Pump.fun announced on August 26 that its application now supports tokens issued on HyperEVM, marking a significant expansion beyond its traditional Solana-based operations. According to the company's announcement, this makes Pump.fun the first application to introduce HyperEVM assets into this type of trading interface. The platform allows users to trade HyperEVM tokens with USDC through its application, with traders receiving referral rewards and paying close to zero trading fees. At least one HyperEVM asset, EGG, is already visible through the platform's market page, confirming the service was active when checked.
The expansion comes as Hyperliquid L1 demonstrates substantial market activity, with HyperEVM on-chain Gas fees soaring to over $10 per transaction during peak periods, far exceeding Ethereum mainnet fees. As reported by DeFiLlama, the network currently holds about $1.59 billion in decentralized finance value, with stablecoins on the network having a market value of roughly $6.79 billion, with USDC accounting for nearly 98% of the total. The network processed approximately 612,000 transactions and had about 21,900 active addresses during the latest daily period. HYPE has surged to $79.65, up 35.4% over 7 days and 38.7% over 30 days, hitting a historical high of $83.27 yesterday, driven by Trump's call-to-action. The underlying driver of the market movement first comes from HYPE's strong performance after Trump's call-to-action, with the token currently priced at approximately $79.65.
Hyperliquid operates on a HyperBFT consensus mechanism that supports approximately 200,000 transactions per second with a 0.07-second block time. The network features a 24-validator active set selected based on stake, with a quorum of more than 2/3 of total stake required to commit each round of transactions. The system ensures fully onchain execution where order books and matching happen entirely onchain, with one-block finality for all transactions. Hyperliquid is non-custodial, meaning it doesn't take custody of user funds unlike centralized exchanges. The platform is entirely self-funded through Hyperliquid Labs, which has not taken any external capital, allowing the team to focus on technical excellence and upgrading the global financial system.
Several notable meme coins have emerged on HyperEVM, with EGG originating from an early tweet by Jeff Yan: "Just buy eggs with your shitcoins" and creating a mini-game at eggonhype.com. During its explosive phase, EGG's 24-hour price surge once exceeded 14,000%, with its market cap briefly reaching approximately $8M–$9M, though it has since seen a noticeable pullback. CHAMELEON is tied to Jeff's entrepreneurial experience, with its market cap once surging to approximately $4M before retracing by about 65%–70%. Motion operates similarly to Pump.fun, completing price discovery via a Bonding Curve before moving to trading pools on HyperSwap V3, with a fee mechanism including token creation fee of 0.05 HYPE and bonding phase fees of approximately 0.5% platform fee. Among native HyperEVM AMMs, Project X accounts for approximately 50%–60% of trading volume.
The HyperEVM integration extends Pump.fun's business beyond its Solana market, which generated $10.03 million in fees during the previous seven-day reporting period as trading volume reached $2.97 billion. According to reports, the platform used $5.02 million to buy and burn approximately 2.15 billion PUMP tokens during that period. The company directs 50% of revenue to automated repurchases and burns through a locked smart contract, with the mechanism having removed the equivalent of 15.7% of the token's original supply by August 10.
