Pump.fun Accounts for 62% of Solana DEX Transactions in November

• Pump.fun Leads Solana DEX Transactions in November
• Suspension of live broadcasts aims to reinforce moderation and security
• Experts warn about Solana's dependence on Pump.fun

Pump.fun, a platform that allows the creation of memecoins on the Solana network, was responsible for 62,3% of transactions on decentralized exchanges (DEX) in November 2024, according to data from Dune Analytics. In terms of trading volume, the percentage reached 42,3%. This dominance raises questions about the Solana network's dependence on the platform.

At the time of publication, the price of Solana was listed at US$230,49 with a drop of 3.9% in the last 24 hours.

Launched in January 2024, Pump.fun gained popularity by allowing free token creation, fueling the rise of memecoins such as PNUT, GOAT, and CHILLGUY. However, the platform has faced significant moderation issues, resulting in live streams that have included controversial acts such as animal threats and morally questionable content.

Pump.fun has played a central role in the Solana ecosystem, accounting for 60% of DEX transactions in September and October, and 57% in August. This concentration has raised concerns among experts, who warn that the network is vulnerable if the platform faces legal or operational difficulties.

Furthermore, only 1,2% of the nearly 50.000 tokens launched in the past 24 hours have reached the market value required to migrate to decentralized exchanges, highlighting the speculative nature of much of the creation on Pump.fun. Critics say Solana needs to diversify its use and reduce its reliance on high-volatility projects to ensure the sustainability of its ecosystem.

Due to the severity of the incidents, including reports of videos with explicit threats and extremist behavior, Pump.fun announced the suspension of its livestreaming functionality. According to an official statement, the measure is temporary and aims to strengthen the platform's moderation infrastructure, given the exponential increase in users and content.