Pump.fun suspends livestream feature amid backlash

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Solana’s memecoin pump.fun launchpad faced criticism over the weekend, after several violent and negative livestreams were shared on social media. The livestream feature of the platform was temporarily turned off by Monday afternoon. 

These streams were ranging from racist or offensive content intended to increase the value of tokens and create a viral buzz. Pump.fun, which tracks its revenue, reported a staggering $14.3million in revenue for Saturday. This is nearly triple the previous record. 

Pump.fun has a long history of edgy, controversial content. For its unhinged and sometimes erratic content, the site is often compared with anonymous forum 4chan. Pump.fun, before this recent wave of disturbing, livestreams was racial insensitivity or pornographic tokens. None of these were subjected to any content moderation.

Pump.fun founder Alon, who is anonymous, wrote in a blog post that as the disturbing livestreams spread on X and pump.fun users were protected from viewing them. “repulsive/dangerous content.” The platform, according to Alon, has also taken down other threads, including one where a user had threatened to shoot their pet if the token market capitalization did not increase. “hundreds of streams.”

A little after 2:00 p.m., pump.fun disabled livestreams on the platform altogether. Pump.fun published a post on its blog shortly afterwards. “unprecedented growth” Before adding the pause of livestreams, I would like to highlight that content moderation is the most important challenge. “for an indefinite time period.”

It feels like a turning point in the development of a platform which has become the most popular application on Solana. The revenue generated by this platform is close to $250 million since its launch. Pump.fun’s memecoin activities have largely been responsible for the record-breaking demand that Solana saw in its blockspace. This has led to larger profits being made by the validaters who operate the blockchain software.

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Leaders of the Solana universe viewed memecoins as a test to see if the network could handle the load or as emerging financial applications for memes. It’s not acceptable to suggest that users and developers use blockchain technology for gambling or stress testing. 

Fun criticism was made by many crypto posters who shrugged the Pump off. Every large social media platform had their own issues with moderation of content. 

Some are calling on a reckoning of memecoin’s downsides as Solana, and the crypto world hopes to move into mainstream.

“Pump Fun is going to become a massive reputational stain on the crypto industry, on par with FTX,” Zach Rynes, Chainlink Community Liaison wrote on X. Preston Byrne is a technology lawyer who also mentioned that the platform. “does a lot very incorrectly from a social media law” perspective.

Pump.fun has been a company that thrives on trolling to lighten up criticism. This particular backlash seems to have been felt more strongly now that livestreams are disabled. The traders who are in the memecoin trenches will have to wait and see if it makes any difference.

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leadzevs/ author of the article

LeadZevs (John Lesley) is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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