La “Revolución de Compartición de Cargos” de Pump.fun: Un cambio fundamental para las economías de los creadores y los incentivos para los traders en la economía de memes.

The Solana-based memecoin launchpad Pump.fun has undergone a seismic shift in its fee-sharing model in early 2026, signaling a strategic pivot to rebalance incentives between creators and traders. This overhaul, driven by co-founder Alon Cohen's acknowledgment of prior systemic flaws, aims to address the platform's overemphasis on low-risk token creation at the expense of high-risk trading-a dynamic that threatened long-term sustainability. For investors, the question remains: Can Pump.fun's revised model catalyze a healthier, more resilient ecosystem, or does it merely delay inevitable challenges in the volatile memecoin space?

The Evolution of Pump.fun's Fee Model

Pump.fun's initial Dynamic Fees V1 system, introduced in late 2025, incentivized creators to launch tokens by offering tiered rewards based on market capitalization. While this drove a surge in on-chain activity-doubling bonding curve volumes-it also skewed behavior toward speculative, low-effort projects. According to a report by Brave New Coin, this model "failed to incentivize trading activity," creating an imbalance where creators prioritized deployment over market participation.

The 2026 fee-sharing model, launched on January 9, 2026, introduces a radical shift. Creators can now distribute fees across up to 10 wallets, transfer coin ownership, and revoke update authority, enhancing transparency and reducing reliance on opaque arrangements. Crucially, the platform now empowers traders to determine whether a token narrative justifies creator fees, shifting incentives toward liquidity provision and active trading. As stated by Alon Cohen, "Traders are the lifeblood of the platform," a sentiment underscoring the new model's focus on market-driven value creation.

Impact on Creator Economics and Trader Incentives

The revised model's emphasis on trader-driven narratives has already shown mixed results. Weekly trading volumes surged to $6.6 billion post-implementation, with creator earnings hitting $1.1 million in a 24-hour period. However, the success rate of individual tokens remains low, with fewer than 200 tokens graduating out of over 27,000 launched in a single day. This highlights a persistent challenge: while the platform incentivizes trading, it has yet to resolve the inherent volatility and short lifespans of most memecoins.

For creators, the ability to distribute fees across multiple wallets reduces the risk of centralization and rug pulls, fostering trust in a sector plagued by fraud. Yet, as noted by Galaxy Research in The State of Memecoins, the broader ecosystem still faces structural issues, including low median holding times and value concentration in a tiny fraction of tokens. Pump.fun's model may mitigate these risks, but it does not eliminate the fundamental speculative nature of the space.

Performance Metrics and Market Response

The market's reaction to the 2026 fee model has been cautiously optimistic. Pump.fun's native token, PUMP, rebounded over 10% following the announcement, though it remains far below its all-time high. This short-term uplift contrasts with the platform's long-term challenges, including ongoing legal disputes and a high rate of rug pulls.

Comparative analyses with other meme economy platforms like Doge and Shiba Inu reveal stark differences. While Doge and Shiba Inu rely on simpler fee models favoring passive holders, Pump.fun's market-based approach prioritizes active traders. This divergence positions Pump.fun as a more dynamic but riskier proposition, appealing to investors seeking high-growth opportunities in a niche market.

Sustainability Risks and Regulatory Challenges

Despite its innovations, Pump.fun's 2026 model faces significant sustainability risks. Regulatory scrutiny remains a critical concern, particularly in the U.S. and EU. U.S. class-action lawsuits have already targeted Pump.fun for alleged fraudulent schemes, while the EU's MiCA regulation mandates detailed risk disclosures for token issuers. These pressures could force Pump.fun to adopt stricter compliance measures, potentially dampening its appeal to speculative users.

Market competition also looms large. While Pump.fun dominates Solana's memecoin launch sector, rivals like Doge and Shiba Inu benefit from established brand recognition and broader adoption. As noted by O2K Tech, Pump.fun's reliance on dynamic token incentives-such as bonding curves-risks exacerbating volatility, with tokens like $PUMP experiencing sharp post-ICO declines.

Conclusion: A High-Risk, High-Reward Proposition

Pump.fun's fee-sharing revolution represents a bold attempt to realign incentives in the memecoin economy. By prioritizing traders and introducing market-driven fee allocation, the platform addresses critical flaws in its prior model. However, the long-term investment potential of Pump.fun hinges on its ability to navigate regulatory headwinds, sustain user adoption, and mitigate the inherent volatility of the sector.

For investors, the key takeaway is clear: Pump.fun's 2026 model is a step toward sustainability, but it remains a high-risk bet. Success will depend on the platform's capacity to adapt to evolving market dynamics and regulatory landscapes-a challenge that could define its trajectory in the coming years.