Memecoin launchpad Pump.fun has rolled out a new restriction on creator fee settings, allowing token deployers to make only a single post-launch change to how fees are distributed on the platform.
In a post on X, co-founder Alon Cohen said the update is designed to curb “griefing” and other manipulative practices linked to fee redirection, where creators shift fee recipients after a token gains momentum.
With the new rule, each token gets one chance to redirect creator fees to another wallet, after which the setting is permanently locked.
The update comes after a broader overhaul announced in January, when Pump.fun acknowledged that its creator-fee model had created misaligned incentives by favoring token deployers over traders.
Pump.fun pushes to realign incentives with traders
On Jan. 10, the platform rolled out updates such as multi-wallet distribution and post-launch controls, aimed at improving transparency and better tying rewards to trading activity.
On Feb. 17, Pump.fun introduced “Cashback Coins,” requiring creators to decide at launch whether fees go to themselves or are redirected to traders, with that high-level structure locked in once selected.
While this move sought to rebalance rewards between token deployers and traders, it still allowed creators or coin admins to modify the specific wallets receiving those fees after launch. As a result, even if the overall model remained unchanged, the actual recipients could shift — raising potential trust concerns for traders.
The latest update tightens that flexibility by permitting only a single post-launch change to fee recipients, after which the configuration is permanently locked.
Early community reactions suggest the change may have limited impact on broader trading dynamics. One X user, gake, said it may not help much, while another, tom, called it a “drop in the bucket,” though noting it shows the team is acknowledging the issue.
Activity declines as fees and volume fall year over year
Pump.fun’s shift in incentives comes amid a notable drop in platform activity. According to DefiLlama data, the platform generated $31.8 million in fees in January 2026 — down roughly 75% from $148 million in January 2025, its strongest month on record.
In February 2026, revenue totaled $25 million, marking a 66% decline from nearly $75 million in February 2025.
The platform’s trading volume has shown a similar downward trend. According to DefiLlama, Pump.fun recorded more than $11.6 billion in monthly volume in January 2025, which dropped to around $2.1 billion in January 2026 — a decline of roughly 81%.
In February 2026, monthly volume came in at about $1.91 billion, down 68% from $6.1 billion in February 2025.
