The fast-money phase of Meme coins has cooled this year, but the platforms that handle token launches and trading are still pulling in sizable revenue.
Broader crypto market performance has remained weak, and altcoins have largely underperformed. Discussion in alpha groups and airdrop communities has also eased. Meme coins are one of the few areas that still produce recurring bursts of attention. The market no longer sees many tokens racing to a $50 million or $100 million market cap shortly after launch, yet new hot spots still appear, from CASHCAT on Robinhood Chain to the stock-themed Meme token MarsCoin on BNB Chain.
That has kept users active on tools built around Meme creation and trading. Using DefiLlama data, the report breaks the sector into two groups: token issuance platforms and Meme trading tools.
Issuance platforms are still monetizing early trading demand
Pump.fun: $34.68 million in 30-day revenue
As of Aug. 11, Pump.fun generated $34.68 million in revenue over the previous 30 days, with trading volume reaching $1.718 billion.
Its revenue engine is straightforward. Users can create tokens for free, but trades executed during the Bonding Curve phase are charged a fee. Under Pump.fun’s latest pricing, the total fee on each Bonding Curve trade is 1.25%, with 0.95% going to the protocol and 0.30% going to the token creator. When a token graduates from Pump.fun into PumpSwap, the platform also charges a 0.015 SOL graduation fee.
Flap: $5.58 million in 30-day revenue, mostly from BNB Chain
Flap benefited from the recent stock Meme wave on BNB Chain. As of Aug. 11, the platform had generated $5.58 million in revenue over the last 30 days. Of that total, $5.05 million came from BNB Chain, accounting for more than 90%, while Robinhood Chain contributed $529,000. Trading volume during the same period was $908 million.
Flap uses a Bonding Curve model similar to Pump.fun’s, with newly issued tokens moving to a DEX after completing the curve stage. One distinction is that Flap supports both standard tokens and Tax Tokens, allowing creators to set a trading tax. MarsCoin, one of the recent stock Meme tokens that gained traction, was issued through Flap as a Tax Token. The report notes that DefiLlama’s revenue data covers only the protocol fee and does not include the trading taxes set by Tax Tokens themselves.
Flap’s direct revenue source remains Bonding Curve trading fees. On BNB Chain, Robinhood Chain, X Layer and Monad, the base protocol fee is 1%, meaning the platform takes a cut every time users buy or sell tokens during the curve phase.
Pons: about $4.99 million in protocol revenue over 30 days
After Meme activity surged on Robinhood Chain, Pons quickly became one of the ecosystem’s main token launch platforms. On July 15, Pons issued more than 15,000 tokens in a single day, taking the top spot among Robinhood Chain token launchpads for the first time. It kept that lead for about half a month before being overtaken in recent days by Pool.trade and Flap.
Higher issuance translated into fees. As of Aug. 11, Pons had generated $18.76 million in fees over the previous 30 days, with around $4.99 million attributable to the protocol. Using its V1 trading fee of 1% as a rough reference point, the report estimates total platform volume at about $1.8 billion.
Pons is a native token issuance platform on Robinhood Chain that allows users to create and trade Meme coins directly. It has recently launched V2, where new tokens first go through a Bonding Curve stage and then move into Uniswap V4 after meeting graduation requirements. Trading after graduation still follows the fee distribution rules defined by Pons.
Its revenue comes from both issuance and trading. In V1, creating a token costs 0.0005 ETH, and trades in platform-issued tokens are charged a 1% fee. Not all of that goes to Pons: about 70% is distributed to token creators, while the protocol keeps roughly 30%. In V2, the revenue base expands to include token creation fees, Bonding Curve trading fees and fees generated after tokens move into Uniswap V4, while keeping the same split of about 70% to creators and 30% to the protocol.
Pons also directs part of protocol revenue toward token support. According to its official documentation, 80% of protocol fees are planned for PONS buybacks and burns, with the remaining 20% allocated to infrastructure and team operations.
