Pump.fun has officially overtaken Hyperliquid in 24H revenue, making it the number one revenue-generating app in crypto today, only behind giants like Tether and Circle. JUST IN: @pumpdotfun has overtaken @HyperliquidX in 24H revenue, becoming the top revenue-generating app in crypto, now only behind stablecoin issuers like Tether and Circle.. pic.twitter.com/qhAnky0eVA — SolanaFloor (@SolanaFloor) September 4, 2025 That’s not a small deal. It means a memecoin launchpad is now out-earning an on-chain perpetuals exchange, something nobody predicted a year ago. At the same time, the token backing the platform, $PUMP, is heating up. It has now risen above its ICO price, trading at $0.0043, up 11% today. The rally comes on the back of Pump.fun reclaiming the top revenue spot on Solana, plus its ongoing 100% buyback program. And activity is exploding. On September 3rd, new token launches on Solana hit 48,081 in a single day, the highest daily number since August 13th. Report: Are @Solana memecoin trenches heating up? New token launches on Solana hit 48,081 on Sep 3rd, the highest daily count since Aug 13th. pic.twitter.com/P8YBeT63eQ — SolanaFloor (@SolanaFloor) September 4, 2025 This begs the question: what’s driving this growth, and what’s the hidden cost for traders? The New Creator Fees Pump.fun just introduced new incentives for “creators.” Let’s call them what they are. Most are “devs,” but plenty are also “scammers.” These are the people launching hundreds of tokens per day, bundling up liquidity, and farming millions from anyone brave (or foolish) enough to ape in. Now, Pump.fun is paying these people even more. Not out of some secret stash, but out of the pockets of traders. The move sounds insane, but it’s real. Here’s why it matters. JUST IN: $PUMP has risen above its ICO price, driven by https://t.co/VS31GZ3dMY ’s return as the top revenue-generating protocol on Solana and its ongoing 100% buyback program. pic.twitter.com/kQm6TtYdRX — SolanaFloor (@SolanaFloor) September 3, 2025 1. Sell Pressure Everywhere This is the part most people don’t get. The new fees introduce extra sell pressure across every single coin. Here’s how it works: Buys → fees are paid in Solana. Sells → fees are paid in the base token (the memecoin). Pump.fun, however, only pays creators in Sol. Which means the fees collected in base tokens must be auto-swapped for Sol somewhere in the process. Translation? Every buy and sell gets recycled into sell pressure on your coins to line the pockets of creators. 2. Reduced Overall Volume The second consequence: lower trading volume across tokens after the initial hype. Here’s the likely pattern: Day one pumps are explosive. Then, fees drain liquidity faster than usual. Result: shorter lifespans for new tokens. We’re already in a market where 95% of the money is made on day one. Now, that figure gets even worse. The system basically funnels trader capital into creators’ wallets. 3. The Survivors The only tokens that stand a chance are the ones that attract real liquidity. In crypto, more fee generation usually draws more liquidity. But higher liquidity tends to reduce fees. Two ways this happens: 1. More people add liquidity to the main pool, splitting fee revenue. 2. Competitors open new pools with lower fees and siphon volume away. With Pump.fun’s changes, the second scenario looks inevitable. It may even be profitable to undercut the main pool at launch, routing trades through cheaper pools right from day one. Let’s talk about the new pumpfun creator fees. (Long a** post ) Before we get started you need to understand who I am talking about when I say “creator.” Creators are more commonly known today as the “devs” or as I like to refer to them “scammers”. They are the guys who… pic.twitter.com/QdAP0Alfoz — bizzy (@0xBiZzy) September 4, 2025 This shift could create alpha opportunities for savvy LPs or for already-established tokens with steady volume. But for the average trader, it just means even more traps. The Bigger Picture: Launchpad Wars So why is this happening? Simple: the launchpad wars. Every major Solana launchpad is competing for attention. In theory, that competition should lower costs and improve products. But in practice, it’s the opposite. These platforms need constant token launches to keep content flowing for streamers, influencers, and copy traders. Pump and dump cycles have become the product. And traders, not creators, are footing the bill. If Pump.fun insists on raising fees, there’s a smarter way. Dynamic fees based on volatility. This wouldn’t be perfect, but it’s healthier than handing more money to scammers. For example: Set a flat 0.25% fee on the main pool. Adjust fees dynamically during volatility spikes. Even better? Flip the model entirely. Disincentivize scammers. Reward projects that actually survive beyond day one. That would create a far healthier system for traders. Conclusion Pump.fun is winning the numbers game. Revenue is up. Token launches are at record highs. $PUMP is above its ICO price. But the trade-off is brutal. The new creator fee structure shifts more costs onto traders, adds constant sell pressure, and shortens the lifespan of new tokens even further. The launchpad wars aren’t delivering cheaper products. They’re feeding an endless cycle of scams. Unless Pump.fun rethinks its approach, traders will keep losing while creators, and the platform, cash out big. Disclosure: This is not trading or investment advice. 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