Original Author: Karen, Foresight News
How are the real data on the pump.fun platform? What is the "graduation rate" of the tokens? How many tokens can reach a market value of millions or tens of millions of dollars? What is the real profit situation of the users? This article will reveal it all to you one by one.
In short, on the pump.fun platform, Meme tokens can be fairly launched without pre-sale or team allocation. During the initial launch phase of the tokens, these tokens are traded along the joint curve within the platform. Once the token exceeds the critical threshold of $69,000 market value, $12,000 in liquidity will be deposited into Raydium and destroyed.
As for the fees, during the issuance of Meme tokens on the pump.fun platform, a 1% exchange fee will be charged to the trading users, which will continue until the token's market value reaches the $69,000 threshold. For token creators, before the platform policy adjustment (i.e., before early August), they need to pay approximately 0.02 SOL in creation fees, and after reaching a market value of $69,000, they need to pay 2 SOL in migration fees.
It is worth noting that since early August, pump.fun has introduced new rules, launching free token creation and providing economic incentives for creators who successfully complete the joint curve. Under the new rules, the cost of creating tokens has shifted from the creators to the first token buyer, and creators who successfully complete the joint curve will receive a reward of 0.5 SOL (approximately $80), with the migration fee adjusted to 1.5 SOL.
A total of 1.8 million tokens have been deployed through pump.fun, but the "graduation rate" is only 1.4%
According to the Dune dashboard data provided by Hashed, the number of tokens deployed on the pump.fun platform is close to 1.8 million. Despite the significant decline in the popularity of Meme tokens in the current market volatility, the token deployment activities on the pump.fun platform have not decreased, but have continued.
Furthermore, according to the Dune dashboard created by @evelyn233, in the past month, pump.fun has deployed an average of over 20,000 tokens daily. However, among this large number, only a very small portion of tokens have successfully launched on Raydium (i.e., reaching the "graduation" standard by exceeding a market value of $69,000), approximately between 100 and 200 tokens. This means that the recent graduation rate of tokens on pump.fun is at a low level of 1% to 2%, and the proportion of tokens that have successfully "graduated" on the entire platform is as low as 1.4%. In addition, many tokens that have successfully "graduated" have not performed well in subsequent market performance, with market values close to zero.
What does a 1.4% graduation rate actually mean? To put it in perspective with the college entrance examination (Gaokao) admission rate, in 2023, the admission rates for top universities in Shanxi, Hebei, Hunan, Guangdong, and other places were around 2%. This shows how difficult it is for tokens on the pump.fun platform to successfully "graduate".
In addition, the developer who deployed the most tokens on pump.fun created as many as 3,357 tokens, but only 16 tokens successfully "graduated". A total of 10 developer addresses created over 1,000 tokens, with the fifth highest address creating 1,915 tokens, but none of them "graduated".
The probability of reaching a market value of tens of millions of dollars is only one in a hundred thousand
Successfully launching on Raydium does not guarantee smooth market value performance for the tokens. Upon further observation of the market performance of tokens after migrating from pump.fun to Raydium, it can be seen that although some tokens have successfully launched trading on Raydium, tokens that can surpass the thresholds of tens of millions and millions of dollars in market value are extremely rare.
As of the time of writing, among the nearly 1.8 million tokens deployed on the pump.fun platform, only 18 tokens, including michi, DADDY, BILLY, MOTHER, SCF (Smoking Chicken Fish), TrumpAvega, aura, and SC (Shark Cat), have successfully surpassed the $10 million market value threshold, while the number of tokens with a market value exceeding $1 million is currently only 96.
These data indicate that the probability of tokens created on pump.fun having a market value exceeding $10 million is approximately one in a hundred thousand, and the probability of a market value exceeding $1 million is only about one in twenty thousand. These data reveal the fierce competition and low success rate prevalent in the token market.
The proportion of new tokens created through pump.fun is steadily increasing
The following chart shows the proportion of new tokens deployed through pump.fun compared to other new tokens created on the Solana network. It can be observed that the proportion of new tokens deployed through pump.fun is steadily increasing and has reached a ratio of 6:4 in recent days.
The total fees on pump.fun have exceeded 0.1% of the total SOL supply
The total fees on pump.fun have reached 624,640 SOL, which currently accounts for over 0.1% of the total Solana supply, equivalent to approximately $90 million at the current market price. It is worth noting that pump.fun has only been operational for 7 months.
In addition, according to Lookonchain, the pump.fun fee account has sold 222,073 SOL at an average price of $160 over the past 3 months, exchanging it for 35.54 million USDC.
2.43 million users, with daily active users ranging from 50,000 to 70,000
According to the Dune dashboard data from @jhackworth, as of the latest statistics, pump.fun has attracted over 2.43 million users. Over the past three months, the platform has maintained a high daily active user count ranging from 50,000 to 70,000 on most days.
Only 3% of users on pump.fun have profits exceeding $1,000
According to statistics from @adam_tehc, if you have profits exceeding $1,000, you can rank in the top 3% on the profit leaderboard.
If you earn over $10 million in profit on pump.fun, you will rank in the top 6 in terms of profits.
If you earn over $1 million in profit on pump.fun, you will rank in the top 70 (0.0028% of all wallets).
If you earn over $100,000 in profit on pump.fun, you will rank in the top 924 (0.037% of all wallets).
If you earn over $10,000 in profit on pump.fun, you will rank in the top 11,936 (0.477% of all wallets).
If you earn over $1,000 in profit on pump.fun, you will rank in the top 76,587 (3.061% of all wallets).
Update: According to Lookonchain, the post about "0.477% of wallets earning over $10,000 in trading income on pump.fun" is inaccurate. The top-ranked address on the leaderboard only traded a Meme token called HP and earned 4 SOL.
In summary, despite the relatively sluggish overall performance of the cryptocurrency market and a slight decline in Solana's popularity, the user base and activity on pump.fun remain robust. Based on the existing data, as long as pump.fun can continue to maintain user activity, it is expected to continue to generate stable fee income.
However, we also need to be aware of the series of unfavorable factors currently present. In particular, the extremely low "graduation rate" of tokens, the lackluster growth in market value in the later stages, and the unsatisfactory profit situation for users have significantly impacted user confidence. In the short to medium term, this erosion of confidence will directly affect the platform's user retention and attractiveness to new users.
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