Hyperstition #28 — June 9, 2025
Pump.fun reportedly tips tokenomics ahead of planned ICO and more.

This newsletter issue is authored by Jonathan DeYoung.
Pump.fun reportedly plans revenue share for upcoming token
Pump.fun reportedly plans to launch a project token as soon as two weeks from now.
According to the Block, the memecoin launchpad intends to share a portion of income with tokenholders.
Pump.fun has earned upwards of $650M in revenue since launching last year.
Token launchpad Pump.fun will reportedly share the revenue generated by the protocol with the holders of its upcoming token, according to The Block, which spoke with sources close to the matter.
The details of the token launch were first reported by Blockworks on June 3. According to the outlet’s sources, the launchpad plans to raise a whopping $1 billion through a token sale valued at $4 billion total.
According to The Block, Pump.fun is currently pitching the sale to private investors at $0.004 per token. The outlet’s sources also claimed that 25% of the supply would be reserved for a public sale that would take place at least in part on crypto exchanges, including Binance, and that 10% would be distributed via an airdrop.

Pump.fun itself has yet to publicly confirm any details about the upcoming token or announce a timeline for its launch, though various sources, including The Block, have reported that it will take place within two weeks.
The project’s team first revealed that it would be launching a token back in October 2024 during an X space.
Pump.fun's nearly $1B in revenue
Since launching in January 2024, Pump.fun has generated an astronomical $666 million in revenue, according to DeFi Llama. When factoring in the price of SOL at the time the project sells it, the actual realized revenue is more like $745 million.

Assuming Pump.fun does share its revenue with token holders, it wouldn’t be the first time it has opened up its coffers. Back in May, the project announced it would start giving 50% of the fees it collects on PumpSwap to each token’s creator.
The project has paid out $3.8 million in creator fees in the nearly one month since the announcement, according to data from Dune Analytics published by Adam_tehc.
Crypto Twitter ablaze with speculation
While there are no concrete details yet on the reported airdrop or revenue sharing model, the team did say back when it first announced the token that “We’re going to make sure we’re going to reward our earliest users,” according to The Block.
A number of people are comparing the reported launch to that of Hyperliquid, which airdropped its HYPE token in November 2024 and frequently buys back tokens to support the price. However, others argue that Hyperliquid is more community-focused than Pump.fun, as it has no private investors and airdropped 31% of the HYPE supply, rather than Pump.fun’s reported 10% airdrop allocation.

Countless Pump.fun users are obviously excited about the token launch, but not everyone thinks it will end well. Some accuse the move of being a potential exit scam or an effort to revitalize the project amid decreasing monthly revenues. Others are taking the news as an opportunity to call Pump.fun an overall negative influence, pointing out that the platform is often used for pump-and-dumps and that most traders lose money on the platform.

Regardless of whether Pump.fun’s reported token sale ends up a net negative or net positive for the industry, there is little doubt it could become one of the most significant events for Internet Capital Markets yet.
In other news…
Polycule secures $560K investment from Alliance DAO
Telegram bot Polycule has received a $560,000 investment from Alliance, according to an X post from Polycule co-founder Krish, who said the move represents the first time a major investor has funded an internet capital markets company.
Polycule allows users to trade Polymarket prediction market events on Telegram through a simple bot interface. Krish hinted that there are a “few more major announcements on the way.”

Avo co-founder ousted from project
Anjali Dhaliwal says she was forcibly removed from Avo, an AI agent marketplace she co-founded. According to Dhaliwal, she was told she was no longer needed after securing investments and driving new users to the platform to help stabilize its finances.
The project’s team responded on social media, saying it will release a statement “as the story unfolds” and promising a comprehensive leadership and marketing plan. Meanwhile, fellow co-founder Paperhead attributed the shakeup to internal disagreements.

Pump.fun integrates InsightX Bubblemaps
Blockchain analytics platform InsightX announced that its Bubblemaps feature has been integrated into the Pump.fun platform, letting users generate the maps directly on a token’s page. Bubblemaps allow users to visually explore the relationships between holders of a particular token.
According to InsightX, each bubble represents a wallet, and the size of the bubble reflects the wallet’s total holdings. The lines between bubbles represent transactions between wallets. The company says its Bubblemaps can help users spot activity such as wash trading, sell-offs or whale accumulation.
The Bubblemap for PNUT, as generated on Pump.fun’s website. Source: Pump.fun/InsightX
By the numbers…


