Solana-based memecoin exchange Pump.fun has introduced its professional trading terminal, Pump Advanced, during an X-Space session. Additionally, the platform teased an upcoming token launch and promised rewards for early users.
Pump Advanced enhances trading with new tools amid rapid growth
Pump Advanced aims to enhance the trading experience by offering a variety of tools designed for frequent traders, including real-time update threads, advanced filters, detailed charts, and top-holder statistics.
The platform also integrates with Privy, allowing users to log in through non-custodial wallets. Pump Advanced will operate without fees for its first 30 days, although future fees have yet to be disclosed.
Hinting at the upcoming token launch, the team stated:
“We’re going to make sure we’re going to reward our earliest users.”
~Pump.fun
Pump.fun’s daily revenue has exceeded $1 million on multiple occasions this month. The platform’s cumulative fees reached $100 million at the end of August, and usage has recently increased due to memecoin Moo Deng.
Moreover, on October 19, there were 92,140 daily active addresses, 42% more than the previous local high of 65,000 on July 31. On October 14, with 25,000 unique meme coins issued, the number of tokens launched in a single day also reached new highs, up 22% from the previous peak of 20,400 on August 13.
Pump.fun noted that all the money they had made so far is being reinvested back into the platform, and they intend to create something as big as Binance or even larger.
Pump.fun expanded to the Blast network amid setbacks from $1.9M SOL exploit
Initially centered on supporting Solana, Pump.fun has since expanded to the Blast network. The platform enables users to create, issue, and trade their own cryptocurrencies by defining a name, ticker symbol, image, and description.
However, Pump.fun has not had a perfectly smooth ride. A few months ago, a former employee “illegitimately took access of the withdraw authority” and used flash loans on a Solana-based lending protocol to borrow SOL.
The individual then used the borrowed SOL to buy “as many coins” as possible on Pump.fun until the prices of these coins reached 100% on their bonding curves. When this happened, the exploiter obtained access to the liquidity locked in these curves, which are the pooled funds that underpin the trading and stability of those coins.
This exploit led to the theft of 12,300 SOL, valued at $1.9 million at the time of the hack. Nevertheless, Pump.fun was able to control the issue and stop further harm, and the affected users were compensated.
