Activity on Solana's once-dominant memecoin launchpad Pump.fun has continued to deteriorate, with token graduation rates, revenue and broader network fees all falling sharply in recent months.

The seven-day average of Pump.fun's percentage of graduated tokens fell to 0.26% last week, representing an 80% decline in the last three months. Meanwhile, the platform's revenue has averaged just $800,000 per day so far in June, an abysmal falloff compared to the $4.8 million per day it used to generate just six months ago.

Pump.fun's revenue declined 25% month-over-month into June while its graduation rate dropped 53% over the same window. This divergence indicates they might be propping up dollar revenue through ancillary fee streams such as trading fees from PumpSwap AMM or sponsored listing flows, while the launchpad's core function of converting new token creations into successful market cap milestones has broken down significantly.

The platform's fall from grace is best reflected in the (PUMP) token itself, which is down 40% in the last six months.

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Due to the significance of Pump.fun to the broader Solana network, these declines have spilled over onto Solana itself. The fees generated by the Solana network in June so far come down to just 5,300 SOL per day, a stark decline from the 33,000 SOL per day it used to generate in January.

It is also a fair assumption that a large percentage of the capital that previously farmed Solana memecoins has migrated toward perp trading, be it crypto, equities, or commodities, on Hyperliquid. This is consistent with HIP-3's steep acceleration, where equity perp volume on trade.xyz has been trending in the opposite direction as Solana’s previously memecoin-dominant activity base.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.