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Memecoin trading and creation platform Pump.Fun has recorded a milestone of $100 million in revenue for its developers. Noteworthy, all Pump.Fun developers request a 1% fee on all transactions completed on the memecoin launchpad. This recently recorded feat comes only shortly after the platform launched in January.Ā
It reflects the accelerated expansion of the platform as well as the growing popularity of memecoins. Pump.Fun is currently home to over 1 million memecoins. Almost a month ago, Pump.Fun removed the fees capped for the deployment of a token. This makes it easier for users to spin up a memecoin for the first time in a very long time.Ā
Pump.Funās Future Remains UncertainĀ
Despite the $100 million revenue milestone, the launchpadās daily revenue from Friday became the second-lowest single-day sum since May 24. Ordinarily, Pump.Fun incentivizes users to create and trade memecoins. However, it has yet to be determined how long Pump.Fun can continue to carry out this practice.
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The future of the memecoin launchpad still remains under question, especially after recalling the unfortunate end of Friend.Tech. This Friend.Tech was a hyped decentralized Web3.0 social media platform that trended for a few months. It has essentially stopped making money over the past three months, even after announcing its plans to migrate from Base to Friendchain in collaboration with crypto infrastructure startup Conduit.Ā
Polymarket Outperforms NFT MarketĀ
Apart from Pump.Fun milestone: decentralized prediction marketplace Polymarket also caught the attention of the crypto market with its notable achievement. The platform secured more volume than the combination of all Non-fungible tokens (NFTs) on all chains. For context, NFTs collectively saw $377 million in transaction volume within the last 30 days.
Within the same time, Polymarket recorded $463 million in value traded on its platform.Ā
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NFT Ecosystem Sees Gradual Recovery
Even with this comparison, it is worth noting that the NFT ecosystem is performing better than it did a few months ago. Former United States president Donald Trump launched his Series 4 NFT trading cards on August 27. Based on the mint price of $99 per NFT, the digital products are valued at over $2.17 million, representing only 6% of the total possible supply of 360,000 NFTs.
Similarly, luxury automobile manufacturer Lamborghini continued its āThe Epic Road Tripā series by launching the third collection of āWorld Tourā themed digital collectibles.
