The platform for launching memecoons based on the SOLANA PUmp.fun blockchain was large -scale criticized after the users have seized $ 741 million in the form of commissions. At the same time, the site is accused of “insanity responsible for mass killings and suicides on the air”, referring to the Stream.
The situation with the commissions decided to illuminate the Crypto Bitlord cryptoblogger, which calculated that the platform has been fraudulently assigned more than $ 20 billion, which is why he called for complete removal of PUmp.fun from the Internet.
According to the analytical company Lookonchain, since May 2024, PUmp.fun systematically converted its income from commissions, selling about 4.1 million SOL tokens in an amount of $ 741 million at an average price of about $ 180.
The platform translated 3.84 million SOLs in the amount of $ 699 million to the Kraken exchange, to everything else, converting the additional 264.373 SOL into $ 41.64 million.
Perhaps that is why 99.6% of traders on the platform could not make a profit exceeding $ 10,000, and only 293 wallets of 13.55 million addresses earned over $ 1 million.
Since its launch in January 2024, PUMP.Fun has turned into a dominant force in the SOLANA ecosystem, processing more than $ 66 billion of the total trading volume and launching, according to the latest data, about 27.305 new tokens daily.
The structure of the platform commissions reflects a sharp asymmetry between user losses and the profit of the platform. Pump.fun charges a commission of 0.25% from each transaction, and recently introduced an additional model of income distribution, which directs 0.05% of the trading commissions to the creators of tokens.
This new structure was criticized for the remuneration of unscrupulous developers who abandon their projects after initial launches, which is usually called “pulling out the rug”.
Such a system stimulates the creation of low -quality tokens intended exclusively for rapid profit, and not for real benefits.
The recent blocking of the PUMP.Fun account in the social network of the X prohibited in Russia may indicate the growing pressure from the regulatory authorities.
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Source: Cryptocurrency
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