Pump.fun Reclaims 90% Dominance on Solana But Now Faces a New War With Base

Solana recently reached a key milestone, reaching 100,000 transactions per second (TPS), to CoinMarketCap. The result, achieved during stress testing, asserts Solana’s claim as one of the fastest in the industry.

Despite this impressive technical feat, key on-chain metrics for the ecosystem showed a decline. Solana’s ecosystem market capitalization fell 6.35% to $247.52 billion, and its 24-hour trading volume dropped 13.83% to $20.59 billion.

Interestingly, Pump.fun’s recovery highlights the week for Solana’s ecosystem. The network’s leading meme coin launchpad, after facing brief competition from LetsBonk, reclaimed 90% of launchpad activity, restoring its dominance.

Data Pump.fun has generated more than $800 million in lifetime revenue since its launch, largely from its 1% swap fee on transactions.

Currently, the platform earns more than $1 million daily, a rebound after revenue dropped earlier this year from $7 million per day during January’s meme coin boom to roughly $200,000. Despite these metrics, Pump.fun’s token is trading at $0.00296, which is a 22% decline in the past week.

Aside from the launchpad’s growth, the platform also made headlines last month when it raised $600 million in just 12 minutes during an initial coin offering (ICO). To support its newly issued token, Pump.fun has since launched a buyback program at a premium to market prices.

Notably, a meme coin launchpad backed by the Bonk community, LetsBonk, briefly overtook Pump.fun in the number of “graduated” tokens last month. However, the platform couldn’t sustain the momentum. The daily revenue declined from about $1 million earlier this month to below $30,000.

Interestingly, while Pump.fun’s recovery boosted Solana’s meme coin ecosystem, the sector is seeing new competition. Coinbase’s Base has overtaken Solana as the top network for meme coin launches.

On Monday, Base recorded 57,970 new tokens, compared to 32,760 on Solana. The surge has been bolstered by Base’s integration with Zora, a decentralized social platform that allows posts to be minted as ERC-20 tokens, combining token trading with social media engagement.

Beyond meme coins, Solana’s ecosystem continues to expand. Wyoming the launch of its FRNT stablecoin on Solana and six other blockchains, though public access is still pending.

Meanwhile, Marinade Finance, a Solana-based staking platform, approved a $5 million annual buyback program, signaling continued development in the decentralized finance sector.