Solana memecoin launchpad Pump.fun announced Tuesday 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 (PUMP) tokens were worth around $370 million, accounting for 36% of the native token's circulating supply.

"We believe there was a lack of trust — in the longevity of the business, the certainty of buybacks, and what the bought-back tokens would be used for," Pump wrote. "Today, uncertainty is being addressed head-on by taking a community-first approach."

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.

"The remaining 50% of revenue will be used to build a sustainable business with less reliance on our existing treasury," Pump said on X. "We’ll be able to more aggressively hire to build elite product teams, take bigger bets, and push marketing campaigns across our product suite to build an incredibly successful ecosystem."

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For decades

Alon Cohen, co-founder of Pump, also weighed in on the platform's new buyback program, explaining why it shifted from buying back tokens with 100% of revenue to spending 50%.

"A large treasury gives us the flexibility to make big bets over the next 5-10 years, and 50% of ongoing revenue enables us to build better products," the co-founder said. "Every dollar not burned is a dollar being put to work toward the same outcome."

Cohen highlighted his vision for Pump, which is to continue growing for the coming decades and transform it from just a memecoin launchpad into a default platform for launching anything tokenizable.

Last month, Pump became the first platform on Solana to surpass $1 billion in cumulative revenue since launching in January 2024. According to DefiLlama data, Pump made over $664 million in revenue across the memecoin launchpad, PumpSwap, and Padre. It has reported nearly $150 million in revenue so far this year.

Meanwhile, the price of PUMP rose 7.1% in the past 24 hours to $0.0019 as of 10:10 p.m. ET on Tuesday.