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Pump.fun destroys approximately $370 million worth of PUMP tokens and initiates a programmatic buyback and burn mechanism
Deep Tide TechFlow News, April 29th, according to Pump.fun official disclosure, Pump.fun has completed the destruction of all previously repurchased PUMP tokens, involving approximately $370 million, accounting for about 36% of the circulating supply, destroyed at 20:52 UTC through two on-chain transactions.
Meanwhile, Pump.fun announced the launch of a programmatic buyback and burn mechanism, which will allocate 50% of net revenue over the next year to repurchase $PUMP on the open market and immediately burn 100%. This mechanism is secured by an irreversible smart contract, covering revenue sources from Pump.fun’s three main product lines: the joint curve, PumpSwap, and Terminal. The execution process includes fee collection, intermediate wallet consolidation, and buyback and burn, which can be tracked in real-time at fees.pump.fun.
The remaining 50% of revenue will be used to support business operations and ecosystem development, including expanding the team, strategic investments, and marketing. Pump.fun stated that this move aims to address community concerns about the long-term value of the token and the transparency of the buyback mechanism, with the goal of continuously reducing the circulating supply.