Pump.fun, a meme token launchpad built on Solana, is now outpacing Ethereum in daily transaction fee generation. Despite Ethereum’s long-standing status as the second-largest blockchain network, Pump.fun has emerged as a top contender for user activity and on-chain revenue. As of early May 2025, the platform has collected $296 million in fees since the start of the year—surpassing Ethereum’s $244 million.
There may be several reasons behind this surge along with the return of top creators to the platform. Pump.fun has also reintroduced its creator streaming feature and gained further traction from the launch of its native decentralized exchange, PumpSwap. These updates may have drawn in more users and significantly boosted trading activity.
Daily Fees Push Pump.fun into Global Top 5
Pump.fun is now among the top five blockchain projects by daily fee generation, recording more than $2.88 million in inflows each day. By contrast, Ethereum currently earns just around $365,515 per day for its validators. Most of Ethereum’s network fees are now absorbed by applications or retained through Layer-2 networks, meaning validators rely more on block rewards than transaction fees.
This seems like a structural challenge for Ethereum. As more users and developers migrate to cheaper and faster alternatives like Solana, Ethereum’s direct revenue streams are weakening.
Pump.fun has also driven fee growth for the broader Solana blockchain. The Solana network is now averaging $1.28 million in daily fees—crossing the $1 million mark consistently over the past two weeks. A large portion of this growth is attributed to meme token launches and trading activity tied to Pump.fun.
PumpSwap, the platform’s DEX, now accounts for 6.8% of Solana’s decentralized exchange volume. The increased usage has delivered significant fee returns to Solana validators, reportedly up to $2.7 million per week. Aggregators such as Jupiter and Jito, along with the Solana base layer, are all benefiting from the platform’s rapid expansion.
Platform’s User Growth and Token Launches Hit New Highs
The number of daily active users on Pump.fun has surged past 157,000—an increase of more than 18% from the previous month.
At its recent peak, the platform recorded between 25,000 to 36,000 new meme tokens launched per day. A total of 9,526 unique wallets were used to launch new tokens.
Trading volume has followed a similar trajectory. Over the past 30 days, Pump.fun handled $5.7 billion in transactions, driven by the wave of new token launches and native trades.
Additionally, recent price comparison between ETH and SOL reveals a clear divergence in market sentiment. Ethereum (ETH) has dropped by approximately 26.41% since early March. Meanwhile, Solana (SOL) has gained 5.88% during the same period.
