Popular Solana token launchpad Pump.fun confirmed the launch of its PUMP token via an initial coin offering on July 12, with an airdrop to follow. However, United States and United Kingdom citizens will not be able to participate in the token sale.
After completing KYC, or know-your-customer, verification, users will be able to participate in the token sale on July 12 at 2 p.m. UTC, via the Pump.fun site, Bybit, Kraken, Bitget, MEXC, KuCoin, and Gate.io. The sale will finish on July 15, or once 150 billion tokens are sold.
Within 48 to 72 hours after the token sale ends, the PUMP tokens will become transferrable. That means that the latest the PUMP token will be live is July 18. The announcement also said an airdrop is “coming soon.”
U.S. and UK citizens will not be able to participate in the sale. It is worth noting that the token launchpad is not available to users in the United Kingdom, following a warning from the UK regulator, the Financial Conduct Authority.
“We decided to return to tradition by launching PUMP through an [initial coin offering, or ICO],” Alon Cohen, co-founder of Pump.fun, wrote on X. “ICOs have proven to be the best mechanism to quickly distribute tokens amongst a really wide audience who are genuinely aligned with the project. It empowers those who are willing to have skin in the game.”
Of the total 1 trillion token supply, the announcement said, 24% will be reserved for community and ecosystem initiatives, 20% will go to the Pump.fun team, and 13% to “existing investors.” Of the remaining supply, 33% is set to be sold during the ICO. That leaves just 10% remaining that will be spread across providing liquidity, funding the platform’s livestreaming feature, an ecosystem fund, and its foundation.
“We’re giving thorough consideration to utility mechanisms like fee rebates, token buybacks, or other incentives and promotions,” the announcement added.
Cohen explained that the Pump.fun is looking to improve the “quality, sustainability, and diversity” of coins launched on the platform. It will also be doubling down on the social side of meme coin trading, via further investment into livestreams, and is looking to expand its team. Raised funds will likely be used to pursue these goals.
“Our plan is to kill Facebook, TikTok, and Twitch. On Solana,” the announcement added. “
Haseeb Qureshi, managing partner at venture fund Dragonfly, speculated on X that the PUMP ICO is likely to be “one of the largest” ever.
Prior leaks
The announcement follows major exchanges Bybit and Gate.io leaking information regarding the token sale, earlier this week.
Bybit Ukraine posted and deleted the announcement on Wednesday morning, with the detail that European users will be restricted from the sale.
An ambassador in the official ByBit Ukraine Telegram group, named Andriy, told Decrypt that the announcement was scheduled to go live at 14:00 UTC, but Bybit Ukraine posted it early by accident. He confirmed that the details on the post and circulating screenshots were correct at the time of posting, although he said things may change by the official announcement.
On Tuesday, Gate.io posted a page detailing a $600 million sale of the token but quickly pulled the page. The details on the Gate.io page mirror those of Bybit’s blog post, although it did not mention European restrictions.
Both exchanges have now posted official announcements and are confirmed to be part of the PUMP token sale.
Pump.fun and Bybit officials did not immediately respond to Decrypt’s request for comment.
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