<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/Pump.fun-token.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/Pump.fun-token.png"/></p>
<p>Pump.fun (PUMP) 已成为 Solana 上最具主导性的应用之一，在第一季度占据了网络应用收入的三分之一以上。</p>
<p>这一表现正值整个生态系统的 meme 币活动显著降温，交易量下降，零售参与度相比之前的高峰有所减少。</p>
<p>尽管投机势头放缓，Pump.fun 仍通过其代币发行和交易机制持续产生稳定的费用。</p>
<p>该平台的活动突显了即使在市场热情普遍收缩的情况下，单一应用仍能承担大量网络收入的可能性。</p>
<h2>在降温市场中的强劲收入份额</h2>
<p>最近的 Messari Solana 第一季度报告显示，Pump.fun 在第一季度贡献了 Solana 总应用收入的超过 30%。</p>
<p>根据报告，Pump.fun 在 2026 年第一季度的收入达到 1.247 亿美元，超过了 Solana 总应用收入 3.422 亿美元的三分之一。</p>
<p>这使其远远领先于网络上大多数其他去中心化应用，包括主要交易平台和 DeFi 协议。</p>
<p>值得注意的是，Solana 更广泛的生态系统经历了 meme 币交易活动的下降，新发行的代币减少，投机需求较早期周期更为疲软。</p>
<p>即便如此，Pump.fun 通过持续的代币创建和交易活动保持了高水平的参与度。</p>
<p>该平台采用与代币发行和交易直接相关的收费结构。</p>
<p>每个新创建的代币和沿其绑定曲线的每笔交易都会产生收入。</p>
<p>这一模式使 Pump.fun 即使在整体市场参与度放缓的情况下仍能保持盈利。</p>
<h2>Meme 币放缓并未削弱 Pump 的活动</h2>
<p>Solana 上更广泛的 meme 币市场经历了动能减弱，病毒式代币减少，交易强度低于周期早期。</p>
<p>然而，这一放缓并未显著干扰 Pump.fun 的核心使用。</p>
<p>相反，活动变得更加集中。</p>
<p>用户继续在平台上部署新代币，即使投机热情不如之前激烈。</p>
<p>这种持续的发行周期保持了交易量的稳定，从而支持了平台收入。</p>
<p>Pump.fun 的收费结构对代币创建率高度敏感。</p>
<p>即使二级交易放缓，初始发行仍能产生稳定的费用，帮助稳定收入流。</p>
<p>这种活动的集中也引发了对 Solana 生态系统内依赖性的担忧。</p>
<p>由于单一应用贡献了如此大比例的总应用收入，网络的经济特征变得更加暴露于零售投机的变化之中。</p>
<h2>USDC 流动性整合信号结构性转变</h2>
<p>Pump.fun 计划从 5 月 21 日开始引入 USDC 流动性，以改善流动性稳定性并减少平台上代币交易的摩擦。</p>
<p>这一举措标志着向更结构化的结算机制转变，稳定币流动性在支持代币交易中发挥更大作用。</p>
<p>通过引入 USDC 轨道，Pump.fun 正试图减少对纯粹波动资产基础流动性的依赖，这种依赖历史上导致新发行代币价格剧烈波动。</p>
<p>这一变化也暗示了平台运作方式的更广泛演变。</p>
<p>Pump.fun 不再仅仅作为 meme 币的启动平台，而是逐渐整合支持更高效交易条件和用户之间改善资本流动的基础设施。</p>
<p>文章《Pump.fun 在 meme 币放缓的情况下占据 Solana 第一季度收入的 30%》最初发布于 Invezz。</p>

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<p>Pump.fun (PUMP) 在 2026 年第一季度占据了 Solana 应用收入的 30% 以上，尽管 memecoin 活动放缓，仍然创造了 1.247 亿美元的收入。该平台的收费结构与代币发行和交易挂钩，使其在交易量减少的情况下保持盈利。此外，Pump.fun 计划整合 USDC 流动性，以增强交易稳定性并减少对波动资产的依赖，标志着向更结构化交易机制的转变</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/Pump.fun-token.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/Pump.fun-token.png"/></p>
<p>Pump.fun (PUMP) has emerged as one of the most dominant applications on Solana, accounting for more than one-third of the network’s application revenue in the first quarter.</p>
<div class="lb-trans"><p>Pump.fun (PUMP) 已成为 Solana 上最具主导性的应用之一，在第一季度占据了网络应用收入的三分之一以上。</p>
</div><p>This performance comes at a time when memecoin activity across the ecosystem has cooled significantly, with lower trading volumes and reduced retail participation compared to previous peaks.</p>
<div class="lb-trans"><p>这一表现正值整个生态系统的 meme 币活动显著降温，交易量下降，零售参与度相比之前的高峰有所减少。</p>
</div><p>Despite the slowdown in speculative momentum, Pump.fun has continued to generate consistent fees through its token launch and trading mechanism.</p>
<div class="lb-trans"><p>尽管投机势头放缓，Pump.fun 仍通过其代币发行和交易机制持续产生稳定的费用。</p>
