Pump.fun recently announced the launch of Project Ascend on Sept. 2, a groundbreaking initiative aimed at revolutionizing the creator economy within the memecoin space. This project introduces a tiered fee structure that is designed to boost creator earnings by up to 10 times, while also ensuring the long-term sustainability of memecoins for continued growth.
As Pump.fun regained its market dominance from competitor Bonkfun, according to data from Blockworks, Project Ascend was unveiled as a strategic move to solidify its position in the market. The centerpiece of this project is Dynamic Fees V1, a market cap-based pricing system that is exclusive to PumpSwap. This innovative system adjusts creator fees based on the performance of the token, with higher market cap coins attracting lower fees. This allows successful projects to scale effectively, while also providing early-stage funding for creators to allocate towards marketing, exchange listings, and operational expenses.
In a statement shared on Sept. 2, co-founder Alon Cohen emphasized the importance of creating genuine opportunities for retail investors to make money through valuable coins that have long-lasting value. The dynamic fee structure addresses previous limitations that imposed flat rates on creator fees, regardless of the success of the project. Cohen highlighted that high creator fees can create barriers for whales to enter trades, as they may incur significant losses upfront.
Following Pump.fun’s revenue recovery to $35 million in August, capturing 68.2% of Solana’s launchpad market dominance, the platform made strategic adjustments to regain ground lost to Bonkfun. One of these adjustments included substantial purchases of the PUMP token totaling nearly $44.5 million, showcasing Pump.fun’s commitment to its native token ecosystem.
The new fee structure introduced under Project Ascend applies to all PumpSwap tokens, regardless of their launch date, providing enhanced funding opportunities for existing creators and communities. Protocol fees and autocompounding rates for liquidity providers remain unchanged, ensuring a balance between trader economics and creator compensation.
Project Ascend also streamlines the Community Takeover (CTO) process, reducing approval times from days to hours. This mechanism allows communities to redirect creator fees from original deployers to active project leaders who are actively developing and marketing their projects. Pump.fun aims to attract mainstream talent to Solana through Project Ascend, positioning itself as the hub for the most successful projects and creators worldwide.
In conclusion, Project Ascend represents a significant step forward for Pump.fun in the memecoin space, offering a more sustainable and rewarding environment for creators and investors alike. With its innovative fee structure and streamlined community takeover process, Pump.fun is poised for exponential growth in the creator economy across various verticals.