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Pump Fun Q2 still maintains quite strong profitability, but after several quarters of verification, its revenue structure has undergone a significant transformation. $PUMP is like how many people think Pepsi is just about selling cola, but in reality, its other beverage and snack businesses already account for more than half of total revenue. Pump Fun also experiences this kind of counter-market consensus situation. Initially relying on Launchpad fees, its revenue structure gradually shifted from capturing income solely from the issuance phase to expanding across the entire token lifecycle. This article will analyze its on-chain revenue situation in Q2 and share insights. First, a simple numerical conclusion before diving into details: From Q2 data, although the overall fee scale has declined compared to the peak period, it still exceeds $200 million, and the largest fee source is not the well-known Bonding Curve, but rather PumpSwap. This is also one of the least known aspects of Pump. 1. Fee scale (revenue item) In Q2, Pump Fun's fee scale was about $212 million. Breaking this down: In the Bonding Curve phase, the actual fees captured by the Pump Fun protocol were $62.06 million, representing a fee rate of 0.95%; that is, for every $1 million in transaction volume, Pump Fun can earn about $9,500 in fee income. At this stage, users buying