What happened?
The popular Solana token launchpad platform, Pump.fun, has implemented a new fee structure that brought in over $2.1 million in earnings for creators on the platform within 24 hours. The new fee model is part of an update named “Project Ascend” where creators of a token earn a percentage of the total fees for every trade of their token.
Who does this affect?
This affects token creators on the Pump.fun platform, particularly small creators who previously experienced lower compensation rates on non-crypto livestreaming platforms. Now, with this new fee structure, even the top 25 creators are seeing significant earnings ranging between 91.9 SOL ($19,483) and 370.2 SOL ($78,482).
Why does this matter?
This matters as it highlights the potential earnings possible through crypto platforms, proving them to be significantly more profitable for creators than established non-crypto platforms. The high earnings may also entice more creators towards the token market, potentially causing a notable impact on the market dynamics due to increased interest and engagement on crypto platforms.