Gate News message, April 29 — Pump.fun, a Solana memecoin launchpad, announced that it has burned all previously bought-back PUMP tokens worth approximately $370 million, representing 36% of the token’s circulating supply. The platform is simultaneously launching a new buyback-and-burn program funded by 50% of its future net revenue.
The buyback-and-burn scheme will operate for one year, with 50% of net revenue from Pump.fun’s bonding curve, PumpSwap, and Terminal automatically used to purchase and burn PUMP from the open market via an irreversible locked smart contract. The remaining 50% of revenue will support business operations, including product development, hiring, and marketing campaigns. Co-founder Alon Cohen stated the platform aims to operate sustainably for decades, transitioning from a memecoin launchpad into a default platform for launching any tokenizable asset.
Pump.fun became Solana’s first platform to surpass $1 billion in cumulative revenue since launching in January 2024. The platform generated over $664 million across its three main products and reported nearly $150 million in revenue year-to-date. PUMP token rose 7.1% in the past 24 hours to $0.0019.
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