<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) 已成為 Solana 上最具主導性的應用之一，在第一季度佔據了網絡應用收入的三分之一以上。</p>
<p>這一表現正值整個生態系統的 meme 幣活動顯著降温，交易量下降，零售參與度相比之前的高峰有所減少。</p>
<p>儘管投機勢頭放緩，Pump.fun 仍通過其代幣發行和交易機制持續產生穩定的費用。</p>
<p>該平台的活動突顯了即使在市場熱情普遍收縮的情況下，單一應用仍能承擔大量網絡收入的可能性。</p>
<h2>在降温市場中的強勁收入份額</h2>
<p>最近的 Messari Solana 第一季度報告顯示，Pump.fun 在第一季度貢獻了 Solana 總應用收入的超過 30%。</p>
<p>根據報告，Pump.fun 在 2026 年第一季度的收入達到 1.247 億美元，超過了 Solana 總應用收入 3.422 億美元的三分之一。</p>
<p>這使其遠遠領先於網絡上大多數其他去中心化應用，包括主要交易平台和 DeFi 協議。</p>
<p>值得注意的是，Solana 更廣泛的生態系統經歷了 meme 幣交易活動的下降，新發行的代幣減少，投機需求較早期週期更為疲軟。</p>
<p>即便如此，Pump.fun 通過持續的代幣創建和交易活動保持了高水平的參與度。</p>
<p>該平台採用與代幣發行和交易直接相關的收費結構。</p>
<p>每個新創建的代幣和沿其綁定曲線的每筆交易都會產生收入。</p>
<p>這一模式使 Pump.fun 即使在整體市場參與度放緩的情況下仍能保持盈利。</p>
<h2>Meme 幣放緩並未削弱 Pump 的活動</h2>
<p>Solana 上更廣泛的 meme 幣市場經歷了動能減弱，病毒式代幣減少，交易強度低於週期早期。</p>
<p>然而，這一放緩並未顯著干擾 Pump.fun 的核心使用。</p>
<p>相反，活動變得更加集中。</p>
<p>用户繼續在平台上部署新代幣，即使投機熱情不如之前激烈。</p>
<p>這種持續的發行週期保持了交易量的穩定，從而支持了平台收入。</p>
<p>Pump.fun 的收費結構對代幣創建率高度敏感。</p>
<p>即使二級交易放緩，初始發行仍能產生穩定的費用，幫助穩定收入流。</p>
<p>這種活動的集中也引發了對 Solana 生態系統內依賴性的擔憂。</p>
<p>由於單一應用貢獻了如此大比例的總應用收入，網絡的經濟特徵變得更加暴露於零售投機的變化之中。</p>
<h2>USDC 流動性整合信號結構性轉變</h2>
<p>Pump.fun 計劃從 5 月 21 日開始引入 USDC 流動性，以改善流動性穩定性並減少平台上代幣交易的摩擦。</p>
<p>這一舉措標誌着向更結構化的結算機制轉變，穩定幣流動性在支持代幣交易中發揮更大作用。</p>
<p>通過引入 USDC 軌道，Pump.fun 正試圖減少對純粹波動資產基礎流動性的依賴，這種依賴歷史上導致新發行代幣價格劇烈波動。</p>
<p>這一變化也暗示了平台運作方式的更廣泛演變。</p>
<p>Pump.fun 不再僅僅作為 meme 幣的啓動平台，而是逐漸整合支持更高效交易條件和用户之間改善資本流動的基礎設施。</p>
<p>文章《Pump.fun 在 meme 幣放緩的情況下佔據 Solana 第一季度收入的 30%》最初發佈於 Invezz。</p>

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<p>Pump.fun (PUMP) 在 2026 年第一季度佔據了 Solana 應用收入的 30% 以上，儘管 memecoin 活動放緩，仍然創造了 1.247 億美元的收入。該平台的收費結構與代幣發行和交易掛鈎，使其在交易量減少的情況下保持盈利。此外，Pump.fun 計劃整合 USDC 流動性，以增強交易穩定性並減少對波動資產的依賴，標誌着向更結構化交易機制的轉變</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) 已成為 Solana 上最具主導性的應用之一，在第一季度佔據了網絡應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>這一表現正值整個生態系統的 meme 幣活動顯著降温，交易量下降，零售參與度相比之前的高峰有所減少。</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>儘管投機勢頭放緩，Pump.fun 仍通過其代幣發行和交易機制持續產生穩定的費用。</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>該平台的活動突顯了即使在市場熱情普遍收縮的情況下，單一應用仍能承擔大量網絡收入的可能性。</p>
</div><h2>Strong revenue share in a cooling market</h2>
<div class="lb-trans"><h2>在降温市場中的強勁收入份額</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 第一季度報告顯示，Pump.fun 在第一季度貢獻了 Solana 總應用收入的超過 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>根據報告，Pump.fun 在 2026 年第一季度的收入達到 1.247 億美元，超過了 Solana 總應用收入 3.422 億美元的三分之一。</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>這使其遠遠領先於網絡上大多數其他去中心化應用，包括主要交易平台和 DeFi 協議。</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 更廣泛的生態系統經歷了 meme 幣交易活動的下降，新發行的代幣減少，投機需求較早期週期更為疲軟。</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 通過持續的代幣創建和交易活動保持了高水平的參與度。</p>
