Author: Asher, Odaily Planet Daily
This year, the overall performance of the crypto market has been sluggish, with altcoins suffering significant losses. The previously active secondary Alpha community and airdrop community have shown a noticeable decline in discussion enthusiasm, but Meme is one of the few exceptions.
Compared to the previous bull market, there have been few instances this year where a Meme coin has quickly exceeded a market capitalization of 50 million dollars or even over 100 million dollars shortly after issuance; the wealth myth is gradually becoming a foreign term. However, new hot topics occasionally arise in the Meme market. From CASHCAT, which became popular on the Robinhood Chain, to the recent stock Meme coin MarsCoin on the BNB Chain, they are still attracting significant community attention.
The hot topics remain, with platforms and wallets around Meme creation and trading naturally continuing to have users. So, as the opportunities for "P little generals" to get rich through Meme become increasingly rare, how much profit can these platforms, which rely on users for continuous coin issuance and trading, actually make?
Odaily Planet Daily will analyze the revenue sources of major platforms in the current Meme track from two dimensions: token issuance platforms and Meme trading tools, as well as revenue conditions from the past 30 days. (The data below comes from DefiLlama.)
Pump.fun, capturing the first round of trading demand for new coins
Pump.fun: Revenue exceeded 34 million dollars in the last 30 days
Although the Meme market is far from the bull market, Pump.fun still earns over 30 million dollars a month, even surpassing Hyperliquid in profitability. As of August 11, Pump.fun's revenue in the last 30 days was 34.68 million dollars. During the same period, the platform's trading volume was 1.718 billion dollars.
The core of Pump.fun's revenue comes from continuous trading of new coins on the platform. Currently, creating a token is free for users, but buying and selling during the Bonding Curve stage requires payment of transaction fees. According to Pump.fun's latest rates, the total fee rate for each transaction on the Bonding Curve is 1.25%, of which 0.95% goes to the protocol and 0.30% is allocated to token creators. Additionally, a graduation fee of 0.015 SOL is charged when a token graduates from Pump.fun to PumpSwap.
Flap: Revenue exceeded 5.5 million dollars in the last 30 days, with 90% from the BNB Chain
The recent stock Meme craze on the BNB Chain has also allowed Flap to reap some benefits. As of August 11, Flap's revenue in the last 30 days was 5.58 million dollars, with 5.05 million dollars coming from the BNB Chain, accounting for over 90%; Robinhood Chain contributed 529,000 dollars. During the same period, the platform's trading volume was 908 million dollars.
Flap, like Pump.fun, also adopts the Bonding Curve mechanism, where newly issued tokens migrate to DEX after completing the curve stage. The difference is that Flap supports issuing Tax Tokens in addition to regular tokens, where creators can set transaction tax rates for the tokens. Recently popular stock Meme coin MarsCoin was issued through Flap as a Tax Token (Note: The revenue statistics from DefiLlama only include the protocol fee portion and do not account for the trading taxes set by Tax Tokens themselves).
In terms of revenue, Flap's most direct source remains the trading fees generated during the Bonding Curve phase of new coins. Currently, the base protocol fee rate on BNB Chain, Robinhood Chain, X Layer, and Monad is 1%, and the platform collects fees each time users buy or sell tokens on the Bonding Curve.
Pons: Revenue nearly 5 million dollars in the last 30 days, once the leading token issuance platform on Robinhood Chain
After the Meme craze surged on Robinhood Chain, Pons quickly became one of the main Meme issuance platforms in the ecosystem. On July 15, Pons issued over 15,000 tokens in a single day, ranking first among token issuance platforms on Robinhood Chain for the first time, maintaining its lead for about half a month until it was recently surpassed by Pool.trade and Flap (in the chart, green is Pons; pink is Pool.trade, purple is Flap). .
The rapid increase in token issuance directly translated into platform revenue. As of August 11, Pons generated 18.76 million dollars in fees from the platform in the last 30 days, of which approximately 4.99 million dollars belongs to the protocol. Using a rough estimate based on its V1 stage 1% trading fee, the total trading volume for the platform is approximately 1.8 billion dollars.
Pons is a native token issuance platform on the Robinhood Chain, where users can directly create and trade Meme coins. The platform has recently launched V2, where new coins first undergo early trading through the Bonding Curve; after meeting graduation conditions, they enter Uniswap V4, and the fees generated from subsequent trading are still allocated according to rules set by Pons.
