Pump.fun, a popular memecoin launchpad, has generated $100 million in cumulative revenue from the sale of over one million memecoins since its inception in January of this year.
According to the analytics platform CryptoSlam, Polymarket, another popular cryptocurrency initiative, had a higher volume in August than all NFTs across all chains combined.
For better or for worse, the crypto industry has consistently attracted a significant number of speculators. It is therefore unsurprising that two of the most popular platforms in the cryptocurrency industry—Pump.fun, a memecoin launchpad, and Polymarket, a decentralized prediction marketplace—are founded on speculation.
However, the platforms can be perceived as opposites. On Pump.fun, users speculate about memecoins that, in addition to their branding and community value, lack an intrinsic value proposition. Consequently, it should be challenging to predict which coins will emerge from the clamor and attract followers. Polymarket encourages users to utilize all available information when trading positions on the market, including predicting the number of tweets Elon Musk will make this week and political elections.
However, both platforms have experienced an unprecedented surge in popularity. Pump.fun, which was established in January 2024, has recently exceeded $100 million in cumulative revenue generated for its developers, as indicated by a Dune Analytics dashboard. The developers of Pump.fun charge a 1% fee for all transactions conducted on the platform. Pump.fun has recently made it simpler than ever for users to set up a new memecoin by eliminating the cost of deploying a token.
Nevertheless, Pump.fun’s daily revenue on Friday was the second-lowest single-day aggregate since May 24. The launchpad’s future growth will be contingent upon its ability to continue to encourage users to create and trade memecoins. Failure to do so may result in the project becoming akin to friend.tech, a once-popular Web3 social platform that has essentially ceased to generate revenue over the past three months, as per The Block’s data.
Polymarket also achieved a significant milestone this month: according to The Block’s data and CryptoSlam, it generated more volume than all NFTs across all chains combined. Polymarket has witnessed $463 million in value traded on its platform, despite the fact that NFTs have only generated approximately $377 million in volume over the past 30 days.
The Block’s data indicates that the number of active traders in Polymarket has consistently increased since May as the 2024 Presidential Election approaches. Although the platform does not officially allow U.S. users to access the site, election forecaster Nate Silver serves as an advisor.
Former President Donald Trump is currently in a minor lead over Vice President Kamala Harris in the 2024 Presidential Election, according to the prediction marketplace. The outcome has been the subject of nearly three-quarters of a billion dollars invested.
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