Pump.fun Advances Creator Capital Markets with Crypto-Backed Streaming Model on Solana
In 2025, Pump.fun introduced the concept of 'creator capital markets,' a platform aimed at funding streamers using crypto tokens on the Solana blockchain to compete with major platforms like Facebook, TikTok, and Twitch.
On April 4, 2025, Pump.fun began rolling out updated livestreaming features with new guidelines and enhanced moderation to 5% of its users, gradually expanding availability thereafter. To onboard traditional creators, the company hired recruiters, including Alec Strasmore, and distributed streamer backpack kits. These deals were reportedly short-term and tied to streaming time and token supply control.
Notable early adopters included Chad Tepper (Team 10) and Michael 'BunnyFuFuu' Kurylo, whose tokens were linked to their audiences. Initial enthusiasm led to surges in token value, but these soon declined.
On July 12, 2025, Pump.fun announced an initial coin offering (ICO) for $PUMP tokens, coupled with a planned airdrop, framing the initiative as a way to empower creators on Solana.
Growth was driven by viral homegrown stories such as Basedd House (Jake Hillhouse) and Bagwork. Bagwork’s token experienced a dramatic surge of approximately 2,000% following stunts and leaked information involving Drake, reaching an all-time high market capitalization of $53.8 million before falling to about $1.9 million.
September 2025 saw the introduction of a revamped creator-fee model that resulted in daily creator payouts exceeding $4 million, according to Dune data.
Industry observers have cautioned that the platform’s success heavily depends on sensational viral moments, with many traditional streamers ceasing their activity on Pump.fun. There have been calls for the development of more sustainable, long-term token-driven community engagement strategies, but Pump.fun has yet to publicly address potential fixes.
