Pump.fun launches a $4 billion PUMP token sale, marking a key turning point for the Solana ecosystem.

On the evening of July 9, the well-known MEME coin creation platform Pump.fun in the Solana ecosystem officially announced on the X platform that it will launch the public sale of its native Token PUMP on July 12. This news ends months of market speculation and marks a key step in Pump.fun's transformation from a tool platform to a DeFi protocol.

##Core Data and Mechanism of Token Sale

150 billion PUMP Tokens will be sold to the public at a price of 0.004 USDT each, accounting for 15% of the total token supply of 1 trillion tokens. If fully sold, Pump.fun will raise 600 million dollars in funding, with a fully diluted valuation (FDV) reaching 4 billion dollars.

Sales adopt a 'first come, first served' model, with no purchase limit, only requiring participants to meet the minimum purchase amount threshold. Users can participate directly through the Gate exchange or the Pump.fun official interface.

The core positioning of PUMP is as a utility token for the platform ecosystem. While holders do not need to rely on the token for basic functional operations, they can gain additional benefits:

• Participate in exclusive airdrops and community giveaways
• Unlock the newly added advanced features
• Priority access to platform promotions and community events

This model continues the core logic of Pump.fun since its launch in early 2024: to lower the issuance threshold of MEME coins through a zero-cost, zero-code automated token creation tool. Its pricing curve model and tax-free mechanism have supported the launch of thousands of Solana MEME coins.

##Dramatic Preheating and Distribution Controversy

The co-founder of Pump.fun, Alon, has made a 180-degree turn in his stance. Previously, he criticized the token presale model multiple times on social media, stating that it "profits insiders at the expense of community participants." Now, however, the project has chosen to launch a token presale that restricts participation from users in the United States and the United Kingdom, contrasting sharply with his earlier advocacy for a "permissionless on-chain experiment."

Token allocation plan further sparked discussions:

• 33% for ICO (indicating that July 12 may only be the first round)
• 20% allocated to the team
• 13% reserved for existing investors
• 24% invested in community and ecological development

##Strategic Breakthrough Amid Declining Income and Competitive Pressure

Pump.fun chooses this moment to issue a Token, coinciding with a critical turning point for the platform. Although the cumulative revenue has reached 700 million dollars and the single-day peak once surpassed 7 million dollars, recent data has shown significant weakness.

On July 6, the platform's daily revenue was only $533,410, a 92% drop from the January peak; transaction fee income also fell to $922,890, the lowest since March. The total revenue for June was $39.08 million, less than 30% of January's data.

At the same time, the competitor BONK's LetsBonk platform has surpassed Pump.fun for the first time in terms of the number of Token creations, graduated projects, and revenue. On-chain analysis shows that less than 0.01% of Pump.fun users have made over one million dollars in profit, while more than 60% of users are in a losing position.

##Market Impact and Industry Response

Despite the controversies, the PUMP launch is still regarded as a barometer event for the development of the Solana ecosystem. Within an hour of the announcement, the price of SOL rose by 0.49%, indicating the market's attention to the expansion of Solana's application layer.

Industry views are polarized:

• The Block's Research Director Steven Zheng bluntly stated that the presale is a "poor visual presentation" and suggested that airdrops are more in line with user expectations.
• Space ID executive Alice Shikova warns that the decline of the MEME craze may lead to sluggish sales.
• Multiple mainstream exchanges (including Gate) have confirmed support for the launch, indicating a solid liquidity foundation.

The current sale coincides with a critical window for the U.S. SEC to accelerate the approval of the Solana ETF. The regulator has requested issuers to submit revised documents by the end of July, and the market expects that the spot Solana ETF may be approved before the statutory deadline of October. If this dual benefit resonates, it could inject new momentum into the Solana ecosystem.

##Future Outlook

The crypto community will closely monitor the real-time data of the PUMP sale on Gate on July 12. If the $600 million fundraising target is achieved, it will become the largest Token issuance event of 2025 so far.

The deeper game lies in the balance between ideology and commercialization—when a platform that once criticized the pre-sale model as a "scam" turns around to launch a $4 billion Token sale, the value distribution mechanism of the crypto industry once again finds itself on the interrogation table.

The sale in this controversy will ultimately test the true vitality of the MEME economy within the Solana ecosystem.

Author: Blog Team *This content does not constitute any offer, solicitation, or advice. You should always seek independent professional advice before making any investment decisions. *Please note that Gate may restrict or prohibit all or part of its services from restricted areas. Please read the user agreement for more information, link: