Pump.fun ranks third in 7-day revenue among all protocols, trailing only Tether and Circle

A platform that lets anyone launch a memecoin in under two minutes is now the third highest-earning protocol across all of crypto. Pump.fun pulled in roughly $12 million in 7-day revenue, according to DefiLlama data, placing it behind only Tether at $111.88 million and Circle at $44.45 million.

The numbers behind the memecoin machine

Pump.fun’s revenue engine is surprisingly straightforward. The Solana-based launchpad charges fees on bonding-curve trades for newly created tokens, collects graduation fees when those tokens migrate to decentralized exchanges, and earns additional income from PumpSwap, its companion trading product.

Over the past 24 hours, the platform generated $1.62 million in fees. Its 30-day revenue figure sits at $40.51 million, suggesting the current pace is roughly in line with recent performance rather than an anomalous spike.

Since launching in early 2024, Pump.fun has cumulatively earned over $1.2 billion in total revenue. Half of that revenue feeds directly into a buyback-and-burn program for PUMP, the platform’s native token. The mechanism works like a corporate stock buyback: the protocol uses 50% of its fee income to purchase PUMP tokens on the open market and permanently destroy them, reducing total supply over time.

Why a memecoin factory is out-earning DeFi blue chips

Hyperliquid, the perpetual DEX that has been one of the breakout stories of 2024-2025, has consistently ranked behind Pump.fun during periods of elevated memecoin trading.

The comparison to Tether and Circle is instructive in another way. Stablecoin issuers earn revenue primarily from the yield on their reserve assets, essentially profiting from US Treasury rates applied to tens of billions in deposits. Their revenue is a function of macroeconomic conditions and the size of their float. Pump.fun’s revenue, by contrast, is a pure function of on-chain trading activity.

What this ranking signals for the broader market

The platform’s $1.2 billion in cumulative revenue didn’t materialize from a single mania cycle. It accumulated across multiple waves of memecoin enthusiasm throughout 2024 and into 2025.

For Solana specifically, Pump.fun’s dominance reinforces the chain’s position as the preferred home for retail-driven crypto activity. The low transaction costs and fast finality that Solana offers are precisely the features that make rapid-fire memecoin trading viable.