Pump.Fun launches lending platform for MemeCoin Buys' fundraising

Pump.Fun is launching a lending platform to allow users to purchase MemeCoin and non-fan tokens (NFTs) with borrowed cryptocurrencies, said Solana-based Memecoin Launchpad.

Dubbed Pump.fi, Onchain Lending Protocol offers “immediate … funding for (any) digital assets.”

According to Pump.Fun, borrowers will pay a third of the rest over 60 days. Additionally, Pump.fi creates a marketplace for lenders to buy debt. The protocol did not specify Pump.fi (a way to not perform credit checks).

Related: Pump.Fun launches its own Dex, Drops Raydium

Competitive Market

Pump.Fun has tackled a sharp drawdown of Memecoin Trading Activity in Solana, with several high-profile scandals souring feelings among retailers about Memecoin, including the disastrous launch of Libra Token.

According to data from Dune Analytics, adding Onchain Lending can bring out more fluidity in the space.

Pump.Fun is expanding its offering to provide ahead of the competitive installation with rival platforms.

Solana's biggest distributed exchange (DEX), Raidium, will be rolling out its own Memocoin launchpad, LaunchLab, in Volume.

Other rival protocols, including Daos.fun, Gofundmeme and Pumpkin, are also competing for Solana's share of Memecoin market.

On March 20th, Pump.Fun launched its own Dex known as Pumpswap, replacing Raydium as the ultimate home for tokens that bootstrap liquidity with Pump.Fun.

Switching to Pumpswap states that it lists new tokens and streamlines the Pumpfun process to reduce users' costs.

Pumpswap will also begin distributing some of the transaction fees to Coin Creators, according to Alon, co-founder of Pump.Fun.

According to data from Dune Analytics and Defillama, the newly launched Dex has overtaken Raydium, which has already surpassed Solana's trading volume by 24 hours. On April 1st, Pumpswap generated a fee of around $4 million.

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