Pump.fun's revenue exceeds 100 million dollars, and Polymarket outperformed NFTs in August

Original Title: Pump.fun surpasses $100 million in revenue as Polymarket outshines NFTs in August

Author: Zack Abrams

Compiled by: Koala, Mars Finance
Since its launch in January this year, the popular meme coin issuance platform Pump.fun has accumulated $100 million in revenue from over a million meme coins.

Another popular crypto project, Polymarket, surpassed the total trading volume of all on-chain NFTs in August, according to data from the analytics platform CryptoSlam.

The crypto industry has always attracted a large number of speculators, for better or worse. Therefore, it is not surprising that the two hottest crypto platforms—meme coin issuance platform Pump.fun and decentralized prediction market Polymarket—are both built on speculation.

Interestingly, these two platforms can be seen as opposites of each other. On Pump.fun, users speculate on meme coins that have no intrinsic value proposition beyond brand and community value, making it difficult to predict which coins will stand out and attract fans. In contrast, on Polymarket, users are encouraged to leverage all available information when trading market positions, predicting everything from political elections to how many tweets Elon Musk will post this week.

The crypto industry has always attracted a large number of speculators, for better or worse. Therefore, it is not surprising that the two hottest crypto platforms—meme coin issuance platform Pump.fun and decentralized prediction market Polymarket—are both built on speculation.

Interestingly, these two platforms can be seen as opposites of each other. On Pump.fun, users speculate on meme coins that have no intrinsic value proposition beyond brand and community value, making it difficult to predict which coins will stand out and attract fans. In contrast, on Polymarket, users are encouraged to leverage all available information when trading market positions, predicting everything from political elections to how many tweets Elon Musk will post this week.

However, both platforms have experienced rapid rises. According to Dune Analytics' data dashboard, Pump.fun has recently surpassed $100 million in cumulative developer revenue since its launch in January 2024. Developers on Pump.fun charge a 1% fee on all transactions on the platform. Pump.fun even recently eliminated the fee for deploying tokens, making it easier for users to create new meme coins than ever before.

However, last Friday, Pump.fun's daily revenue was the second-lowest single-day revenue since May 24. Whether the platform can continue to incentivize users to create and trade meme coins will be crucial for its future growth; otherwise, the project may end up like friend.tech, a once-popular Web3 social platform that has essentially stopped generating profits over the past three months. According to data from The Block, friend.tech's revenue has significantly declined.

Polymarket Surpasses NFT Trading Volume

According to data from The Block and CryptoSlam, Polymarket has also achieved significant milestones this month: its trading volume exceeded the total of all on-chain NFTs. In the past 30 days, the trading volume of NFTs was only about $377 million, while Polymarket's platform reached $463 million in trading volume.

According to data from The Block, as the 2024 presidential election approaches, the number of active traders on Polymarket has steadily increased since May. The platform even hired election forecasting expert Nate Silver as a consultant, although U.S. users are officially not allowed to use the site.

Currently, in this prediction market, former President Donald Trump is slightly ahead of Vice President Kamala Harris in the 2024 presidential election. Nearly $750 million has been wagered on the election outcome.