Pump.fun has reemerged in the spotlight, reclaiming attention not only for its Solana-based memecoin platform but also for its ambitious attempt to redefine livestreaming. After a period marked by damaging controversy and declining activity, the project has relaunched its streaming service with enhanced safeguards, a new tokenized compensation model, and an aggressive buyback program that has already pushed its native asset, PUMP, to notable gains. At the same time, daily fee generation on the platform has surpassed that of Hyperliquid, a longstanding leader in the crypto space, suggesting that Pump.fun’s strategy is resonating with both creators and investors.
What Is Pump.fun’s Streaming Service?
The new model introduces an approach that diverges significantly from traditional livestreaming economics. Instead of relying exclusively on fixed subscription tiers or advertising splits, Pump.fun ties creator earnings directly to the market performance of streamer-specific tokens. Viewers purchase these tokens not merely as tips but as speculative instruments whose value may appreciate alongside a creator’s rising popularity. In this sense, supporting a streamer becomes akin to taking an equity stake in their future success.
For dedicated fans, the transition feels natural: the monthly budgets that once went to subscriptions or one-off donations are now transformed into token purchases, which can potentially yield returns if the streamer gains traction. For creators, the incentive structure is equally compelling, since token appreciation encourages consistent engagement and aligns their financial growth with the enthusiasm of their communities.
Although livestreaming access remains limited to just 5% of Pump.fun’s users, the early rollout already signals the company’s intention to compete with platforms like Twitch and Kick by offering a more speculative, and potentially more lucrative, form of digital patronage.
The Controversial Past of Pump.fun
This relaunch, however, cannot be separated from the platform’s turbulent history. In late 2024, Pump.fun suspended its livestreaming feature after it was revealed that some users had resorted to disturbing and exploitative tactics—ranging from violence and animal abuse to child endangerment—in a bid to inflate token values. These incidents provoked intense backlash from both regulators and the wider crypto community, effectively derailing the platform’s early momentum.
The reputational damage was severe, and by mid-2025 Pump.fun’s revenues had stagnated while its token struggled to maintain market relevance. Critics dismissed the platform as another failed experiment in the already volatile sector of tokenized content economies.
How Pump.fun Is Attempting a Comeback
In order to rebuild trust, Pump.fun has not only implemented a stricter set of community guidelines but also adopted a dynamic fee mechanism designed to appeal to both small and large creators. Under this system, tokens with a market capitalization below $300,000 generate nearly 1% in transaction fees for their creators, while larger projects pay a much smaller 0.05% fee. This sliding scale has encouraged new entrants to the ecosystem while keeping transaction costs manageable for established communities.
The strategy appears to be working. In a single day, Pump.fun invited 21,530 new token creators—a figure that dwarfs the best days of rival platforms such as LetsBonk, which never surpassed the 10,000 mark even during periods of peak activity. Combined with stronger moderation policies, these adjustments have positioned Pump.fun as a serious contender in both the creator economy and the crypto market.
🚨 In the last 24 hours, pump fun purchased $1,596,144 worth of $PUMP, which equals 100% of the previous day’s revenue
— Pump Fun News (@PumpfunNewsfeed) October 1, 2025
This brings its total purchases to $122,131,088 to date pic.twitter.com/cdcf0MwAat
Pump.fun Surpasses Hyperliquid in Daily Fees
Perhaps the most striking evidence of Pump.fun’s resurgence is its recent overtaking of Hyperliquid in terms of daily fee generation. For two consecutive days, the platform has posted peak fees, outpacing one of the most established names in decentralized trading. This surge coincides with the rollout of its creator-compensation model, which appears to have unlocked a new wave of engagement.
Annualized revenues are now approaching $492 million, while daily buybacks exceed $68 million. Importantly, Pump.fun has pledged to allocate 99.1% of its Solana rewards toward repurchasing PUMP tokens, a policy that has already retired 6.68% of the circulating supply. Such aggressive buybacks not only signal confidence from the team but also create structural support for the token’s market price.
Market Reaction and Risks
Following the relaunch, PUMP retained its gains above $0.008 after climbing to an all-time high in mid-September, reflecting renewed confidence from both traders and retail investors. Accelerated buybacks and active trading days have reinforced this momentum, suggesting that at least in the short term, Pump.fun has succeeded in rewriting its narrative.
Yet sustainability remains a pressing question. Much of the recent surge in activity appears tied to streamer-driven speculation, which can fade as quickly as it arrives. Reports of rug pulls resurfacing on livestream channels highlight the persistent risks of pump-and-dump behavior, reminding traders that the speculative upside of streamer tokens is accompanied by considerable volatility.
Positioning Against Twitch and Kick
To fully appreciate Pump.fun’s strategy, it helps to situate it within the broader streaming industry. Twitch remains the dominant player, generating more than 1.5 billion hours of monthly viewership, but its revenue-sharing model is tilted toward top creators, leaving smaller streamers with limited income. Kick disrupted this paradigm with a 95% revenue share, forcing Twitch into a more competitive stance and sparking a series of lucrative talent deals.
Pump.fun enters this market with a fundamentally different proposition. By converting fan contributions into tokenized assets, it transforms entertainment into a speculative marketplace. A single hour of live content can generate thousands of hours of viewer attention, and when those interactions are monetized through tradable tokens, they become financial assets in their own right. In practice, this means that fans are no longer passive supporters but active investors whose financial outcomes are linked to the trajectory of the streamers they back.
The appeal of this model is already drawing traditional gaming influencers, such as League of Legends streamer BunnyFuFuu, to experiment with Pump.fun. For creators, the tokenized format offers both a fresh revenue stream and a novel way to engage their communities, while for fans it promises the possibility of financial upside beyond the entertainment value itself.
Implications for U.S. Crypto Traders
For traders in the United States, the rise of Pump.fun presents both opportunities and challenges. On one side, the tokenized livestreaming model introduces a potentially lucrative new sector of the digital economy, one that blends entertainment, speculation, and community engagement in ways that traditional platforms cannot. On the other side, it raises questions about investor protection, market manipulation, and whether streamer tokens could be classified as securities under U.S. law.
Given the SEC’s increasing scrutiny of crypto markets, Pump.fun’s rapid expansion is likely to attract regulatory attention, especially if streamer tokens begin trading at volumes comparable to more established assets. For retail traders, the risks of volatility and manipulation should not be underestimated, even as the platform’s buyback policy and revenue growth create a strong narrative of recovery.
Conclusion
Pump.fun’s return to livestreaming represents more than just a feature relaunch; it is an attempt to redefine how creators, fans, and investors interact in the digital economy. By surpassing Hyperliquid in daily fee generation and committing to an aggressive program of PUMP buybacks, the platform has demonstrated its ability to generate both excitement and revenue.
Nevertheless, unresolved questions remain. The sustainability of streamer-driven speculation is untested, and the platform’s history of controversy continues to cast a shadow over its future. If Pump.fun can maintain its newfound momentum while enforcing its stricter policies, it could establish itself as a pioneering force in tokenized entertainment. If not, it risks becoming yet another example of a crypto project that rose quickly, only to collapse under the weight of its own volatility.
For now, Pump.fun’s surge has secured it a place at the center of both crypto and streaming conversations, and its trajectory in the coming months will be closely watched by traders, regulators, and creators alike.