The revenue for Pons mainly comes from the two stages of coin issuance and trading. In V1, creating a token requires a payment of 0.0005 ETH, and the platform charges a 1% trading fee for issued tokens; this fee is not all retained by Pons, with about 70% allocated to token creators and approximately 30% reserved for the protocol. After the launch of V2, revenue sources further cover coin issuance fees, trading fees from the Bonding Curve phase, and trading fees from tokens graduating into Uniswap V4 (following a similar distribution ratio of about 70% for creators and about 30% for the protocol).
Notably, Pons uses a portion of the protocol's income for PONS buybacks and burns. According to official documentation, it is currently planned to use 80% of the protocol's transaction fees for buybacks and burns of PONS, while the remaining 20% is for infrastructure and team operations.
GMGN, making money from "P little generals'" transaction fees through efficient trading tools
GMGN: Revenue nearly 20 million dollars in the last 30 days, with major contributions from Robinhood Chain
Unlike token issuance platforms, GMGN does not participate in token creation but instead provides market analysis, monitoring, and ordering tools around Meme trading and earns revenue from user transactions.
As of August 11, GMGN's trading volume in the last 30 days was 2.584 billion dollars, generating 23.87 million dollars in fees; after deducting referral commissions, the final revenue attributable to GMGN was approximately 19.81 million dollars. Among this, Robinhood Chain contributed 11.67 million dollars, while BNB Chain and Solana contributed 4.93 million dollars and 2.41 million dollars, respectively; Robinhood Chain has become GMGN's largest source of revenue.
GMGN's way of making money is also more straightforward than that of issuance platforms—the platform collects a 1% fee on the transaction amount every time a user completes a transaction through GMGN (part of this fee may be redistributed to users through referral commissions and other means). For example, if a user buys a Meme coin worth 1 SOL, GMGN would charge 0.01 SOL; follow-up trades are similarly charged.
Axiom: Revenue exceeded 14 million dollars in the last 30 days, almost entirely from the Solana chain
Similar to GMGN, Axiom is also a commonly used on-chain trading tool for Meme players, providing functionalities like token discovery, market analysis, wallet tracking, X monitoring, and one-click buying/selling, with the core market still on Solana.
As of August 11, Axiom's trading volume in the last 30 days was approximately 1.337 billion dollars, generating 23.91 million dollars in fees; after deducting referral commissions and user transaction rebates, the final income was around 14.67 million dollars. Among this, 23.84 million dollars in fees came from Solana, while BNB Chain contributed only about 66,000 dollars, indicating that revenue almost entirely came from on-chain transactions on Solana.
Axiom's revenue primarily originates from the transaction fees taken from each transaction completed by users through the platform. Axiom's base trading fee rate is 1%, and it has set up a cashback mechanism linked to trading volume: the higher the user's trading level, the higher the cashback rate; the current actual net fee rate is approximately between 0.75% and 0.95%. Furthermore, Axiom will also allocate part of the fees to referrers.
fomo: Revenue nearly 8.8 million dollars in the last 30 days, originating from Solana spot trading
Last weekend, a rumor about "Pump.fun spending a fortune to corner the competitor fomo" went viral in overseas Meme communities. As of August 11, Fomo generated 9.48 million dollars in fees in the last 30 days, with approximately 8.79 million dollars attributed to the protocol; during the same period, the spot trading volume was about 617 million dollars, in addition to approximately 360 million dollars in perpetual contract trading volume.
Unlike GMGN and Axiom, which lean towards professional on-chain trading terminals, fomo places more emphasis on social trading, allowing users to view the actions of other traders, leaderboards, and real-time trading dynamics within the platform, and directly complete the buying and selling of Meme and other tokens. Currently, its spot trading is mainly concentrated on Solana, with nearly 8.64 million dollars in revenue from Solana spot trading in the last 30 days, while Hyperliquid perpetual contracts contributed approximately 153,000 dollars.
fomo's income also primarily comes from transaction commission. According to the platform's latest service terms, spot trades charge a minimum of 0.5% based on the transaction amount, with a minimum fee of 0.95 dollars for each trade; perpetual contract trading incurs an additional platform fee of 0.05%. Due to the high volume and frequency of low-value trades among Meme players, the minimum charge of 0.95 dollars per trade also constitutes a significant source of fomo's revenue.
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