Pump.Fun has introduced a protocol update intended to curb creator fee manipulation on its meme-coin launchpad. The update limits how creators can adjust fee distributions to a single change, after which the settings are permanently fixed unless further governance is pursued.
The update targets vamping and griefing, two behaviors that undermine trust and harm traders. Vamping refers to dumping tokens when demand rises to extract value, while griefing involves abrupt changes that disrupt or confuse traders.
On-chain data show that more than 95% of Pump.Fun users have incurred losses trading meme coins, with only two wallets reporting $1 million or more in P&L. The changes also apply to tokens already launched, instituting similar limits. Analysts caution that while transparency may improve, the fundamental drivers of losses—token oversupply, early insider advantage, and rapid liquidity withdrawal—have not been addressed. The move is a step in the right direction, but the broader market structure still appears to favor a small group of participants.
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