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Pump.fun Smashes Daily Fee Record: $15.5M in 24 Hours

Coin WorldSunday, Jan 26, 2025 7:18 am ET

1min read

Pump.fun, a decentralized exchange (DEX) operating in the Solana ecosystem, has set a new record for single-day transaction fees, generating $15.5 million on Friday. Since its launch in January 2024, the platform has achieved $100 million in revenue in just 217 days, making it the fastest-growing application in the crypto industry.

The platform's recent growth can be attributed to the introduction of Vine Coin, a token created by Vine co-founder Rus Yusupov. The token's market value peaked at $425 million, driving significant trading volume on the platform. Over the past two weeks, the platform's trading volume has exceeded $4 billion, accumulating over 2.5 million SOL in fees.

Despite Pump.fun's innovative mechanisms for promoting compliant project launches, the platform faces legal challenges. A U.S. law firm is currently representing investors who claim damages and have filed a lawsuit against the platform. Previously, the New York State Department of Financial Services classified similar tokens as "emotion-based virtual currency."

The platform has fully integrated the Farcaster protocol, allowing users with Farcaster accounts to log in and comment. As Pump.fun continues to grow and innovate, it faces both opportunities and challenges in the rapidly evolving crypto landscape.

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