Pump.fun fees: separating ecosystem revenue from protocol revenue

Approximately $2.104 BILLION in cumulative ecosystem fees, including $1.297 BILLION in protocol revenue.

By September 12, Lookonchain’s cumulative tally reached 5,188,629 SOL, valued at approximately $842 MILLION, in reported SOL disposals.

That tracking includes exchange deposits, which do not prove the money was subsequently withdrawn into fiat bank accounts.

Here is a partial chronology of publicly reported SOL transfers to Kraken. Dates refer to the reports; dollar amounts are approximate values at the time:

November 26, 2024: $22M.
December 4, 2024: 200,000 SOL, $47.17M.
January 1, 2025: 292,437 SOL, $55.50M.
January 2, 2025: 63,171 SOL, $13.11M.
January 21, 2025: 116,055 SOL, $28M.
January 29, 2025: 90,000 SOL, $20.50M.
February 7, 2025: 140,285 SOL, $26.61M.
February 13, 2025: 148,759 SOL, $28.22M.
February 26, 2025: 87,787 SOL, $12.58M.
March 18, 2025: 196,370 SOL, $25.30M.
March 25, 2025: 54,113 SOL, $7.81M.
April 1, 2025: 65,284 SOL, $8.16M.
April 22, 2025: 95,934 SOL, $13.34M.
April 25, 2025: 117,913 SOL, $18.26M.
May 11, 2025: approximately 132,000 SOL, $22.88M.
May 30, 2025: 156,425 SOL, $25.74M.
June 10, 2025: 132,180 SOL, $20.87M.
May 19, 2026: 82,700 SOL, $7.02M.
May 28, 2026: 100,628 SOL, $8.32M.
June 12, 2026: approximately 67,000 SOL, $4.51M.
July 8, 2026: 122,498 SOL, $10.08M.
July 18, 2026: 81,712 SOL, $6.15M.
August 7, 2026: 84,789 SOL, $6.25M.
August 20, 2026: 72,252.69 SOL, $6.30M from a wallet reportedly linked to https://t.co/QXqoP4WBTM.
August 31, 2026: 132,937 SOL, $13.74M.
September 12, 2026: 77,705 SOL, $7.88M.

These 26 entries alone add up to approximately $466.30M in reported transfer values. Several entries combine multiple transfers. This is a partial subtotal within the broader history, not an additional amount on top of the $842M.

Separately reported cumulative stablecoin deposits to Kraken:

December 28, 2025: $617.5M since October 15.
January 13, 2026: $844.8M, including a newly reported $148.48M tranche.

Those totals overlap.

They also include token-sale treasury funds, and https://t.co/QXqoP4WBTM disputed the cash-out interpretation, describing the movements as treasury management.

They cannot honestly be presented as another independently confirmed $844.8M in fiat withdrawals. "Team response" https://t.co/OOIxAEeuNo

I have no issue with a company paying employees, covering infrastructure or making a profit.

I have an issue with people treating the operator’s ability to collect enormous fees as sufficient proof that the whole ecosystem is winning.

The money collected by the platform comes from somewhere.