Pump.fun adds platform fee; PUMP burns another 167.4 million tokens the same day
As of October 18, 2026, 10:30 (UTC+8), four new public facts:
1. On October 17, Pump.fun began charging a 0.45% platform fee on web and mobile trades, reduced to 0.40% when a referral code is used. The fee does not apply to Terminal, third-party interfaces, or Hyperliquid perpetual trading within Pump. Stage: delivered in practice → revenue recognition; evidence: B+. Research implication: the right to charge fees is strengthened, but interface bypasses, referral sharing, and discretionary waivers could result in revenue leakage.
2. On October 17, Pump.fun’s official records showed that it spent approximately 7,400 SOL, or about $770,000, to buy back and permanently burn 167.4 million PUMP. Cumulative burns reached 172.31 billion tokens, or 17.231% of the initial supply. Stage: token value realization; evidence: A1/A2. Research implication: the actual reduction in supply is established, but it remains unclear whether the new platform fees are included in the definition of revenue subject to the 50% buyback; they must still be assessed alongside unlocks and affiliated-party supply.
3. As of October 18, 09:49, the BNC company dashboard showed 52,853,688 fully diluted shares, including 363,636 unvested RSUs; the company held 515,544 BNB. Stage: asset value per share; evidence: A2. Research implication: the previous model omitted unvested RSUs, overstating BNB per fully diluted share by approximately 0.69%. This is a methodology adjustment, not a new share issuance on the day.
4. As of October 18, 10:30, the SEC issuer index still showed no new EFFECT, 424B5, financing-closing 8-K, BNB purchases, or node revenue filings for BNC. Stage: no progress in capital commitment, asset inflows, or revenue recognition; evidence: A1. Research implication: the capital flywheel has not yet advanced to a new stage, and a market discount cannot substitute for evidence of actual financing and increased BNB per share.
Sources: Pump.fun’s official fee terms and Token Dashboard, the BNC company dashboard, and the SEC issuer index. See today’s research report for the full links.
As of October 18, 2026, 10:30 (UTC+8), four new public facts:
1. On October 17, Pump.fun began charging a 0.45% platform fee on web and mobile trades, reduced to 0.40% when a referral code is used. The fee does not apply to Terminal, third-party interfaces, or Hyperliquid perpetual trading within Pump. Stage: delivered in practice → revenue recognition; evidence: B+. Research implication: the right to charge fees is strengthened, but interface bypasses, referral sharing, and discretionary waivers could result in revenue leakage.
2. On October 17, Pump.fun’s official records showed that it spent approximately 7,400 SOL, or about $770,000, to buy back and permanently burn 167.4 million PUMP. Cumulative burns reached 172.31 billion tokens, or 17.231% of the initial supply. Stage: token value realization; evidence: A1/A2. Research implication: the actual reduction in supply is established, but it remains unclear whether the new platform fees are included in the definition of revenue subject to the 50% buyback; they must still be assessed alongside unlocks and affiliated-party supply.
3. As of October 18, 09:49, the BNC company dashboard showed 52,853,688 fully diluted shares, including 363,636 unvested RSUs; the company held 515,544 BNB. Stage: asset value per share; evidence: A2. Research implication: the previous model omitted unvested RSUs, overstating BNB per fully diluted share by approximately 0.69%. This is a methodology adjustment, not a new share issuance on the day.
4. As of October 18, 10:30, the SEC issuer index still showed no new EFFECT, 424B5, financing-closing 8-K, BNB purchases, or node revenue filings for BNC. Stage: no progress in capital commitment, asset inflows, or revenue recognition; evidence: A1. Research implication: the capital flywheel has not yet advanced to a new stage, and a market discount cannot substitute for evidence of actual financing and increased BNB per share.
Sources: Pump.fun’s official fee terms and Token Dashboard, the BNC company dashboard, and the SEC issuer index. See today’s research report for the full links.