</div><p>The platform’s activity highlights how a single application can still carry a large portion of network revenue even during a broader contraction in market enthusiasm.</p>
<div class="lb-trans"><p>该平台的活动突显了即使在市场热情普遍收缩的情况下，单一应用仍能承担大量网络收入的可能性。</p>
</div><h2>Strong revenue share in a cooling market</h2>
<div class="lb-trans"><h2>在降温市场中的强劲收入份额</h2>
</div><p>A recent Messari Solana Q1 report shows that Pump.fun contributed over 30% of Solana’s total application revenue in Q1.</p>
<div class="lb-trans"><p>最近的 Messari Solana 第一季度报告显示，Pump.fun 在第一季度贡献了 Solana 总应用收入的超过 30%。</p>
</div><p>According to the report, Pump.fun pulled in $124.7 million in the first quarter of 2026, more than a third of Solana’s $342.2 million in total app revenue.</p>
<div class="lb-trans"><p>根据报告，Pump.fun 在 2026 年第一季度的收入达到 1.247 亿美元，超过了 Solana 总应用收入 3.422 亿美元的三分之一。</p>
</div><p>This places it well ahead of most other decentralised applications on the network, including major trading platforms and DeFi protocols.</p>
<div class="lb-trans"><p>这使其远远领先于网络上大多数其他去中心化应用，包括主要交易平台和 DeFi 协议。</p>
</div><p>Notably, Solana’s broader ecosystem has experienced a decline in memecoin trading activity, with fewer new launches and weaker speculative demand compared to earlier cycles.</p>
<div class="lb-trans"><p>值得注意的是，Solana 更广泛的生态系统经历了 meme 币交易活动的下降，新发行的代币减少，投机需求较早期周期更为疲软。</p>
</div><p>Even so, Pump.fun maintained a high level of engagement through continuous token creation and trading activity on its platform.</p>
<div class="lb-trans"><p>即便如此，Pump.fun 通过持续的代币创建和交易活动保持了高水平的参与度。</p>
</div><p>The platform operates on a fee-based structure tied directly to token launches and trades.</p>
<div class="lb-trans"><p>该平台采用与代币发行和交易直接相关的收费结构。</p>
</div><p>Every new token created and every transaction along its bonding curve generates revenue.</p>
<div class="lb-trans"><p>每个新创建的代币和沿其绑定曲线的每笔交易都会产生收入。</p>
</div><p>This model has allowed Pump.fun to remain profitable even as overall market participation slowed.</p>
<div class="lb-trans"><p>这一模式使 Pump.fun 即使在整体市场参与度放缓的情况下仍能保持盈利。</p>
</div><h2>Memecoin slowdown hasn’t weakened Pump's activity</h2>
<div class="lb-trans"><h2>Meme 币放缓并未削弱 Pump 的活动</h2>
</div><p>The broader memecoin market on Solana has seen reduced momentum, with fewer viral tokens and lower trading intensity compared to earlier phases of the cycle.</p>
<div class="lb-trans"><p>Solana 上更广泛的 meme 币市场经历了动能减弱，病毒式代币减少，交易强度低于周期早期。</p>
</div><p>However, this slowdown has not significantly disrupted Pump.fun’s core usage.</p>
<div class="lb-trans"><p>然而，这一放缓并未显著干扰 Pump.fun 的核心使用。</p>
</div><p>Instead, activity has become more concentrated.</p>
<div class="lb-trans"><p>相反，活动变得更加集中。</p>
