SecondLane lists a 1% stake in Pump.fun for $15 million, valuing the platform at $1.5 million

SecondLane, a private markets trading platform, has listed a 1% stake in Pump.fun for $15 million.

This puts Pump.fun’s fully diluted valuation (FDV) at $1.5 billion.

Tokens launch and new trading features

Participation can be purchased on SecondLane’s web app and through its Telegram channel, where new deals are announced regularly.

Pump.fun, which has yet to release a native token, is a Solana-based platform built around the meme coin trading frenzy. It has attracted a significant user base and has considerable transaction volume.

According to data from DefiLlama, Pump.fun is currently the eighth highest-earning blockchain protocol, just below key players such as Circle and Uniswap. Over the past 30 days, he has generated $86 million in commissions and his cumulative commission income is over $225 million.

PitchBook shows that it has also raised funds from notable investors, including Alliance DAO, Big Brain Holdings, and 6th Man Ventures.

In October 2024, the Pump.fun team hinted at a future token release, although they did not provide a specific timeline for the event. They also shared plans for an improved trading terminal called “Pump Advance,” which is expected to introduce mini-charts, headline data and social indicators to help traders navigate the increasingly crowded meme coin market.

Incentives amid high testimonial failure rate

Despite its popularity, Pump.fun faces many challenges. Data from Dune Analytics shows that approximately 98% of meme coins listed on the platform have failed.

To address this, the team behind the project introduced an $80 incentive in August 2024 to encourage token creators to complete the link curve and successfully list their tokens on Raydium. The platform has also reduced its token launch fee from $2 to zero.

The platform was also recently forced to pause its live streaming feature after increasing instances of inappropriate content. Some users had resorted to broadcasting acts of self-harm, threats of self-harm or other disruptive or violent acts to pump up their listings.

The meme coins themselves, which are Pump.fun’s bread and butter, have also drawn mixed reactions within the crypto community. Prominent figures such as former Binance CEO Changpeng Zhao (CZ) have criticized the growing number of these assets, suggesting that developers should focus on creating more useful blockchain applications.

Ethereum co-founder Vitalik Buterin has also called for cryptocurrency builders to stop copying and pasting meme coins and instead turn them into more exciting blockchain games.

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