Pump.Fun Hits $100M Revenue in Record 217 Days

Pump.Fun Hits $100M in Revenue in Record 217 Days

Pump.fun, a meme coin launchpad, achieved $100 million in revenue within 217 days, making it the fastest-growing protocol by revenue in crypto. Its success was driven by high fees and popularity among retail speculators, surpassing other fast-growing protocols like ENA, CVX, and CAKE. Recently, however, the platform's growth has slowed, with daily revenues now at just 20% of its peak.

The slowdown followed a backlash against the high volume of token launches, leading to a decrease in activity. On June 30, Pump.fun recorded a daily revenue high of 13,511 SOL, which has since dropped to an average of 2,819 SOL. Competition from Justin Sun’s SunPump launchpad, a leading project on Tron's ecosystem, has also contributed to Pump.fun's recent decline.

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WazirX Hackers Begin Laundering Through Tornado Cash

Hackers who stole $230 million from WazirX have started moving the stolen assets through the crypto mixer Tornado Cash. They transferred nearly $4 million worth of ether in multiple transactions, marking the first movement of these funds since the July breach. The attack drained over $100 million in Shiba Inu tokens and $52 million in ether, or half of WazirX's reserves.

As the funds are being laundered through the mixer, WazirX is undergoing restructuring, with customers likely to recover only 55-57% of their assets. The North Korean hacking group Lazarus is suspected to be behind the attack, further complicating recovery efforts. Tornado Cash has been used by Lazarus in the past to launder over $1 billion in stolen funds.

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TON Surpasses 1 Billion Transactions After DOGS Outages

The Open Network (TON) has surpassed 1 billion transactions, with half occurring in the last three months. The network processes about 800k daily transactions and has around 280k daily active users, largely driven by its integration with Telegram. However, recent outages were caused by overwhelming demand from the DOGS meme coin airdrop, which accounted for 30% of recent transactions.

These outages highlighted the network's challenges in managing increased transaction loads, with validators struggling to maintain consensus. Despite the disruptions, TON's strategic partnership with Telegram positions it as a major player among L1 chains. The network's adoption rate suggests it could become one of the most heavily utilized blockchain platforms globally.

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Bitcoin’s Public Interest Declines Despite Ongoing Bull Market

Google Trends data shows a serious decline in public interest in Bitcoin, with search interest dropping 43.85% year-to-date. The search term "Bitcoin" scored only 32 out of 100 in early September, down from a peak of 100 during BTC's all-time high in March 2024. Despite the ongoing bull market, this decline suggests a shift in public perception, with less enthusiasm for crypto compared to previous years.

Countries like El Salvador, Nigeria, and Switzerland still show strong interest, but global attention has cooled. The five-year trend also demonstrates weakening interest, indicating that the initial hype around BTC may be fading. This decline could signal a more mature market or the need for new developments to reignite widespread enthusiasm.

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Data of the Day

Ethereum's Layer 1 revenue has plummeted 99% since March 2024, despite an increase in users and transactions on Layer 2s. The drop followed the Dencun upgrade, which reduced L2 transaction fees (to almost nothing), leading to a migration of users away from the base layer.

Ethereum's network fees fell from $35.5 million in March to just $578k in early September, highlighting the shift in user behavior. This intense competition among L2 chains has driven fees lower, further decreasing demand for Ethereum’s base layer and also making the chain more inflationary.

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More Breaking News

• Kamala Harris' election odds on Polymarket dropped to 47%, with $777 million in bets placed on the US election, the largest stake on the protocol.
• August saw a 24.4% drop in DeFi protocol fees to $288 million, with Lido leading in fee generation at 76.18 million, followed by Uniswap, Jito, and PancakeSwap.
• Centralized crypto exchanges' trading volumes grew by 6.6% in August, reaching $1.2 trillion, with US CEXs leading by a 21.6% increase.
• Binance executive Tigran Gambaryan appeared in court on crutches after being denied a wheelchair, amid worsening health during his detention in Nigeria.
• Qatar Financial Centre introduced a regulatory framework for digital assets, covering tokenization, property rights, and smart contracts within its legal system.

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