Pump.fun burns $370M of PUMP and halves its buyback rate

The biggest fire the launchpad has ever lit

On April 29, Pump.fun confirmed it had destroyed around $370 million worth of $PUMP it had already bought back — roughly 36% of circulating supply — according to news.bitcoin.com. This was not treasury dust being torched for a headline. It was months of accumulated buybacks going up in smoke at once.

The part that actually changes the model is what comes next. Instead of funnelling every dollar of platform revenue into buybacks, the team locked a programmatic buyback-and-burn at 50% of net revenue into an irreversible smart contract for the next year, drawing from the bonding curve, PumpSwap and Terminal, news.bitcoin.com reported.

~$370M

PUMP burned

36%

of circulating supply

+137.87%

24h volume, to $161M

Market reaction was polite rather than euphoric. PUMP added roughly 7% after the announcement, per news.bitcoin.com, with turnover spiking harder than price — the classic signature of a rotation trade rather than a re-rating.

What it means for degens

Halving the buyback rate is the tell. A platform that previously routed 100% of revenue into the float is now keeping half of it, which reads less like generosity and more like a company building a balance sheet. Decrypt also noted pushback from parts of the community who had been waiting on an airdrop and watched the burn absorb the upside instead.