Pump.fun (PUMP) Burn

From the 12 Jul 2025 ICO to late April 2026, Pump.fun spent all of its revenue buying PUMP on the market and held it — no burn. Per DefiLlama, pump.fun + PumpSwap revenue over those nine months was about $353M. On 28 Apr 2026 the accumulated tokens were burned at once: this ledger measured total supply falling by 128,290,079,138 PUMP, worth $228M at that day's $0.00178 — 36% of circulating supply at the time, and still 78% of lifetime burn today. Dividing $353M by 128.29B gives an estimated average buy price of $0.0027, 50% above the burn-day price: the buy-and-hold programme bought high and burned at the bottom.

The policy changed the same day: 50% of net fees from the bonding curve, PumpSwap and Terminal now flow automatically into a locked contract that buys PUMP on the market and burns it immediately — not editable, not reversible; the other half funds operations, hiring and acquisitions. Pump.fun said plainly why: nine months of routing 100% of revenue had not held the price (PUMP fell from its $0.0088 ATH on 14 Sep 2025 to $0.00115 on 25 Jun 2026, −87%). Since then the mechanism depends on nobody's decision — and there is no big purchase left to wait for.

The authority 99mRw3…4F3c spends SOL, buys PUMP through Jupiter or PumpSwap and calls burn in the same transaction — a sample fill on 2 Sep: 0.297 SOL for 6,808 PUMP, burned within seconds. This ledger aggregated 1,735,085 fills from 25 Apr to 29 Aug 2026: May burned 8.85B ($16.3M), June 8.43B ($12.6M), July 9.13B ($15.5M), August 8.14B ($24.1M) — slightly fewer tokens while dollars rose, because the price tripled off the low. Since 29 Apr: 35.9B PUMP, $68.5M.

The 50% promise checks out day by day: 12 Aug spent $872k on $1.66M of revenue (52%), 19 Aug $1.04M on $2.13M (49%), 27 Aug — the biggest spend day — $1.47M on $2.95M (50%). All of August: $24.1M on $52.6M, 46–47% counting the two days Dune missed. On-chain supply matches the sum of fills: 1,000B − 835.87B = 164.13B burned (16.4% of max supply).

Pump.fun earned $321M in 2024, $648M in 2025 and $286M in 2026 through 1 Sep — $1.26B in total, of which PumpSwap (since Feb 2025) contributed $145M. The peak was January 2025: $149.8M, with 24 Jan 2025 bringing in $15.5M — a record still standing. Since Jul 2025 monthly revenue has ranged $20–55M; August 2026 hit $52.6M, up 69% on July and the highest since September 2025, with PumpSwap at 30%. Price followed: from the $0.00115 low on 25 Jun 2026 to $0.0041 on 3 Sep 2026.

At August revenue and early-September-2026 prices, the burn machine spends ~$0.8M a day, about 95B PUMP a year — 11% of total supply per year if the price stood still. That is the number to compare with the unlock schedule, not with the ATH.

Total supply 1,000B: ICO 33% (330B, sold 12 Jul 2025), community & ecosystem 24%, team 20% (200B), existing investors 13% (130B), livestreaming 3%, liquidity 2.6%, ecosystem fund 2.4%, foundation 2%. Team and investors were locked for 12 months: on 12 Jul 2026, 89.4B unlocked (25% plus the first month — ten times the whole of July's burn), then 6.875B a month around the 11th–12th (4.17B team + 2.71B investors) through mid-2029; 233.75B remain locked.

Head to head: August burned 8.14B, August unlocked 6.875B — the burn machine currently edges the vesting schedule by about 18%, for the first time since the cliff ended. The balance is fragile: if revenue returns to June's level ($25M) at early-September-2026 prices, burn drops to ~3.9B a month, 57% of the unlock. The "Burn / unlock balance" card above recomputes this ratio daily from the last 30 days of burn.

The 25 Apr–29 Aug 2026 daily series aggregates every burn instruction on the PUMP mint (Dune): fill count, SOL spent in USD, PUMP burned. From 30 Aug, burn = the change in on-chain total supply (getTokenSupply) between two 00:00 UTC snapshots — SPL cannot query past supply, so it cannot back-fill, and a single day can shift by tens of millions depending on snapshot timing. The 28 Apr round sits in the events table because it was a one-off, matching the supply drop. Revenue = DefiLlama pump.fun + pumpswap (the protocol's take). Circulating supply comes from CoinGecko, which changed its method on 28 Aug (674.7B → 396.9B, excluding unvested tokens) — this ledger follows it. Unlocks from DefiLlama; price, ATH/ATL from CoinGecko.