SecondLane Lists 1% Stake in Pump.fun for $15M, Valuing the Platform at $1.5B

SecondLane, a non-public markets buying and selling platform, has listed a 1% fairness stake in Pump.enjoyable for $15 million.

This places Pump.enjoyable’s totally diluted valuation (FDV) at $1.5 billion.

Token Launch and New Buying and selling Options

The stake will be bought on SecondLane’s net app and thru its Telegram channel, the place new choices are commonly introduced.

Pump.enjoyable, which has but to launch a local token, is a Solana-based platform constructed across the meme coin buying and selling frenzy. It has attracted a big consumer base and boasts appreciable transaction quantity.

In accordance with DefiLlama data, Pump.enjoyable is presently the eighth highest-earning blockchain protocol, just under key gamers reminiscent of Circle and Uniswap. Over the previous 30 days, it has generated $86 million in charges, and its cumulative payment income exceeds $225 million.

PitchBook shows that it has additionally raised funds from notable traders, together with Alliance DAO, Huge Mind Holdings, and sixth Man Ventures.

In October 2024, the Pump.enjoyable staff hinted at a future token launch, though they didn’t present a selected timeline for the occasion. In addition they shared plans for an upgraded buying and selling terminal known as “Pump Advance,” which is anticipated to introduce mini-charts, knowledge on prime holders, and social indicators to assist merchants navigate the more and more crowded meme coin market.

Incentives Amidst Excessive Token Failure Charge

Regardless of its reputation, Pump.enjoyable is dealing with fairly a couple of challenges. Information from Dune Analytics shows that about 98% of meme cash listed on the platform have failed.

To handle this, the staff behind the venture introduced an $80 incentive in August 2024 to encourage token creators to finish the bonding curve and efficiently record their tokens on Raydium. The platform has additionally slashed its token launch payment from $2 to zero.

The platform was additionally lately compelled to press pause on its livestream function following elevated instances of inappropriate content material. Some customers had resorted to streaming acts of self-harm, threats of self-harm, or different disturbing or violent acts to pump their tokens.

Meme cash, that are Pump.enjoyable’s bread and butter have additionally precipitated blended reactions throughout the crypto neighborhood. Outstanding figures like former Binance CEO Changpeng Zhao (CZ) have criticized the rising variety of these belongings, suggesting that builders ought to concentrate on creating extra helpful blockchain functions.

Ethereum co-founder Vitalik Buterin has additionally called for crypto builders to cease copying and pasting meme cash and as an alternative make them into extra thrilling blockchain video games.