Pump.fun Launches Creator Capital Markets to Revolutionize Livestreaming on Solana
In 2025, the term 'creator capital markets' was introduced with the launch of Pump.fun, a platform that funds livestreamers through crypto tokens on the Solana blockchain, aiming to monetize audiences by granting token ownership.
Pump.fun revived streaming after a previous shutdown caused by dangerous stunts. In April 2025, it rolled out streaming to 5% of users with updated guidelines and enhanced moderation to ensure safer content.
A significant fee-model overhaul in September 2025 led to a sharp increase in creator earnings, with data from Dune showing over $4 million in creator fees paid in a single day.
To expand its ecosystem, Pump.fun began paying for clips, hiring recruiters, and shipping streamer backpack kits to onboard traditional creators. Co-founder Alon Cohen described these efforts as a way to stimulate social activity.
Contracts with influencers included time commitments and token supply controls. Notable participants included Chad Tepper and BunnyFuFuu, with recruitment led by Alec Strasmore.
Homegrown stars like Basedd House (Jake "SolJakey" Hillhouse) and the Bagwork project helped drive virality. Bagwork's token surged 2,000% after stunts, and leaks related to Drake generated approximately $83,000 in fees over two days.
Despite initial hype, many tokens experienced waning attention. Hillhouse and others advocated for longer-term, community-focused activations, and questions arose regarding the sustainability of the model.
On July 12, 2025, Pump.fun announced an initial coin offering (ICO) for its $PUMP token along with an airdrop, publicly promoting plans to disrupt major platforms on Solana.
