Solana-based memecoin launchpad Pump.enjoyable paused its reside stream characteristic indefinitely to deal with rampant inappropriate exercise on the platform, according to a Nov. 25 assertion.
Pump. enjoyable’s crew stated that it has been moderating dangerous content material, just lately doubled the dimensions of its human moderators, and is investing in automated moderation methods. Nonetheless, the platform additional said:
“As the preferred crypto app with user-generated content material, we’re navigating challenges that many different social platforms have confronted throughout their progress phases and are taking comparable steps to deal with the core points.”
Pump.enjoyable added that the reside streaming characteristic will return on-line as soon as the moderation infrastructure is able to deal with heightened exercise ranges.
Launched in Could, the reside video feed operate was energetic for lower than six months.
Neighborhood backlash
Pump.enjoyable permits customers to create memecoins with out technical information, and creators use reside streaming to seize consideration from potential traders. Notably, the choice comes after utilizing the reside video feed characteristic went to excessive instances.
Creators began presenting challenges to lift token costs, together with the distribution of “not secure for work” materials. One creator began a problem the place he would keep in a bathroom till the token value reached $50 million. One other consumer launched a token and went so far as to shoot a gun each time the value elevated.
Moreover, the protection program supervisor for Pudgy Penguins, who identifies himself as Beau, reported {that a} creator was threatening to finish his life if the token value didn’t attain a selected market cap. On this event, Beau urged Pump.enjoyable’s crew to show off the reside stream characteristic.
Memecoin recognition
Pump.enjoyable turned standard on Solana’s (SOL) ecosystem this 12 months, with over 3.8 million tokens deployed year-to-date.
In accordance with a Dune Analytics dashboard created by enterprise capital fund Hashed, the token-issuing exercise generated over 1.4 million SOL in charges on the platform.
Since August, Pump.fun-related transactions have represented the vast majority of buying and selling exercise on decentralized exchanges (DEX). In November, Pump.enjoyable tokens represented 62.4% of Solana DEX transactions, the very best month-to-month exercise associated to the memecoin launchpad.
Nonetheless, along with the backlash acquired by the content material of their now-disabled livestream operate, the platform is normally in comparison with a on line casino, given the low proportion of profitable tokens launched.
In accordance with a Dune Analytics dashboard by consumer evelyn233, only one.42% of the over 3.8 million tokens created on Pump.enjoyable reached the market cap essential to get a DEX launch.