Solana-based memecoin launchpad Pump.fun has unveiled the Glass Full Foundation (GFF), a new liquidity initiative aimed at supporting selected projects in its ecosystem, as the platform grapples with a sharp decline in revenue and growing competition.
In a post on X, Pump.fun said the foundation will “inject significant liquidity into ecosystem tokens to support our most diehard cults,” though it offered no details on how recipient projects are chosen or where the funds are coming from.
Initial capital deployments have already begun, with additional support planned, the platform added.
The announcement follows a steep drop in Pump.fun’s platform revenue — from over $7 million per day in January during a memecoin boom to roughly $200,000 daily in recent weeks, according to on-chain data. The downturn has coincided with a rise in activity on LetsBonk.fun, a competing launchpad tied to the Bonk community, which became the top Solana launchpad by issuances last month.
Memecoin Giants, Unclear Funding
Pump.fun’s ecosystem includes tokens like fartcoin (FART), which recently topped $1 billion in market cap, and peanut the squirrel, a token inspired by a viral pet that gained $253 million in value — despite the project’s meme-heavy branding.
While GFF’s formation mirrors other crypto project foundations — which are typically nonprofit entities guiding a project’s development — Pump.fun has not clarified whether the foundation is legally formalized or how it will be governed.
Last month, Pump.fun launched its native token, PUMP, via an initial coin offering that reportedly raised $600 million in just 12 minutes. It followed with a multimillion-dollar token buyback, suggesting it has access to significant liquidity — though it remains unclear whether those funds are now being used to power GFF.
“The Foundation will help our mission of growing the Solana ecosystem exponentially,” the announcement read, echoing Pump.fun’s earlier statements about decentralizing and expanding its network of supported tokens.
Pump.fun’s move to stabilize its ecosystem comes amid intensifying pressure from LetsBonk.fun, which is integrated with decentralized exchange Raydium and enjoys backing from the highly active Bonk memecoin community.
Industry watchers say the creation of a liquidity-focused foundation could help Pump.fun retain top-tier projects, but the lack of transparency over funding sources and selection criteria may raise governance questions.