Solana News Today: Pump.fun Hits $800M in Fees as Heaven Claims 15% Solana Launchpad Share

Pump.fun has achieved a significant milestone, generating over $800 million in fees since its launch, according to data from Dune Analytics. Pseudonymous analyst @adam_tehc reported the figure, which reflects the platform’s continued dominance in Solana’s memecoin launchpad ecosystem [1]. The platform collects a 1% swap fee on every transaction, a model that replaced earlier graduation charges when tokens transitioned to Raydium [1]. Pump’s share of the market has remained robust, capturing nearly two-thirds of launchpad revenue and over 70% of weekly market share in recent weeks [1].

This resurgence was partly driven by the return of top deployers who had previously migrated to LetsBonk [1]. The migration reversed a brief period of momentum for LetsBonk, which had seen a temporary surge in graduated tokens earlier in the year after integrating with Raydium’s LaunchLab [1]. The shift back to Pump has reaffirmed its leading position in both revenue and token issuance.

Meanwhile, the emergence of Heaven has introduced a new contender into the space. Heaven has rapidly gained traction, listing 3,865 tokens in a single day and capturing approximately 15% of Solana’s daily launchpad market share [1]. The platform’s aggressive tokenomics model has set it apart from competitors. It uses all generated fees for buybacks and burns of LIGHT tokens, effectively reducing supply and theoretically increasing value [1]. In its first seven days, Heaven collected $1.4 million in fees, which were used to retire nearly 2% of the circulating LIGHT supply [1].

Heaven’s approach includes a six-second “sniper tax” to deter front-runners and bot activity, a mechanism that linearly decreases over time [1]. While these strategies have fueled short-term momentum, the platform’s long-term success hinges on sustained issuance and trading volume. As of now, trading activity remains in the single-digit millions, highlighting the liquidity challenges it faces.

The evolving Solana launchpad ecosystem now features multiple players competing for market share. Heaven’s growth and Pump.fun’s resilience suggest that the market is moving away from a single-platform monopoly. However, it remains to be seen whether retail demand can support multiple active launchpads or if liquidity will consolidate back to Pump.fun. Two key metrics will likely determine the outcome: Heaven’s ability to maintain a high share of daily token launches and the transparency of LIGHT’s buyback and burn records against circulating supply.

Heaven’s LIGHT token has also sparked debate over valuation, as its claimed market capitalization exceeds $2 billion [1]. However, valuations vary widely across data trackers, with figures ranging from the low hundreds of millions to multi-billion levels depending on methodology [1]. Some sources use fully diluted valuations, while others rely on circulating supply figures, contributing to the discrepancy.

Despite the competitive landscape, Pump.fun remains the anchor of Solana’s launchpad economy. The challenge ahead is whether the network can sustain multiple thriving platforms without returning to a concentration risk that benefits a single player. Heaven’s rapid rise has introduced real competition, but Pump.fun’s revenue and infrastructure continue to serve as the benchmark for the space.

Source:

[1] title: Pump.fun Revenue Soars to $800M as Heaven’s LIGHT Pushes $2B

url: https://coinmarketcap.com/community/articles/68a5dd4a6f6d3f0f79f5b7aa/