Pump.fun just crashed the top three in crypto protocol revenue. A memecoin launchpad. Sitting at No. 3. Only Tether and Circle are ahead of it. Let that sink in for a second.
Pump.fun just cracked the top three in crypto protocol revenue. A memecoin launchpad. Only Tether and Circle are ahead of it.
According to DefiLlama data, Pump.fun pulled in roughly $12 million in seven-day protocol revenue. Tether led the pack at $111.88 million, and Circle followed at $44.45 million. Everyone else? Further back. Pump.fun beat out major DeFi platforms, trading protocols, and basically the rest of crypto’s revenue leaderboard to claim the top non-stablecoin spot.
The gap to first place was over $99 million. The gap to second was over $32 million. Tether’s weekly haul was about 9.3 times what Pump.fun brought in. Circle’s was roughly 3.7 times. So yes, Pump.fun is still getting lapped by the stablecoin giants, but finishing third in this field is not nothing.
The revenue doesn’t come from one place either. Pump.fun runs multiple product lines — bonding curve activity, PumpSwap, and Terminal all contribute. Bonding curve fees kick in before tokens graduate from the launch phase. PumpSwap generates protocol trading fees. Terminal adds trading-terminal revenue after accounting for cashback, referrals, and buyback and burn allocations. This kind of sector-based diversification across multiple revenue streams helps the platform avoid relying on any single source of income for its cash flow.
It’s a layered operation for what most people think of as a meme machine.
Speaking of burns — 50% of net fees go toward buying back and burning PUMP tokens. One recent week saw roughly $3.7 million in PUMP repurchased and torched. The platform also reported that 41.8% of circulating supply had been burned cumulatively. So revenue growth hits protocol operations and token supply at the same time.
The numbers haven’t been perfectly steady either. Earlier in the same month, one DefiLlama snapshot showed Pump.fun at $10.49 million in seven-day revenue. A later update dropped it to $6.49 million, though it still held first place at that point in the non-stablecoin rankings. Memecoin cycles are volatile. That’s not a surprise to anyone paying attention.
What the No. 3 ranking really signals is that this isn’t just noise. Pump.fun is generating serious protocol cash flow on Solana, consistently crossing multi-million-dollar weekly revenue marks, and doing it in an ecosystem that moves fast and burns out faster. The platform has built something that actually monetizes at scale. Since early 2024, Pump.fun’s cumulative revenue exceeds $1.2 billion, accumulated across multiple waves of memecoin enthusiasm throughout 2024 and into 2025. Over the last 30 days alone, the platform reported $35.67 million in revenue, edging out Hyperliquid’s $32.46 million for the period.
Whether that lasts is a whole other question — but right now, the numbers are hard to argue with.
