Pump.fun, a Solana-based memecoin launch platform, is preparing to launch its native token, PUMP, on 12 July via an initial coin offering (ICO).
The launch represents an important step for the rapidly expanding platform, which aims to enter the social media world by going beyond simple token launches.
With a planned allocation strategy targeting institutional investors, retail users, internal teams and ecosystem development, PUMP's total supply will be capped at one trillion tokens.
Thirty-three per cent of the total supply will be for ICOs: 15 per cent will be reserved for the public, with listings planned on well-known exchanges such as Kraken, Bybit, KuCoin, Gate.io, Bitget and MEXC; the remaining 18% will go to institutional investors via a private sale.
All tokens sold during the ICO will be fully unlocked and free of vesting period, with a price set at $0.004 per unit.
The public sale will end on 15 July at 14:00 UTC, unless all 150 billion available tokens are sold before that date. Although purchasers will receive the tokens shortly after the conclusion of the sale, they will only be able to transfer them after a period of 48-72 hours.
However, participation in the ICO is prohibited for citizens of the United States and the United Kingdom.
Despite the enthusiasm, the distribution of the tokens has drawn criticism. Rex, a researcher in the crypto sector, called tokenomics "exploitative", pointing out that over 40% of the supply is allocated to the team and insiders, while the community - which has helped generate over $750 million in revenue - receives only a minor portion.
He stated:
"The reward for the community, which is supposed to be the purpose of $PUMP, is announced as 'coming soon', which is another way of saying 'we don't really have a plan for an airdrop'."
Pump.fun also revealed its intention to transform itself from a simple launchpad to a decentralised social platform after the ICO. The aim is to create an on-chain alternative to platforms such as Facebook, TikTok and Twitch, without monetising users' attention.
Co-founder Alon Cohen emphasised the company's goal: to help users monetise attention and discover new talent early by supporting online communities, creators and streamers.
Imagine a future where social interaction between crypto-native users will drive the next evolution of online communication.
