Author: Alex O’Donnell, CoinTelegraph; Compiler: Baishui, Golden Finance
According to its platform, SecondLane has listed an equity stake in memecoin protocol Pump.fun at a fully diluted valuation (FDV) of $1.5 billion.
The private market trading platform listed a 1% stake in Pump.fun for $15 million on SecondLane’s web application and on SecondLane’s Telegram channel, where new products are announced.
The Solana memecoin platform has not yet launched a native token. According to Pitchbook data, the company has previously received equity investments from Alliance DAO, Big Brain Holdings and 6th Man Ventures.
Source: SecondLane
In October, the team behind Pump.fun revealed plans for future token issuance and a newly upgraded trading terminal (called "Pump Advance"). The Pump team did not give a specific timeline for future token issuance.
According to DefiLlama, Pump.fun is the eighth-highest blockchain protocol by revenue, ranking just below giants like USD Coin issuer Circle and decentralized exchange (DEX) Uniswap. In the past 30 days, Pump.fun generated $86 million in fee revenue. Pump.fun’s performance came from the memecoin trading frenzy, which mainly occurred on Pump.fun’s native Solana (a layer 1 blockchain). According to DefiLlama, its cumulative fee income exceeded $225 million.
Buoyed by venture capital money and political speculation, memecoin’s market cap now exceeds $122 billion, according to CoinGecko.
Pump.fun promised to let users “launch a token that can be traded instantly for less than $2 with just one click,” with its “For You algorithm using your past actions on Pump dot fun to curate a feed that changes in real time.”
Roughly 98% of potential memecoins on the Pump.fun platform never make it to market, according to Dune Analytics.
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