Pump.fun is rivaling ETH and it’s now outpacing the DeFi giant in daily fee earnings.
So far this year, Pump.fun has generated around $294 million in transaction fees, according to data from Token Terminal.
The reason for this lag in Ethereum’s performance is the L2 protocols that continue to eat into its transaction fees.
Pump.fun has just pulled a surprise move on Ethereum this week. The Solana-based memecoin launchpad has not only challenged Ethereum’s dominance, but it is also outperforming the defi king in daily fee generation. Despite Ethereum’s dominance in the defi space, Pump.fun, a Solana sub-protocol has capitalized on the popularity of memecoins and is now ranking above Ethereum in this very important metric.