Solana-based memecoin launchpad Pump.fun has made a bold move with its latest development. In a recent tweet, the platform announced the launch of the Glass Full Foundation.
According to the Solana memecoin generator, “the Glass Full Foundation aims to accelerate the most organic, vibrant, and promising communities in the Pump.fun ecosystem.”
To achieve this goal, the new foundation will focus on supporting new projects with strong growth prospects within its ecosystem by injecting significant liquidity.
A Safety Net for Memecoin Projects
Due to the extreme price volatility and limited trading depth common to the memecoin sector, which makes it challenging for projects to thrive, Pump.fun’s latest move is seen as a big step toward stabilizing this space.
The Glass Full Foundation will function as a “safety net” for projects facing unpredictable volatility due to thin liquidity. According to the platform, this will pave the way for a more predictable and stable trading environment for memecoin projects, thus significantly contributing to the rapid growth and development of the Solana ecosystem.
Although the specifics of the liquidity injection criteria are still unknown to the public, other key aspects of the initiative have already been disclosed. As per Pump.fun’s official tweet, it’s clear that the foundation has already initiated support for multiple projects.
In addition, the platform outlined its intention to extend its backing to select tokens within the ecosystem of the Solana memecoin launchpad.
Pum.fun Launches Native Token
Since its launch in January 2024, Pump.fun has been making waves in the Solana ecosystem and the broader crypto space.
In May, the Solana-based launchpad outperformed the Ethereum blockchain in terms of transaction fees, with a notable $296 million in yearly fees. Pump.fun’s record represented a significant lead of over $50 million in fees generated within the past year.
Recently, Pump.fun launched its native token, PUMP, a few months after the platform suffered a security breach where hackers compromised its official X account and falsely announced token launches.
Unfortunately, the platform is currently facing a lawsuit by Burwick Law and Wolf Popper LLP. The law firms filed a complaint in New York federal court, accusing Pump.fun, Solana Labs, Solana Foundation, Jito Labs, and Jito Foundation of orchestrating a $1.5 billion fraud.
According to the lawsuit, Pump.fun’s bonding curve model created a “digital casino” that generated $722.85 million in revenue, with Solana’s blockchain and Jito’s tools allegedly facilitating the unregulated scheme.
