Pump.fun, a platform dedicated to the creation and trading of meme coins, has announced a remarkable revenue of $5.2 million within a mere 38 days.

As per DefiLlama data, the platform raked in a staggering $528,000 in fees just yesterday. Originally launched for Solana (SOL) tokens in January, Pump.fun expanded its services by adding support for the Ethereum Layer 2 network, Blast, in the subsequent month.

Pump.fun has swiftly gained popularity within the crypto meme coin community. The platform enables virtually anyone to generate and release a new token instantly tradable, without the need for seed liquidity, and at a cost of less than $2.

Moreover, Pump.fun endeavors to mitigate rugpulls, a prevalent scam in the crypto realm.

"Each coin on Pump undergoes a fair launch with no presale and no team allocation," the platform emphasizes.

The token creation process on Pump.fun is simple. Creators select a name, ticker, and image, after which they can promptly commence trading on a bonding curve. This mathematical model determines the token's price based on its supply, typically increasing as more tokens are acquired.

Once a token's market capitalization surpasses a predetermined threshold, liquidity is added to a decentralized exchange and subsequently burned, enhancing stability and instilling confidence in the newly launched tokens.

This innovative approach provides a stark contrast to traditional token launches, which often entail high costs, complexity, and risks, including susceptibility to scams during presales.