Mekanisme biaya Pump.fun mengalami penyesuaian besar: dari insentif pembuat hingga dominasi trader

Pump.fun co-founder Alon Cohen recently announced a major reform of the creator fee mechanism. While the existing dynamic fee system has successfully incentivized numerous creators to launch tokens on the platform, it has exposed the problem of misaligned incentives—excessively encouraging low-risk token issuance while weakening high-risk, high-value trading activities. The new direction is to adopt a market-driven approach, allowing traders to decide whether a token narrative deserves creator fees and how to utilize these fees.

Why the existing mechanism needs adjustment

Misaligned incentive direction

The dynamic fee V1 version launched a few months ago did achieve results. Many novice creators began issuing tokens on Pump.fun and hosting livestreams, and the platform created “the best on-chain environment” in 2025 with trading volume doubling. However, the problem with this model is that it incentivizes easy things (creating tokens) rather than difficult and more valuable things (trading and taking risks).

Insufficient utility

For ordinary Meme coin deployers, the existing fee mechanism has failed to significantly change their behavior. Creator fees lack practical use cases—for example, it’s difficult to effectively use them for community building, celebrity collaborations, or other activities that enhance token ecosystem. This has resulted in the fee mechanism becoming merely a formality rather than a tool that truly drives platform ecosystem development.

Questionable sustainability

Alon Cohen explicitly stated that this model is “not sustainable.” Design that excessively incentivizes low-risk activities will in the long term undermine the platform’s healthy development and impact token quality and user experience.

New direction: The significance of market-driven decision making

From platform decision-making to market decision-making

The core of the reform is a power shift. Rather than the platform unilaterally determining the fee mechanism, traders will decide through market behavior. This reflects decentralization principles—market participants vote with their feet to determine which narratives deserve creator fees and how fees should be allocated most effectively.

Recalibration of incentive structure

The new mechanism will adjust the incentive chain to: successful tokens are more likely to emerge in environments that incentivize trader participation, provide liquidity, create trading volume, and encourage risk-taking. This means the platform will shift from being “creator-friendly” to “trader-friendly,” from encouraging supply-side to encouraging demand-side.

Market performance of PUMP token

As of now, PUMP token ranks 71st by market cap at a price of 0.002275 USD, with a 24-hour increase of 6.83%. The platform’s reform announcement itself has also driven the token price higher, reflecting market recognition of the reform direction.

Potential impact on the ecosystem

This reform reflects a deeper transformation in the Meme coin ecosystem. While Pump.fun driven Meme coin prosperity in the Solana ecosystem in 2025, as the market matures, simple “token issuance incentives” are no longer sufficient to maintain a healthy ecosystem. The introduction of the new mechanism is expected to:

• Improve token quality and reduce meaningless air coins
• Strengthen trader participation and willingness to take risks
• Make fee mechanisms a genuine part of token economic design, rather than merely a platform revenue source

Conclusion

Pump.fun’s reform is essentially correcting misaligned incentives. The shift from “encouraging token issuance” to “encouraging trading” may seem simple, but it actually reflects the platform’s deep thinking about its own ecosystem. The new mechanism empowers market participants, allowing traders to determine the value and use of fees, which is a more mature and sustainable direction. The specific details of the new plan will be announced later, but the direction of this change is clear—Pump.fun is evolving from a “token factory” to a “trading market.”