The Pump.fun platform has launched the Glass Full Foundation (GFF). The initiative aims to develop the meme coin ecosystem on Solana.
The new structure will 'inject significant liquidity' into selected tokens to support 'the most devoted communities.' GFF has already financed several unnamed projects and plans further investments.
The exact selection criteria and sources of capital have not been disclosed yet.
As reported by The Block, such funds are typically non-profit organizations created to manage project development. Representatives of Pump.fun stated that GFF will accelerate the growth of the Solana ecosystem, strengthening the blockchain's position in the competitive meme coin segment.
Against the backdrop of the news, the token launched in July by the platform — PUMP — rose by 3.3%, according to CoinGecko. At the time of writing, the crypto asset is trading at $0.003378.
The return of Pump.fun
Pump.fun has once again become the leader in the Solana ecosystem among platforms for launching meme coins. According to Dune, in the last 24 hours, the trading volume on the platform exceeded $134 million, while the figure for the main competitor LetsBonk was $30 million.
On August 7, Pump.fun launched more than 22,000 new tokens, while LetsBonk only launched 4,000. The launchpad's revenue amounted to $1.2 million compared to $251,406 for its competitor.
The daily number of unique addresses on Pump.fun reached 119,114, while on LetsBonk it was 61,063.
In July, participants in the PUMP presale sold almost 60% of the tokens. The presale ended in 12 minutes.
