Solana memecoin hits a new high of 30,000 daily transactions, what does the major adjustment to Pump.fun's fee mechanism mean

The Solana memecoin market is experiencing a new wave of enthusiasm. According to the latest news, the number of memecoins issued on Solana in a single day has approached 30,000, reaching a new high since September last year. In response to this surge, the on-chain token creation platform Pump.fun announced an important adjustment to its fee mechanism. What issues does this adjustment reflect? And how will it change the incentive logic of the memecoin ecosystem?

The Real Issues Behind Market Phenomena

The Double-Edged Meaning of the Surge in Issuance

Nearly 30,000 memecoins issued in one day may sound lively. However, Alon Cohen, co-founder of Pump.fun, candidly pointed out the problem: while the previous Dynamic Fees V1 mechanism attracted new creators and increased on-chain transaction frequency, it caused a bias in the incentive logic.

Specifically, the old mechanism actually encouraged low-risk, high-frequency token creation, but failed to effectively stimulate genuine trading activity with more participation and liquidity. In other words, the platform attracted many people to quickly deploy tokens, but the actual trading activity of these tokens was not ideal. It’s like a party with many people, but everyone is just standing around, not really dancing.

The Internal Contradiction of the Incentive Mechanism

This reveals a fundamental contradiction: simply lowering deployment costs or optimizing deployment fees does not guarantee token quality or trading activity. Instead, it may lead to the creation of a large number of “zombie” tokens—tokens that are created but lack a real community and trading support.

Pump.fun’s Adjustment Plan

Key Improvements of the New Mechanism

To address this issue, Pump.fun introduced a more flexible creator fee-sharing scheme. The core improvements of the new mechanism include:

• Token teams can allocate fees to up to 10 wallet addresses, enhancing flexibility in fee distribution
• Support for transferring token ownership, facilitating project management
• Support for revoking subsequent update permissions, giving creators more autonomy
• Creators and technical administrators can flexibly set fee ratios after token issuance

Shift in Incentive Logic

The core of these improvements is a shift: from simply encouraging “token generation” to promoting “genuine trading participation.”

Under the old mechanism, creating a token could earn fee shares. Under the new mechanism, whether a token can continue to earn creator fees depends on whether it maintains real market activity and trading engagement. This is a transition from “supply-side incentives” to “demand-side validation.”

Future Optimization Plans

Trader Voting Mechanism

More interestingly, Pump.fun revealed future plans: introducing a trader-participated voting mechanism to decide whether a token’s narrative still qualifies for creator fee rewards.

What does this mean? Simply put, it allows genuine market participants (traders) to vote on which tokens deserve creator fee incentives. This further emphasizes the role of “market feedback” in the incentive mechanism, rather than unilateral platform decisions.

Building a Sustainable Incentive System

Pump.fun stated that during 2026, it will continue to optimize the fee model with the goal of ensuring creator earnings while enhancing the platform’s overall sustainability. Through this series of adjustments, the platform aims to establish a healthier, longer-term incentive system within the Solana memecoin ecosystem.

Summary

Pump.fun’s adjustment reflects a mature understanding: a good platform mechanism not only attracts participants but also guides them to behave in ways that promote ecosystem health. From simple deployment fee optimization to flexible fee distribution and trader voting, this is an upgrade from “quantity” to “quality.”

The surge of 30,000 memecoins issued daily on Solana is both a sign of ecosystem revival and a stress test for platform incentive mechanisms. Pump.fun’s adjustments show that the platform is learning how to maintain activity while improving market quality. This may be more meaningful for the long-term development of the entire memecoin ecosystem than merely increasing issuance numbers.