</div><p>Users continue to deploy new tokens on the platform, even if speculative enthusiasm is less aggressive than before.</p>
<div class="lb-trans"><p>用户继续在平台上部署新代币，即使投机热情不如之前激烈。</p>
</div><p>This sustained issuance cycle keeps transaction volumes steady, which in turn supports platform revenue.</p>
<div class="lb-trans"><p>这种持续的发行周期保持了交易量的稳定，从而支持了平台收入。</p>
</div><p>Pump.fun’s fee-based structure remains highly sensitive to token creation rates.</p>
<div class="lb-trans"><p>Pump.fun 的收费结构对代币创建率高度敏感。</p>
</div><p>Even when secondary trading slows, initial launches still generate consistent fees, helping stabilise revenue streams.</p>
<div class="lb-trans"><p>即使二级交易放缓，初始发行仍能产生稳定的费用，帮助稳定收入流。</p>
</div><p>This concentration of activity has also raised concerns about dependency within the Solana ecosystem.</p>
<div class="lb-trans"><p>这种活动的集中也引发了对 Solana 生态系统内依赖性的担忧。</p>
</div><p>With a single application contributing such a large portion of total app revenue, the network’s economic profile becomes more exposed to shifts in retail speculation.</p>
<div class="lb-trans"><p>由于单一应用贡献了如此大比例的总应用收入，网络的经济特征变得更加暴露于零售投机的变化之中。</p>
</div><h2>USDC liquidity integration signals structural shift</h2>
<div class="lb-trans"><h2>USDC 流动性整合信号结构性转变</h2>
</div><p>Pump.fun plans to introduce USDC liquidity flows beginning May 21 to improve liquidity stability and reduce friction in token trading across the platform.</p>
<div class="lb-trans"><p>Pump.fun 计划从 5 月 21 日开始引入 USDC 流动性，以改善流动性稳定性并减少平台上代币交易的摩擦。</p>
</div><p>The move marks a shift toward more structured settlement mechanics, where stablecoin liquidity plays a larger role in supporting token transactions.</p>
<div class="lb-trans"><p>这一举措标志着向更结构化的结算机制转变，稳定币流动性在支持代币交易中发挥更大作用。</p>
</div><p>By introducing USDC rails, Pump.fun is attempting to reduce reliance on purely volatile asset-based liquidity, which has historically contributed to sharp price swings in newly launched tokens.</p>
<div class="lb-trans"><p>通过引入 USDC 轨道，Pump.fun 正试图减少对纯粹波动资产基础流动性的依赖，这种依赖历史上导致新发行代币价格剧烈波动。</p>
</div><p>This change also suggests a broader evolution in how the platform operates.</p>
<div class="lb-trans"><p>这一变化也暗示了平台运作方式的更广泛演变。</p>
</div><p>Rather than functioning solely as a memecoin launchpad, Pump.fun is gradually incorporating infrastructure that supports more efficient trading conditions and improved capital flow between users.</p>
<div class="lb-trans"><p>Pump.fun 不再仅仅作为 meme 币的启动平台，而是逐渐整合支持更高效交易条件和用户之间改善资本流动的基础设施。</p>
</div><p>The post Pump.fun accounted for 30% Solana's Q1 revenue despite memecoin slowdown appeared first on Invezz</p>
<div class="lb-trans"><p>文章《Pump.fun 在 meme 币放缓的情况下占据 Solana 第一季度收入的 30%》最初发布于 Invezz。</p>
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尽管 memecoin 增长放缓，Pump.fun 仍占 Solana 第一季度收入的 30%