Crypto’s Creator Economy Booms: Pump.fun’s Buyback Strategy Poses a Threat to Hyperliquid’s Leading Position

Pump.fun, built on Solana,

launchpad, has overtaken Hyperliquid in terms of 24-hour protocol earnings, pulling in $3.12 million versus Hyperliquid’s $2.48 million, according to data from DeFiLlama title1 [ 1 ]. This development marks a notable shift within crypto, positioning Pump.fun as the third-highest daily revenue generator, behind only stablecoin leaders ($21.7 million) and ($7.62 million). The recent jump follows the platform’s early September “Project Ascend” update, which rolled out a dynamic fee mechanism tied to token market capitalization, aiming to encourage long-term viability title7 [ 6 ].

Hyperliquid, a platform for decentralized perpetuals trading, has traditionally led in revenue thanks to its 50x leverage. However, its latest daily revenue figure of $2.48 million is a 15% decrease from its early September peak of $2.9 million title4 [ 4 ]. Despite the advantages of its Layer-1 system and USDH/USDC compatibility, Hyperliquid now finds itself behind Pump.fun as retail activity in memecoins increases title1 [ 1 ].

Pump.fun’s earnings have soared thanks to aggressive buybacks of its own PUMP token. Since July 15, all of its net revenue has gone toward buying back tokens, shrinking the circulating supply by 6.67% with $97.3 million spent on repurchases title2 [ 2 ]. This approach has pushed the PUMP token to $0.008354—a 54% rise since the buyback campaign began title8 [ 7 ]. By comparison, Hyperliquid’s HYPE token, which reached a record high of $59.29 in late August, has had little price movement despite generating $2.75 million in daily revenue in early September title1 [ 1 ].

The comeback of memecoins is also visible in larger market indicators. The total market capitalization for memecoins surged to $83 billion at the end of August. Pump.fun’s built-in DEX, PumpSwap, logged $878 million in daily trading volume—outpacing other

DEX platforms like Raydium title11 [ 8 ]. Meanwhile, Hyperliquid’s 30-day revenue reaching $651 million shows its dominance in derivatives, but its 24-hour numbers highlight how quickly retail-driven platforms can fluctuate title3 [ 3 ].

Experts credit Pump.fun’s achievements to its ultra-low 0.05% swap fee, creator-oriented tools, and Solana’s performance. The platform’s livestream feature, which paid out $4 million to creators in September, has further broadened its income sources title11 [ 8 ]. In contrast, Hyperliquid struggles to match the cultural and community focus found in memecoin ecosystems, which emphasize inclusivity and engagement more than technical sophistication.

The competition between Pump.fun and Hyperliquid mirrors bigger shifts in crypto’s value model. Hyperliquid stands for advanced DeFi infrastructure, while Pump.fun highlights the influence of creator-focused economies and speculative interest. Observers should keep an eye on revenue patterns, token buyback outcomes, and market sentiment as the two platforms follow different paths to growth title2 [ 2 ].