Solana-based memecoin launchpad Pump.fun paused its live stream feature indefinitely to tackle rampant inappropriate activity on the platform, according to a Nov. 25 statement.
Pump. fun’s team said that it has been moderating harmful content, recently doubled the size of its human moderators, and is investing in automated moderation systems. However, the platform further stated:
“As the most popular crypto app with user-generated content, we’re navigating challenges that many other social platforms have faced during their growth phases and are taking similar steps to address the core issues.”
Pump.fun added that the live streaming feature will return online once the moderation infrastructure is ready to handle heightened activity levels.
Launched in May, the live video feed function was active for less than six months.
Community backlash
Pump.fun allows users to create memecoins without technical knowledge, and creators use live streaming to capture attention from potential investors. Notably, the decision comes after using the live video feed feature went to extreme cases.
Creators started presenting challenges to raise token prices, including the distribution of “not safe for work” material. One creator started a challenge where he would stay in a toilet until the token price reached $50 million. Another user launched a token and went as far as to shoot a gun every time the price increased.
Furthermore, the safety program manager for Pudgy Penguins, who identifies himself as Beau, reported that a creator was threatening to end his life if the token price did not reach a specific market cap. On this occasion, Beau urged Pump.fun’s team to turn off the live stream feature.
Memecoin popularity
Pump.fun became popular on Solana’s (SOL) ecosystem this year, with over 3.8 million tokens deployed year-to-date.
According to a Dune Analytics dashboard created by venture capital fund Hashed, the token-issuing activity generated over 1.4 million SOL in fees on the platform.
Since August, Pump.fun-related transactions have represented the majority of trading activity on decentralized exchanges (DEX). In November, Pump.fun tokens represented 62.4% of Solana DEX transactions, the highest monthly activity related to the memecoin launchpad.
However, in addition to the backlash received by the content in their now-disabled livestream function, the platform is usually compared to a casino, given the low percentage of successful tokens launched.
According to a Dune Analytics dashboard by user evelyn233, only 1.42% of the over 3.8 million tokens created on Pump.fun reached the market cap necessary to get a DEX launch.
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