What’s the Buzz About Pump.fun Becoming an L2?

On March 31, 2025, a user named binji_x on X dropped an intriguing idea: what if Pump.fun, a popular Solana-based meme coin launchpad, became its own Layer-2 (L2) blockchain? In their post, binji_x crunched some numbers, suggesting that Pump.fun could have generated $39 million in revenue—and $30 million in profit—by operating as an L2 in March 2025 alone. Let’s break this down and see what it means for the crypto space.

Pump.fun’s Impressive Stats on Solana

First, a quick refresher on Pump.fun. It’s a protocol on the Solana blockchain that lets anyone create a meme coin in minutes for free. Since its launch in January 2024, it has birthed over 5.7 million tokens, making it a powerhouse for meme coin creators. According to binji_x, Pump.fun processed a staggering 222 million transactions in March 2025 through its automated market maker (AMM) and app. That’s a lot of activity for a platform known for spawning viral tokens like Billy the dog and celebrity meme coins.

But what if Pump.fun took things to the next level—literally—by becoming an L2 blockchain?

Layer-2 101: Why It Matters

If you’re new to the term, a Layer-2 blockchain is a scaling solution that works on top of a primary blockchain (Layer-1), like Ethereum. L2s handle transactions off-chain to reduce congestion on the main network, then bundle the data and send it back to the L1 for final settlement. This setup lowers fees and speeds up transactions while still tapping into the L1’s security and ecosystem. For more on L1 vs. L2, check out this Investopedia guide.

Binji_x’s proposal is for Pump.fun to leave Solana and set up shop as an L2 on Ethereum, where it could control its own transaction fees and potentially rake in serious profits.

The Numbers: $39M Revenue, $30M Profit

Here’s where things get interesting. Binji_x estimates that if Pump.fun operated as an L2, each of its 222 million transactions in March 2025 could have been charged an average L2 swap fee of $0.18. Multiply that out, and you get $39 million in gross sequencer revenue—basically, the money an L2 makes from processing transactions.

Now, subtract the costs of posting data back to Ethereum’s Layer-1, known as data availability (DA) fees. Binji_x assumes high congestion on Ethereum, estimating DA fees at 25% of revenue, or $9 million. That leaves Pump.fun with a tidy $30 million in profit for the month. Not bad for a meme coin factory, right?

Why Ethereum? Tapping into a Bigger Ecosystem

You might be wondering: why move to Ethereum when Pump.fun is thriving on Solana? Solana is known for its speed and low fees—handling thousands of transactions per second for less than $0.0025 each, as noted on Solana’s official site. But binji_x argues that as an L2 on Ethereum, Pump.fun could still access Ethereum’s massive liquidity, wallet infrastructure, and innovations while capturing more of the economic value it generates.

Ethereum’s ecosystem is a hub for decentralized finance (DeFi), with tools like the Optimism Superchain that enable seamless interoperability between L2s. This “superchain interop” could eliminate the need for clunky bridges, a concern raised by user yuppie.eth in the thread. Binji_x responded, “we’re killing bridging,” suggesting that users could on-ramp directly via centralized exchanges (CEX) or Pump.fun’s app.

Are Pump.fun Users Ready for Higher Fees?

One catch: L2 swap fees, at $0.18 per transaction, are higher than Solana’s dirt-cheap fees. But binji_x believes Pump.fun’s users are “relatively gas price insensitive.” In other words, the meme coin crowd might not care about paying a bit more if the platform delivers value. Plus, fees on L2s are expected to trend lower over time as technology improves—check out L2Fees.info for more on how rollups are reducing costs.

Binji_x also mentions “other optimizations” Pump.fun could make as an L2, though they don’t specify what those might be. Could they be referring to better calldata compression or new L2 tech? We’d love to hear more.

The Community Weighs In: Mixed Reactions

The thread sparked a lively debate. User gauthamzzz pointed out that Pump.fun’s success on Solana is partly due to MEV (miner extractable value) bots, which profit from transaction ordering. They questioned whether an L2 on Ethereum’s Optimism stack could replicate that profitability. Binji_x countered that “interop brings back crosschain MEV opps,” meaning Ethereum’s interconnected L2 ecosystem could still offer opportunities for bots.

Meanwhile, rabuawad_ raised a cultural concern: Pump.fun is “tightly coupled” with Solana’s community and infrastructure. Moving to Ethereum might alienate its user base, much like how the Virtuals protocol struggled after migrating to Solana. Binji_x acknowledged this but argued that if Pump.fun can capture its own distribution, it might not need to rely on Solana’s chain for growth.

Not everyone was on board. RelSolCrypto called the idea “the worst and most stupid take” they’d ever seen, arguing that Pump.fun only exists because of Solana. Binji_x clapped back with a sarcastic analogy: “Twitter only exists because of Amazon Web Services, not the other way around,” tagging Ethereum co-founder Vitalik Buterin for good measure.

What’s Next for Pump.fun?

Binji_x’s proposal is bold, but it raises big questions. Can Pump.fun maintain its meme coin magic outside Solana’s ecosystem? Would its users stick around for higher fees on an Ethereum L2? And what kind of tokenomics would Pump.fun adopt if it launched its own chain—perhaps something inspired by the UVN model, as binji_x hinted?

For now, Pump.fun remains a Solana darling, having fended off competitors like SunPump to reclaim its spot as the top meme coin launchpad, according to Decrypt. But if binji_x’s numbers are right, the lure of $30 million in monthly profit might be too tempting to ignore. What do you think—should Pump.fun take the L2 leap? Let us know in the comments!