Pump Fun Suspends Service; will it Resume Live Streaming Soon?

Solana’s Pump Fun Suspends Live Streaming to Put a Stop to Abuse

Solana’s Pump Fun Suspends Service, But Indefinitely; what’s the Concern?

Solana’s memecoin launchpad Pump Fun announced the suspension of its services amid controversies. The Pump Fun’s live stream feature was gaining immense response. However, the abusive usage of the live feature forced Pump Fun to suspend the service for an indefinite amount of time.

What is Pump Fun?

It’s a Solana-based marketplace that can be used to create and distribute tokens, memecoins in particular. This platform aims at simplifying the token creation process for the users, and is accessible to both newcomers and those who’ve been dealing in crypto for a long time.

What’s the Matter?

As per the recent developments, Pump Fun was gaining unprecedented growth. Its live streaming grew a hundred times in less than a week’s time.

Unfortunately, there came some abuse reports, one of them claiming suicide by a user who was using the platform to farm memecoins. Moreover, there was another user who threatened to kill school kids in case his memecoin didn’t reach a set market cap.

Pump Fun’s Response

As a result, Pump Fun gave a community notice, clarifying its stance on the matter and steps taken. It has announced doubling its content moderation headcount to remove the content. It also said that it upgraded the automatic moderation systems to flag unsafe content. Pump Fun team expressed regret for the concerns caused, and claimed instant removal of coin images, comments, descriptions, tagging any NSFW content, live streams as well as videos.       

The Positive Side for Crypto Enthusuiasts

The Solana protocol, Pump Fun did enjoy benefits of the popularity of the main chain in the form of massive fee generation. With the price of the SOL coin (native cryptocurrency of the Solana blockchain) jumping to new highs, Pump Fun managed selling off 105,000 SOL last week.

Furthermore, Pump Fun has inspired many digital currency protocols to launch their own launchpads. Examples include Emojidotfun on Aptos and Sun Pump on Tron Network.

Is There a Need to be concerned?

Amid rising abuse reports related to crypto, concerns do arise about the safety of individuals participating in the process. There is no less number of scams that the crypto enthusiasts are falling prey to. Instances that cause addiction toward the market or loss of money create stress that is not manageable for everyone.

With the extensive amount of interest growing in crypto among traders as well as the common man, there is also the need to keep things in moderation. This may help avoid severe and never-before-imagined consequences. It is also significant for the cryptocurrency market itself to be able to exist and thrive for a longer time frame.  

Will The Live Streaming Resume Soon?

Solana’s memecoin Launchpad Pump Fun garnered much success owing to its main chain’s popularity. As said, Pump Fun’s official announcement also cleared that this suspension may not be considered a sunset of its live streaming; it is indefinite for the time being.

Given the ways crypto has profited from the service, the Pump team can be expected to be keeping an eye on the market situation to resume live streaming. The onset of launchpads by other digital currency protocols can also be seen as a subject matter of competition. And the players can be expected to leave no stone unturned to excel higher than others.