Solana memecoin launchpad Pump.fun’s protocol revenue in the past 24 hours exceeded that of the perpetuals trading platform Hyperliquid.
According to data from DefiLlama, Pump.fun saw $3.38 million in daily revenue while Hyperliquid saw $3.06 million. Pump.fun currently ranks third among DeFi protocols listed on the platform, behind Tether ($21.67 million) and Circle ($7.62 million).
Still, Hyperliquid outperformed the memecoin platform in terms of 7-day and 30-day revenue.
Pump.fun, launched in 2024, enables users to deploy memecoins through a simple interface. The platform generates revenue primarily through fees on token creations, initial liquidity provisions, and subsequent trading volumes.
The platform’s daily revenue peaked above $6.7 million in January this year, but went into a steep decline in the following months. Pump.fun’s protocol revenue fell over 96% from the peak to a low of $206,059 on Aug. 1.
However, the platform started to see a resurgence later that month. Pump.fun’s latest daily revenue of $3.38 million marks its highest since Feb. 13.
Pump.fun’s resurgence may be attributed to its aggressive token buyback program for its native PUMP cryptocurrency. Since launching the initiative in July, the platform has purchased $97.4 million worth of PUMP, which offset 6.67% of the total circulating supply, according to the official buyback tracker.
Pump.fun allocates 100% of its platform revenue to buy back PUMP tokens. This policy, which started in late July 2025 (up from an earlier 25%), uses all prior-day revenue for daily repurchases.
The price of PUMP surged 53.9% since the platform launched the buyback program, now trading at $0.008354, according to CoinGecko data.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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