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Pump.fun has outperformed Ethereum in 24-hour revenue, collecting $864,000 compared to Ethereum's $550,000, as per DefiLlama.
Pump.fun's Revenue Milestone
On July 29, DefiLlama data showed that Pump.fun has more 24-hour revenue than Ethereum. As of midday on July 29, Pump.fun has raised almost $864,000 in the past 24 hours, much surpassing Ethereum's $550,000 total for the same time frame, according to the data.
Revenue from Pump.fun has previously surpassed that of Ethereum. In a single day on June 30, the memecoin platform made approximately $2 million, which was somewhat more than Ethereum's $1.91 million.
Cointelegraph elaborates that the unprecedented success of the memecoin platform is mostly attributable to the rampant trading of memecoins on Pump.fun's native Solana, a layer-1 blockchain. According to DefiLlama, its total fee income is getting close to $75 million.
Ethereum Trails Pump.fun
Ethereum is fourth in terms of 24-hour revenue, while Pump.fun ranks third. With an estimated $1.7 million, Solana is in first place. The 2018-launched smart contract platform Tron comes in at a distant second, with DefiLlama estimating a value of roughly $900,000.
With almost $60 billion in total value locked (TVL), Ethereum is the biggest layer-1 smart contract platform. In the past day, gas fees totaled roughly $1.6 million. However, DefiLlama's revenue statistics for Ethereum only account for burned Ether tokens.
Memecoins have risen to a market valuation of over $53 billion, driven by speculative investment and venture money, according to CoinGecko. As per Coinranking, the market capitalization of the dog-themed Solana memecoin Bonk (BONK) has surpassed $1 billion, thanks to a trading increase of almost 8,000% in the last year.
Ease of Use Boosts Pump.fun
According to Pump.fun, all it takes is a single click to "launch a coin that is instantly tradeable for under $2." X account information from the platform states:
Notable celebrities, including Caitlyn Jenner, Iggy Azalea, and Rich The Kid, have recently launched their memecoins there.
