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Pump Fun Q2 still maintained considerable profitability, but after several quarters, its revenue structure has undergone a clear shift. $PUMP It's as if many people think Pepsi is just selling cola, but in fact, its other beverages, snacks, and other businesses already account for more than half of its total revenue. Pump Fun has also experienced similar anti-market consensus situations. From early reliance on Launchpad fees and gradually shifting the revenue structure from single issuance phase revenue capture to the entire token lifecycle, this article will break down its on-chain revenue performance in Q2 and share its perspective. Let's start with a simple summary of numbers, then go into details: Looking at Q2 data, although overall fee scale has declined compared to its peak, it still exceeds $200 million, and the largest source of fees is not the well-known Bonding Curve, but PumpSwap. This is also the least known aspect of Pump. 1. Fee scale (revenue) Q2 Pump Fun's fees were about $212 million. Breaking this down: during the Bonding Curve phase, the actual fees captured by the Pump Fun protocol were $62.06 million, which is 0.95%; That means for every $1 million in trading volume, Pump Fun can earn about $9,500 in fee income. At this stage, users buy