Written by: Seedco

Since its launch in early 2024, Pump.fun has been the most prominent meme coin launch platform in the Solana ecosystem. Initially just a low-threshold coin creation tool, it has grown into a comprehensive platform that integrates coin issuance, live streaming, and a creator capital market over the span of a year and a half.

By August 2025, Pump.fun continued to lead the way with a cumulative revenue of $800 million and over 70% market share. The platform has not remained labeled as a "meme casino," but has further solidified its dominant position through a series of actions including live streaming, CCMs (Creator Capital Markets), and the Ascend dynamic fee mechanism.

Live Streaming: Turning Meme Coins into Social and Entertainment Events

In 2024, Pump.fun attempted to add live streaming features, allowing creators to issue coins while interacting with the community.

Initially, this model sparked controversy due to "attention-seeking" behaviors: some streamed while drinking excessively, setting fires, and even abusing animals. The platform urgently took down live streaming in November 2024 to rebuild its review mechanism. However, with its relaunch in 2025, the live streaming feature gradually returned to normal, becoming the traffic hub of Pump.fun.

Data shows that live streaming not only enhanced user engagement but also brought tangible revenue.

For example, streamer Rasmr earned only $5.12 in a single day before the launch of Ascend, but the day after the new fee mechanism went live, his income skyrocketed to $2,290.

Another creator, Jytol, stated that his average audience during live streams was only 4 people, but after the launch, it increased to 15, and his income rose from $2.33 to $9.30. Although the amounts are not huge, for ordinary creators, this growth rate far exceeds the profit models of traditional platforms like Twitch or Kick.

The significance of live streaming lies in transforming the coin issuance process into a social and entertainment event. Users are no longer just buying coins; they are interacting with creators in real-time through live streaming. As one streamer put it: "Pump.fun allows ordinary people to earn money by live streaming in small communities, which is more than what I earned in a year on Twitch."

CCMs: The Prototype of Creator Capital Markets

Live streaming brings traffic, but how to convert that traffic into long-term value? Pump.fun's answer is CCMs (Creator Capital Markets).

Under the logic of CCMs, each creator is not just a coin issuer but also an "investable asset." Users can indirectly bet on the creator's reputation and influence through the tokens they issue.

For example, Pump.fun's Basedd House gathers a group of contracted streamers who are both content creators and token issuers. Among them, creator Goon earned $9,400 in creator fees within three months.

This effectively financializes "social capital": the stronger the creator's traffic and community engagement, the more valuable their tokens become. Compared to traditional meme coins that rely solely on memes and short-term hype, CCMs provide a long-term institutional framework that binds creators and users, pushing Pump.fun towards a creator economy platform.

Ascend: Institutional Upgrade through Dynamic Fees

In September 2025, Pump.fun launched Project Ascend, completely reshaping the platform's incentive mechanism. The core of the new model is dynamic fee rates: creators can earn a portion of the fees from each transaction, but this percentage gradually decreases as the token's market value increases.

• When the market value is between $88,000 and $300,000, creators can earn up to 0.95% of the transaction fee;
• As the market value rises to $20 million, the fee rate drops to 0.05%, but by this time, the trading volume has significantly increased.

The results were immediate:

Within 24 hours of Ascend's launch, creators earned a total of over $2.4 million, while the day before the launch, this figure was only $198,000;

Some creators earned over $80,000 in a single day, a number that was unimaginable in the past;

The platform's overall fee revenue reached $2.55 million on the launch day, briefly surpassing the derivatives giant Hyperliquid.

As Dune analyst Adam Tehc stated: "Creators are the core of the meme coin economy. Better incentives will strengthen their position in this ecosystem."

User Experience: Minimalist Design and Instant Gratification

In addition to various clever design mechanisms, Pump.fun's user experience is also a "soft power" that has made the platform explode in popularity. On Pump.fun, anyone can create a meme coin in just a few minutes by entering the token name, symbol, and uploading an image.

The platform uses a bonding curve pricing mechanism instead of traditional order books and liquidity pools, meaning users do not need to learn complex trading rules:

When users want to purchase tokens, they send funds (such as ETH or USDT) to a smart contract. The contract calculates the price corresponding to the current circulation based on the Bonding Curve formula and then mints new tokens for the user. Since the issuance of new tokens increases the total circulation, the price for the next purchase will be higher.

Selling: When users want to sell tokens, they send the tokens back to the smart contract for destruction. The contract retrieves funds from the contract based on the price corresponding to the circulation and refunds them to the user. Since the destruction of tokens reduces the total circulation, the price for the next sale will be lower.

This clear and intuitive mechanism, along with the platform's real-time updated price curves and charts, provides strong instant feedback.

Data shows that since 2024, Pump.fun has attracted millions of users to try issuing coins, a significant portion of whom are first-time users of blockchain applications. It is this minimalist UI and sense of instant gratification that has made Pump.fun a natural incubator for meme culture.

Conclusion: From "Paradise" to "Ecosystem"

Pump.fun's leading position stems from its continuous evolution across multiple dimensions:

In terms of data, it has established a moat with absolute revenue and market share;

Mechanically, Project Ascend has transformed short-term speculation into a long-term creator ecosystem;

In terms of experience, the minimalist process and instant feedback have made it a natural breeding ground for memes;

And KOLs and communities have injected real momentum for dissemination.

All of this has made Pump.fun more than just a "speculative paradise"; it has become a true creator economy platform.

So no matter how the meme track changes—your big brother is still your big brother. In the next explosive cycle, it will still be the stage that cannot be ignored.

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