You can also read this news on COINTURK NEWS: Pump Platform Boosts Creation of Memecoins on Solana Blockchain

Solana Blockchain‘s Pump platform, which simplifies the creation of memecoins, has quickly become one of the network’s most profitable applications. Since its launch, the platform has generated over $5 million in revenue, with annual income projected to rise to $66 million.

Platform’s Revenue Expected to Rise to $66 Million

Altcoin creation service offered by Pump for a nominal fee of $2 has capitalized on the ongoing memecoin hype, achieving significant revenue in a short time. Since its launch in March, Pump has generated over $5 million in revenue, becoming a significant player in the Solana ecosystem and demonstrating the high profitability of altcoin creation services.

The platform’s strong performance is also reflected in its daily earnings, with $300,000 in revenue generated in just the last 24 hours. This financial success has significantly contributed to Solana‘s overall fee generation, with Pump accounting for a substantial portion of the network’s total revenue of $2.5 million. According to data provided by DefiLlama, current usage and growth projections indicate that the network’s annual revenue could rise to approximately $66 million.

The platform’s appeal comes from its high accessibility and advanced security features that cater to investors wanting to enter the memecoin market. Pump’s user-friendly interface allows individuals to quickly create tokens by setting parameters such as token quantity, theme, and accompanying meme images. Various measures are offered against common cryptocurrency scams like rug pulls, ensuring that all altcoins created on the platform are launched fairly without pre-sales or team allocations. This security mechanism reduces concerns about prevalent fraud in the industry, facilitating trust among investors.

Pump’s operational model involves investing a portion of the liquidity into the Solana-based decentralized exchange (DEX) Raydium and then burning it once any token issued on the platform reaches a market value of $69,000. Additionally, Pump has recently expanded its support to other Blockchain networks like Blast and Base, further broadening its reach in the crypto world.

Some Altcoins Surpass $10 Million Market Value

Despite a significant increase in the number of altcoins created using Pump, only a few altcoin projects have managed to surpass the $10 million market value threshold.

Notable examples include Shark Cat (SC) and Hobbes, with market values of $100 million and $35 million respectively. Data particularly shows the popularity of cat-themed memecoins among issuers.

The post first appeared on COINTURK NEWS: Pump Platform Boosts Creation of Memecoins on Solana Blockchain