Pump.fun, the dominant Solana-based memecoin launchpad, has implemented a major protocol update to curb the manipulative practice known as "vamping." Co-founder Alon Cohen announced on March 24 that token creators are now limited to just one post-launch change of their fee recipient wallet. After this single reassignment, the fee configuration becomes permanently locked.
The move directly addresses a widespread issue where creators would deploy tokens with fees directed to a third-party wallet to build community trust. Once the token gained traction and generated significant fee revenue, the creator would then redirect those fees back to their own wallet, a practice that eroded user trust and often ruined a token's momentum. "Coin Admins had free reign to change fee recipients and distribution as much as they desire, which ultimately led to manipulation," Cohen explained.
The update, which has been applied retroactively to all existing coins with active fee distributions, triggered significant discussion within the Solana community. Cohen's announcement thread garnered over 396,000 views on X. Prominent Solana trader Tom (@SolportTom) called for a coordinated industry response, tagging other major platforms like Axiom Exchange and Trading Terminal, arguing that a better ecosystem would lead to longer-term sustainability despite potentially lower short-term fees.
This is the latest in a series of adjustments to Pump.fun's incentive model. In January, the platform overhauled its Dynamic Fees V1 system after acknowledging it overly rewarded coin creation over trading activity. In February, it introduced "Cashback Coins," forcing creators to lock in a broad fee model at launch. The new rule closes a remaining loophole by limiting post-launch changes to the specific beneficiary wallets.
The changes come as the platform faces commercial headwinds. Despite expanding beyond memecoins in March to support assets like WBTC and USDC, and surpassing 1.5 million app downloads, its revenue has declined sharply from its peak. Daily protocol fees hit a high of $15.38 million in January 2025 but have fallen significantly since. January 2026 fees were $31.8 million, down approximately 75% from $148 million in January 2025.