</div><p>The platform operates on a fee-based structure tied directly to token launches and trades.</p>
<div class="lb-trans"><p>該平台採用與代幣發行和交易直接相關的收費結構。</p>
</div><p>Every new token created and every transaction along its bonding curve generates revenue.</p>
<div class="lb-trans"><p>每個新創建的代幣和沿其綁定曲線的每筆交易都會產生收入。</p>
</div><p>This model has allowed Pump.fun to remain profitable even as overall market participation slowed.</p>
<div class="lb-trans"><p>這一模式使 Pump.fun 即使在整體市場參與度放緩的情況下仍能保持盈利。</p>
</div><h2>Memecoin slowdown hasn’t weakened Pump's activity</h2>
<div class="lb-trans"><h2>Meme 幣放緩並未削弱 Pump 的活動</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 上更廣泛的 meme 幣市場經歷了動能減弱，病毒式代幣減少，交易強度低於週期早期。</p>
</div><p>However, this slowdown has not significantly disrupted Pump.fun’s core usage.</p>
<div class="lb-trans"><p>然而，這一放緩並未顯著干擾 Pump.fun 的核心使用。</p>
</div><p>Instead, activity has become more concentrated.</p>
<div class="lb-trans"><p>相反，活動變得更加集中。</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>用户繼續在平台上部署新代幣，即使投機熱情不如之前激烈。</p>
</div><p>This sustained issuance cycle keeps transaction volumes steady, which in turn supports platform revenue.</p>
<div class="lb-trans"><p>這種持續的發行週期保持了交易量的穩定，從而支持了平台收入。</p>
</div><p>Pump.fun’s fee-based structure remains highly sensitive to token creation rates.</p>
<div class="lb-trans"><p>Pump.fun 的收費結構對代幣創建率高度敏感。</p>
</div><p>Even when secondary trading slows, initial launches still generate consistent fees, helping stabilise revenue streams.</p>
<div class="lb-trans"><p>即使二級交易放緩，初始發行仍能產生穩定的費用，幫助穩定收入流。</p>
</div><p>This concentration of activity has also raised concerns about dependency within the Solana ecosystem.</p>
<div class="lb-trans"><p>這種活動的集中也引發了對 Solana 生態系統內依賴性的擔憂。</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>由於單一應用貢獻了如此大比例的總應用收入，網絡的經濟特徵變得更加暴露於零售投機的變化之中。</p>
</div><h2>USDC liquidity integration signals structural shift</h2>
<div class="lb-trans"><h2>USDC 流動性整合信號結構性轉變</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 計劃從 5 月 21 日開始引入 USDC 流動性，以改善流動性穩定性並減少平台上代幣交易的摩擦。</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>這一舉措標誌着向更結構化的結算機制轉變，穩定幣流動性在支持代幣交易中發揮更大作用。</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>通過引入 USDC 軌道，Pump.fun 正試圖減少對純粹波動資產基礎流動性的依賴，這種依賴歷史上導致新發行代幣價格劇烈波動。</p>
</div><p>This change also suggests a broader evolution in how the platform operates.</p>
<div class="lb-trans"><p>這一變化也暗示了平台運作方式的更廣泛演變。</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 不再僅僅作為 meme 幣的啓動平台，而是逐漸整合支持更高效交易條件和用户之間改善資本流動的基礎設施。</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 幣放緩的情況下佔據 Solana 第一季度收入的 30%》最初發佈於 Invezz。</p>
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儘管 memecoin 增長放緩，Pump.fun 仍佔 Solana 第一季度收入的 30%