Is PumpFun killing memecoin runners? The team says “no”by comparing its fees with Raydium, Stonkfun and Pons Okay so here’s the drama The timeline has been calling out PumpFun’s fee changes Since September 2025 only 3 tokens have managed to reach a $100M market cap To prove his point, we take every token that reached $100M at ATH, remove obvious honeypots and put everything on a timeline The graph looks terrible (check picture lol) And the argument is pretty simple PumpFun introduced PumpSwap, changed the fee structure and somehow we went from having massive memecoin runners to barely seeing anything reach $100M Now json responds He says the graph is basically propaganda because it’s blaming an entire bear market on one AMM And points out three things the original graph ignores: - the $TRUMP launch, which helped create the blow-off top on Solana - the October 10 liquidation event and its consequences - the decline in PumpFun trading volumes And finally he actually shares the fee comparison between the old Raydium system and PumpSwap Before PumpSwap, graduated tokens moved to Raydium V4 A trade on a $100M+ token cost 0.25% 0.22% went to liquidity providers 0.03% went to Raydium PumpFun received nothing Now with PumpSwap, the same trade costs 0.30% 0.20% goes to liquidity providers 0.05% goes to PumpFun 0.05% goes to holders or creators So yes, trading fees increased From 0.25% to 0.30% And PumpFun went from receiving 0% to receiving 0.05% on these trades json argues that the main difference is the introduction of holder rewards and creator fees, which were added after PumpSwap launched He also explains that fees are higher on smaller tokens and decrease as market cap grows And ends up bringing the competition Post-bonding protocol fees: PumpFun: 0.05% Stonkfun: 1% Pons: 0.30% So from his POV, PumpFun isn’t even the most extractive launchpad when comparing protocol fees So what do you think?