Solana-based memecoin launchpad Pump.fun has acquired the multichain Padre trading terminal, aiming to boost token liquidity amid a cooling memecoin market. Although the acquisition price was undisclosed, Pump.fun emphasized that integrating Padre’s user-friendly platform—with features like cashback rewards, competitive fees, and trader support—will drive higher trading volumes for tokens listed on its platform. Padre supports trading across Ethereum, Solana, BNB Chain, and Base, with a primary focus on memecoins.
Pump.fun still leads Solana’s memecoin launchpad market with about 44% market share, down from its 75% peak. The acquisition signals Pump.fun’s efforts to strengthen its position in a sector that has seen significant declines; the platform’s monthly revenue fell 80% from its January 2024 peak, dropping below $25 million in July and only partially recovering after.
The broader memecoin market has contracted over 21% in value over the past month, amplified by a notable market crash on October 10 that triggered widespread liquidations. Despite these challenges, Pump.fun’s strategic acquisition of Padre showcases proactive moves to innovate and maintain leadership as the memecoin frenzy cools.
For more details, visit: https://cointelegraph.com/news/pumpfun-acquires-padre-trading-terminal-solana-memecoins