Solana memecoin launchpad Pump.fun announced that it has burned all bought-back PUMP, and is launching a new buyback-and-burn program funded by 50% of future net revenue.
In an X post, Pump stated that the burned PUMP tokens were worth around $370 million, accounting for 36% of the native token’s circulating supply.
Additionally, Pump is launching a programmatic buyback and burn scheme, allocating 50% of revenue for one year to remove a substantial amount of supply from circulation to enhance trust and sustainability for the ecosystem.
The team explained that 50% of the net revenue from the Pump.fun bonding curve, PumpSwap, and Terminal will be used to automatically buy back and burn PUMP from the open market via an irreversible locked smart contract for one year.
Pump said the remaining 50% of revenue will be allocated toward building a more sustainable business with reduced dependence on its existing treasury.
The company plans to use the funds to accelerate hiring for elite product teams, take bigger strategic bets, and expand marketing campaigns across its product suite to strengthen and scale its overall ecosystem.
Source: X.com
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