Pump.Fun’s Removal of $2 Issuance Charge Pushes Daily Fees to All-Time Highs, But Users are Unhappy

• Pump.Fun, a Solana-based token generator, set a lifetime record by generating $5.3 million in fees over the past 24 hours, surpassing all other platforms, including blockchains like Ethereum, Tron, and Solana itself.

• Pump.Fun recently eliminated the $2 fee for token creation, shifting this cost to the first buyer of the token which led to an explosion in token creation and complaints.

Token generator Pump.Fun raked $5.3 million in daily fees, a lifetime record, to become the highest-grossing platform in the crypto market, ahead of more prominent protocols and entire blockchains.

The silver went to Ethereum’s staking application Lido which was far behind Pump with a relatively smaller fee of $2.3 million. Blockchains Ethereum, Tron and Solana made less than $1.3 million each, data tracked by DefiLlama shows.

Pump lets anyone issue a token for around $2 worth of Solana’s SOL in capital, after which they choose the number of tokens, theme, and a meme picture to go along. When the market capitalization of any token reaches $69,000, a portion of liquidity is deposited to the Solana-based exchange Raydium and burned.

Developers dropped the $2 issuance fee earlier this week – sparking the equivalent of a digital firework of creators. As of Wednesday, the fee is now paid by the first buyer – usually trading bots or an automated service – of any token created on Pump. The creator also now receives 0.5 SOL if the coin completes its bonding curve and is listed on Raydium.

Over 10,000 tokens were created in a single three-hour period on Tuesday, propelling Pump’s revenues to $5 million from under $900,000 on Monday and Tuesday. This bump came after the creator fees were dropped.

“Nobody is having fun anymore besides the pump fun team raking in fees,” said @anon_rip in an X post. “How is this a good thing anymore?”

“Not entertaining watching things go to zero in seconds,” said @Vertwashere, referring to the brisk creation of new tokens that plunge in value after initial buying activity in the first few minutes. “Nobody is entertained but ur team and your pockets,” @CookerFlips, another X user, said.

As CoinDesk previously reported, Pump’s quick token creation means tens of thousands of tokens have likely been issued since its March launch. However, only a few have reached more than $10 million in market capitalization.