Wu Blockchain's sources reveal that pump.fun is in negotiations with major CEXs to conduct a public token sale for its upcoming token.
Is pump.fun preparing to sell its token?
On February 9, 2025 (Vietnam time), Wu Blockchain reported that the Solana-based meme coin incubator platform pump.fun is preparing to launch a token.
Exclusive: Pumpfun, a token launch platform on Solana, will release token and conduct public offerings, and will adopt the Dutch auction model. It is currently working with CEXs to develop the system. pic.twitter.com/04L7KgTZxR
— Wu Blockchain (@WuBlockchain) February 9, 2025
In fact, in October 2024, Coin68 reported that pump.fun had hinted at plans to launch its own token in the future when it updated its website.
However, this time Wu Blockchain cited multiple internal sources, revealing more details about this upcoming token release.
Accordingly, pump.fun will conduct a public sale using the Dutch auction model. The project is said to be in contact with exchanges to negotiate partnerships for the implementation.
Previously, Binance co-founder Yi He had revealed in an AMA that the exchange was developing a Dutch auction mechanism to apply to its IEO offerings.
This information was first released by @hebi555, and WuBlockchain team confirmed it with several insiders from the exchange. Previously, Binance co-founder He Yi also mentioned the use of the Dutch auction to innovate token IEO models in an AMA.
— Wu Blockchain (@WuBlockchain) February 9, 2025
Therefore, Binance is likely one of the exchanges currently in negotiations to host the public sale for pump.fun.
However, the story of token launches is not always smooth. In the US, pump.fun is being sued by a group of investors for allegedly conducting an unregistered securities offering to make illicit profits. Legal issues could be the reason why the platform has not yet launched its token.
Of course, the information above is only internal sources and close to the exchanges that Wu Blockchain has gathered. For its part, the project has not yet confirmed or revealed plans to airdrop to the user community.
According to defillama, pump.fun is currently the 8th most profitable protocol in the market. The platform currently has revenue from fees of nearly $24 million in 7 days, or $124.7 million in the last 30 days. Since its launch, pump.fun's cumulative revenue has reached $470.6 million.
Source: defillama
The success of pump.fun has helped drive the rapid growth of the meme coin segment on Solana in 2024. This has propelled Solana to become the blockchain platform that receives the most attention, especially in the context of Ethereum struggling with its internal issues.
In fact, the competition from Solana is one of the reasons why Ethereum has become less hot, leading to a decrease in the burn rate, pushing Ethereum back into inflation.
Therefore, many other blockchain ecosystems want to compete with Solana by launching their own version of pump.fun on their chains, in order to drive the meme segment similar to how SOL has done. Examples include SunPump on the TRON ecosystem or the most recent four.meme on the BNB Chain heavily "shilled" by former Binance CEO CZ.
Compiled by Coin68
