Gate News: Memecoin token issuance platform Pump.fun has updated its creator fee distribution mechanism, now allowing token issuers to change the fee reception method only once after launch. Co-founder Alon Cohen stated on X (Twitter) that this move aims to prevent fee redirection from being abused or used for market manipulation. Once the change is made, the configuration will be permanently locked.
This update continues the platform’s reforms earlier this year. In January, Pump.fun adjusted multi-wallet distribution and post-launch control mechanisms to improve transparency and tie rewards more closely to trader activity. The subsequent launch of “Cashback Coins” also required creators to specify fee allocation at launch, with no further changes allowed. This latest update further restricts creators from adjusting the specific wallet receiving fees after going live.
Community reactions are mixed. Some users believe this change may not significantly improve overall trading dynamics on the platform, with comments describing its effect as “a drop in the bucket,” but at least it shows the team is aware of potential trust issues.
Platform activity and revenue are trending downward. According to DefiLlama data, Pump.fun’s revenue in January 2026 was approximately $31.8 million, down about 75% from $148 million in January 2025. February revenue was $25 million, a 66% decrease year-over-year. Trading volume also declined sharply, with over $11.6 billion in January 2025, but only about $2.1 billion in January 2026—a drop of 81%. February trading volume was approximately $1.91 billion, down 68% year-over-year.
This update indicates that Pump.fun is attempting to enhance transparency and market fairness in token issuance by limiting fee adjustment opportunities. However, it also reflects ongoing pressure on the platform’s trading volume and fee revenue. The incentives between creators and traders still need further optimization to address the challenges brought by declining activity.
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