Pump.fun, a memecoin launchpad, has introduced a new restriction capping the number of times token creators can redirect fees after a coin goes live. Under the updated policy, each token is permitted a single post-launch change to its fee recipient configuration, after which the settings are locked permanently. The move is intended to curb manipulation tactics that exploit the ability to alter fee destinations once a token gains traction. Co-founder Alon Cohen announced the change on X, describing it as a measure to reduce so-called griefing tied to fee redirection.
The update is the latest in a series of adjustments Pump.fun has made to its creator-fee model. In January, the platform acknowledged that its existing structure had skewed incentives by disproportionately rewarding token deployers at the expense of traders. On January 10, it rolled out multi-wallet distribution options and post-launch controls aimed at improving transparency and aligning rewards more closely with trading activity.
A further change came on February 17, when Pump.fun introduced a feature called Cashback Coins, which required creators to decide at launch whether fees would flow to themselves or be redirected to traders. Once selected, that high-level model was locked in. However, creators and coin administrators retained the ability to adjust the specific wallets receiving fees and how those fees were divided after a token went live, leaving room for potential trust issues among traders.
The latest policy narrows that remaining flexibility. By restricting post-launch fee recipient changes to just one instance, the platform aims to reduce the uncertainty traders face regarding who ultimately benefits from fees. Despite the intent, early reactions from the community suggest the measure may have limited impact on broader trading dynamics. One user on X, identified as gake, expressed doubt about its effectiveness, while another user named tom characterized it as a drop in the bucket, though acknowledged the team was at least addressing the problem.
The policy changes arrive as Pump.fun’s financial performance has declined considerably from its peak. According to data from DefiLlama, the platform generated $31.8 million in fees in January 2026, representing a roughly 75% drop from $148 million recorded in January 2025, its strongest month on record. In February 2026, revenue came in at $25 million, down 66% compared to nearly $75 million in February 2025.
Trading volume on the platform has followed a similar downward trajectory. Pump.fun recorded monthly volume exceeding $11.6 billion in January 2025, which fell to approximately $2.1 billion in January 2026, a decline of around 81%. February 2026 volume totaled roughly $1.91 billion, down 68% from $6.1 billion in the same month the prior year. The sustained decline in both fees and volume underscores the pressure the platform faces as it attempts to recalibrate its incentive structure.
Originally reported by CoinTelegraph.
