Memecoins can attract new users to blockchains, but the revenue is largely flowing on platforms that launch and exchanged tokens, according to a new report from Galaxy Research.
The Study Released on Wednesday shows that while most entrepreneurs lose money in a short-term gambling market, infrastructure providers such as launchpads, decentralized exchanges and trade bots earn millions of revenues by facilitating Memecoin trade.
Solana’s Pump.Fun, a memecoin launchpad who won in early 2024, became a major beneficiary, with platform tokens that represent a combined $ 4.8 billion in fully melted market value, as per the report.
Galaxy added that out of 32 million tokens in Solana, nearly 13 million were launched by Pump.Fun, a nearly 300% increase in two years. “The platform is simply industrialized token creation in Solana,” Galaxy Research said.
The report also shows that the hours of the median for Solana Memecoins collapsed in nearly 100 seconds, down from 300 seconds a year before, featuring the dominance of bots and scalpers in Memecoin trading.
A trading platform, the Axiom, generated more than $ 200 million in fees with fewer than ten employees, thanks to Memecoin activity. “The Axiom (…) is that -scale to millions of monthly income by collecting fees from Memecoin entrepreneurs,” he said. Other tools such as Bonkbot and Trojan earn revenue by charging users to automatically snap new launch tokens.
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Continues to run the pump.fun
Although Memecoins offers a little utility beyond the cost of culture, platforms such as Pump.Fun continue to grow.
On July 12, the platform launched its own token, pump, at a sales that Raised $ 500 million under 12 minutes. The initial coin offering (ICO) offered 125 billion tokens.
Data from Delete showed that between August 11 and August 17, Pump.Fun has generated $ 13.48 million in revenue, marked the strongest weeks since February.
Cointelegraph reported that Pump.fun holds more than $ 1 billion In trade Volume on September 14, reaching $ 1.02 billion, after recording $ 942 million the day before.
During the past 30 days, the metrics from Defillama Show The Memecoin Launchpad has formed nearly $ 120 million in fees.
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