “Tap-to-Ape” and “Movers Feed,” enhance user engagement.
Pump.fun, a memecoin launchpad built on the Solana blockchain, has introduced the Glass Full Foundation (GFF), which aims to inject liquidity into its ecosystem. The initiative is designed to support select projects within Pump.fun’s network. GFF is expected to boost projects that contribute to the growth of the Solana ecosystem, according to an official announcement.
Pump.fun’s GFF: Boosting Solana Amid Growing Competition
Within the cryptocurrency industry, foundations tend to be legal entities that manage and direct the evolution of a project. This is typically done by providing funding and coordinating the management of various initiatives.
Last month, Pump.fun raised $600 million in a rapid initial coin offering (ICO). The sale lasted just 12 minutes, reflecting the high demand for its native token. Despite this success, the platform is experiencing growing competition. Another Solana-based launchpad, LetsBonk.fun, has become popular and integrated with Raydium. With the support of the Bonk community, it directly competes with Pump.fun, increasing the congestion of the Solana memecoin environment.
Pump.fun Recovers Momentum After Revenue Drop
The revenue of Pump.fun has drastically dropped as compared to the memecoin boom earlier this year. The amount of daily revenue, which was above the range of $7 million in January, is currently above the $1 million range. This drastic decline means that the platform is now finding it difficult to sustain its past success.
Despite this downturn, the platform has still made progress with the launch of new tokens. Pump.fun led the way with 13,690 new token launches within a 24-hour period. This was marginally faster than LetsBonk.fun, which debuted 13,392 tokens during the same period based on Dune Analytics data.
As reported by Jupiter data, Pump.fun has reestablished itself as the biggest launchpad for Solana meme coins. It has a market dominance of 51.4% and a one-day volume of $559M. On the other hand, LetsBonk.Fun has a market share of 24.9% and a volume of $270M.
Related: Ex-Pump.fun Dev Faces Prison Over $2 Million Crypto Theft
Pump.fun continues to develop simple-to-use features to stay active among users. Tap-to-Ape is one of these features that enables one-tap trading. The feature Movers Feed, which allows users to monitor the market in real time, contributes to the overall user experience.
Pump.fun has expanded its platform by integrating with Ethereum layer-2 networks Base and Blast. Such a shift in strategy may enable Pump.fun to enter the wider Ethereum ecosystem and expand its market opportunity.
Critics criticize the lack of long-term stability of Pump.fun citing previous claims of insider dumping and pump-and-dump methods. The platform also continues to experience regulatory issues, such as a prohibition in the U.K. by the Financial Conduct Authority. It also faces a lawsuit in New York against unregistered securities. The success of the Glass Full Foundation will hinge on its ability to build trust, encourage responsible development, and ensure sustainable ecosystem growth.