Trading tools are monetizing orders, copy trading and high-frequency flow
GMGN: about $19.81 million in net 30-day revenue
GMGN does not issue tokens. Instead, it offers market data, monitoring and execution tools built around Meme trading, then takes a fee on user transactions.
As of Aug. 11, GMGN handled $2.584 billion in trading volume over the prior 30 days and generated $23.87 million in fees. After invitation rebates, about $19.81 million was left as GMGN’s net revenue. Robinhood Chain contributed $11.67 million, while BNB Chain and Solana contributed $4.93 million and $2.41 million, making Robinhood Chain GMGN’s largest revenue source at this stage.
The fee model is direct: GMGN charges 1% of trade value whenever a user completes a trade through the platform, with part of that redistributed through referral rebates. The example in the report is a purchase of a Meme coin worth 1 SOL, which would incur a 0.01 SOL fee. Copy trading is charged at the same rate.
Axiom: about $14.67 million in revenue, almost entirely from Solana
Axiom operates in a similar segment. It provides token discovery, market analysis, wallet tracking, X monitoring and one-click trading, with Solana remaining its core market.
As of Aug. 11, Axiom recorded about $1.337 billion in trading volume over 30 days and generated $23.91 million in fees. After deducting referral rebates and user cashback, final revenue was about $14.67 million. Of the fee total, $23.84 million came from Solana, while BNB Chain contributed only about $66,000, leaving the platform overwhelmingly dependent on Solana activity.
Axiom’s main revenue source is transaction fees collected from trades completed through the platform. Its base trading fee is 1%, but it also offers a volume-linked cashback system. The higher a user’s trading tier, the larger the rebate, leaving an effective net fee rate of about 0.75% to 0.95%. Part of the fee pool is also shared with inviters.
fomo: about $8.79 million in protocol revenue over 30 days
fomo drew fresh attention over the weekend after chatter spread in overseas Meme communities that Pump.fun had spent heavily to poach staff from the rival platform. The report references a separate item describing a "$20,000 signing bonus + $30,000 monthly salary" package. Set that aside, and fomo’s recent revenue still stands out on its own.
As of Aug. 11, fomo generated $9.48 million in fees over the last 30 days, of which about $8.79 million belonged to the protocol. Spot trading volume during the same period was about $617 million, and perpetual futures volume was about $360 million.
Unlike GMGN and Axiom, which lean toward professional onchain trading terminals, fomo puts more emphasis on social trading. Users can watch other traders’ activity, rankings and live trade feeds, then place spot trades or copy trades in Meme tokens and other assets. Most of its spot activity is concentrated on Solana. Over the last 30 days, about $8.64 million in revenue came from Solana spot trading, while Hyperliquid perpetuals contributed about $153,000.
Its fee model is still transaction-based. Under the latest terms of service, spot trades are charged at a minimum of 0.5% of each trade’s value, with a minimum fee of $0.95 per trade. Perpetual futures trades carry an additional 0.05% platform fee. Because many Meme traders execute small, frequent orders, the $0.95 minimum fee has become an important contributor to fomo’s revenue.
Meme speculation may fade, but fee businesses remain active
The revenue picture shows that even as the direct wealth effect of Meme coins weakens, the infrastructure around them still captures meaningful cash flow. Token launchpads are monetizing creation fees, Bonding Curve trading and graduation events. Trading tools are collecting commissions on spot trades, copy trading and derivatives activity, while adjusting the final take through cashback and referral programs.
The main revenue centers are also diverging across chains. Pump.fun remains one of the strongest fee generators tied to Solana-style Meme issuance. Flap and Pons have benefited from traffic on BNB Chain and Robinhood Chain. GMGN now gets its biggest contribution from Robinhood Chain, Axiom remains heavily concentrated on Solana, and fomo’s income is still led by Solana spot trading. The hot token may change, but the fee stream around Meme trading is still very much alive.