Name: pump.fun Revenue Metrics
Creator: Token Terminal
License: https://tokenterminal.com/terms

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pump.fun

# pump.fun Revenue Methodology

## 1. Overview

The portion of fees retained by a project, as determined by its take rate, is measured as pump.fun revenue. How much the project earns from selling its product or service, before cost of revenue, token incentives, and operating expenses, is shown by this metric. A dual calculation approach is utilized: for historical data (before May 13, 2025), revenue is derived from trading volume using a fixed 1% fee rate, while for current data (after May 13, 2025), revenue is calculated directly from protocol fee amounts extracted from `TradeEvent` from the pump.fun program. Improved data availability and the requirement to separate protocol revenue from creator fees are reflected by this transition.

## 2. Data sources

- **Blockchain events**: `TradeEvent` from the pump.fun program and Solana DEX trade records, covering Solana
- **External data**: Asset metadata for decimal normalization and end-of-day price feeds for assets

## 3. Step-by-step calculation

### Component A: Historical revenue calculation (pre-May 2025)
- **Purpose**: The calculation of revenue from trading volume for periods before granular fee data was available
- **Logic**: Trades are extracted from Solana DEX data where the executing program is matched with the pump.fun program account. For buy orders, the `base_amount` is summed when the base asset is SOL. For sell orders, the `quote_amount` is summed when the quote asset is SOL. Daily trading volumes are aggregated and pump.fun's 1% fee structure is applied, calculated as trading volume multiplied by 0.99 (representing the portion subject to fees) then multiplied by 0.01 (the 1% fee rate).
- **Key fields**: `base_amount` and `quote_amount` from trades, `instruction_type` for buy/sell classification, `base_mint_address` and `quote_mint_address` for SOL identification

### Component B: Current revenue calculation (post-May 2025)
- **Purpose**: The extraction of actual protocol fees from pump.fun instructions, excluding creator fees
- **Logic**: `TradeEvent` from the pump.fun program is processed to extract `fee` amounts (protocol fees) while excluding `creator_fee` amounts. The quote asset is identified using the `quote_mint` field, defaulting to the native SOL asset if the field is null or is equal to the default public key. Raw fee amounts are retained in native units to be normalized by decimal precision downstream. Daily protocol fees are aggregated by summing all `fee_amount` values, ensuring only the protocol's revenue portion is captured.
- **Key fields**: `fee` for protocol revenue, `creator_fee` for excluded creator payments, `quote_mint` for asset identification, `block_timestamp` for daily aggregation

### Component C: Trading volume foundation (for historical calculation)
- **Purpose**: The calculation of SOL trading volume from DEX trades to support fee-based revenue calculation
- **Logic**: Solana DEX trades from the pump.fun program are processed, and decimal corrections are applied using asset metadata. For buy orders, `base_amount` is used when the base asset is SOL. For sell orders, `quote_amount` is used when the quote asset is SOL. Filtering is applied specifically for the SOL asset address, and daily volumes are aggregated by transaction timestamp.
- **Key fields**: `base_amount`, `quote_amount`, decimal-corrected amounts, daily timestamps

### Component D: USD conversion and aggregation

- **Purpose**: The combination of historical and current revenue components, normalization of amounts, and conversion to USD
- **Logic**: Historical revenue (fee-based) is unioned with current revenue (direct protocol fees) using a timestamp boundary at May 13, 2025. For current revenue, amounts are normalized by decimal precision using asset metadata. All asset amounts are converted to USD using end-of-day price feeds. Timestamps are truncated to daily boundaries, and zero-filling is applied for missing dates to ensure a complete time series.
- **Key fields**: `timestamp`, `revenue`, `price_usd`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

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