The decentralized application (dApp) Pump.Fun, based on the Solana blockchain, has outpaced Ethereum in terms of revenue generation over the past 24 hours. According to data from DeFiLlama, Pump.Fun amassed a revenue of $863,525, significantly surpassing Ethereum’s $552,355.
This marks a substantial 35% revenue lead over Ethereum, signaling a potential shift in the crypto ecosystem.
Community Speculates if Ethereum is a Ghost Chain
Ethereum (ETH), recognized as the largest smart contract blockchain and the second-largest crypto asset by market capitalization, is now in an unusual predicament. Renowned for its role in enabling decentralized applications, Ethereum has seen slower growth in both on-chain activity and price performance this cycle.
Year-to-date, Ethereum’s price has increased by 43%, whereas Solana, which hosts Pump.Fun has nearly doubled with a 90% increase.
Read more: Solana vs. Ethereum: An Ultimate Comparison
The significant revenue disparity raises questions about Ethereum’s current market standing. Some community members are speculating whether Ethereum is gradually losing its dominant position, with concerns it might be turning into a “ghost chain.”
High gas fees on Ethereum are driving users to alternative blockchains. Additionally, some believe that the proliferation of layer-2 protocols might fragment Ethereum’s revenue and volume.
“Solana has as much 24-hour decentralized exchange volume as Ethereum and every L2 combined. The “You need to count L2s” crowd must be in shambles,” gumshoe said.
Meanwhile, Solana and Pump.Fun’s rise seems to be fueled by their focus on meme coins, which have found a strong product-market fit. The surge in interest around meme coins, often boosted by celebrity endorsements and social media, has positioned Pump.Fun as a central platform during the recent celebrity meme coin mania. Notable figures such as Andrew Tate and Caitlyn Jenner have chosen Pump.Fun for launching their meme coins, drawn by its user-friendly interface and Solana’s low transaction fees.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
Furthermore, as the political season intensifies, Pump.Fun has also become a favored platform for creating political-themed meme coins, further increasing its usage and visibility. The platform has exceeded 1.526 million in total deploy transactions and collected approximately 495,869 Solana tokens in revenue.
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