After nearly a month of anticipation, memecoin launchpad pumpfun announced the official details of its upcoming ICO for PUMP.
Top Solana memecoin launchpad pumpfun officially announced its upcoming initial coin offering (ICO) for PUMP today, July 9, unveiling tokenomics and sale details, including a KYC-requirement and incentive breakdown for ecosystem participants.
The pumpfun team confirmed previous reports that the ICO will value PUMP at a $4 billion valuation, with 33% offered via ICO, 24% for “community and ecosystem initiatives”, 20% to the team, 13% to investors, and the rest to be split between a foundation, livestream incentives, and liquidity.
While the team’s announcement on X says “airdrop coming soon”, it is yet to be confirmed whether or not the community and ecosystem initiatives allocations refer to the airdrop.
Memecoins are largely flat on the announcement, which is a welcomed change for holders, as the ecosystem experienced harsh sell offs when the sale was first reported last month, and when crypto exchange Gate leaked the sale details earlier this week.
The token launch has been as controversial as the platform itself, with many onlookers labeling the platform and its token as extractive, while others, such as Messari researching Sunny Shi called for a $7 to $20 billion valuation, with the higher end being fueled by token sinks, like fee rebates and buybacks.
However, pumpfun’s announcement states that “while the token will be fully functional at launch, we’re giving thorough consideration to utility mechanisms like fee rebates, token buybacks, or other incentives and promotions”
Pumpfun, which launched in Q1 2024, became one of the fastest growing companies of all time, both in and out of DeFi, generating $715 million in revenue since its inception.
The memecoin launchpad is also the third most profitable protocol in all of DeFi over the last calendar year, with $662 million earned in the last 365 days, trailing only stablecoin issuers Tether and Circle. The fourth and fifth highest earners over the last year are Solana wallet Phantom and memecoin trading hub Photon, both of which could potentially be considered byproducts of pumpfun’s success.
