TLDR:
- Pump.fun has restored livestreaming access to 5% of its user base
- New moderation systems aim to prevent harmful content that led to the feature’s suspension
- The platform acknowledges that NSFW content will likely remain common
- First new livestream reportedly ended in a token rug pull despite moderation
- Pump.fun shows recovery signs with 146,000 daily active wallets despite memecoin market decline
Solana-based memecoin platform Pump.fun has cautiously reintroduced its controversial livestreaming feature to a small portion of users. The move comes five months after the platform suspended the feature due to moderation issues.
Alon Cohen, co-founder of Pump.fun, made the announcement via X on April 4. The platform has implemented what it calls “industry standard moderation systems” and created transparent content guidelines for streamers to follow.
pump fun livestreaming has been rolled out to 5% of users with industry standard moderation systems in place and transparent guidelines: https://t.co/26r5M4Awam
— alon (@a1lon9) April 4, 2025
The livestreaming feature is currently available to just 5% of Pump.fun users. This limited rollout allows the platform to test its new moderation systems before a wider release.
Moderation Challenges
Pump.fun originally removed livestreaming in November 2023 after the platform became flooded with extreme content. Some token creators were using shocking tactics to promote their memecoins.
Reports at the time indicated some users were threatening violence or self-harm if tokens didn’t reach certain price targets. The platform admitted its growth had outpaced its moderation capabilities.
The new content policy aims to balance creative expression with user safety. Banned content includes violence, animal abuse, pornography, and anything that might endanger young people.
Interestingly, Pump.fun’s policy creates some gray areas. The platform states it “does not intend to universally define what content is ‘appropriate’ or ‘inappropriate.'”
The policy also notes an “implicit assumption that some content — perhaps much content — generally defined as NSFW will in fact appear on pump fun.” This suggests adult-oriented material will remain common on the platform.
Users who violate the guidelines risk having their streams terminated and potentially losing access to their Pump.fun accounts. The platform has given itself broad authority to “unilaterally determine the appropriateness of content.”
Market Impact
The return of livestreaming happens as the broader memecoin market faces challenges. Token launches on Solana have decreased dramatically, with only 31,651 new tokens created on April 5.
This represents less than one-third of the 95,578 tokens launched at the peak of memecoin popularity on January 26. High-profile rug pulls and price crashes have dampened investor enthusiasm.
Tokens like Trump (TRUMP) have lost over 90% of their value since January. The “graduation rate” for tokens on Pump.fun—those that achieve enough market cap to trade on decentralized exchanges—has fallen below 1%.
Despite these market conditions, Pump.fun shows some recovery signs. The platform reports over 146,000 daily active wallets and has seen token launches increase to over 30,000 again.
The platform now generates between $1 million and $2 million in daily fees. Its native exchange, PumpSwap, has locked over $35 million in liquidity pools and processes around $227 million in daily trading volume.
If maintained, this activity could generate over $403 million in annualized fees and approximately $34 million in revenue. These numbers remain well below competing Solana exchanges like Raydium, which has $1.1 billion locked in liquidity.
Despite safety measures, reports indicate the first new livestream after the feature’s return ended in a rug pull. The developer allegedly sold their entire wallet minutes after the stream began.
The recovery of Pump.fun could boost activity across the Solana blockchain. Memecoin trading represents a major use case for Solana, which generated $370 million in network fees during Q1 2024.
