Pump.fun has seen its daily revenue soar to $1.99 million in the past 24 hours, exceeding the Ethereum ETH -1.71% network's $1.91 million to make it the largest revenue generator of any blockchain, according to data on DefiLlama.

According to data from Dune Analytics, 11,528 tokens were deployed on the Solana-based memecoin launchpad on Monday. This brings the total number of tokens deployed to date to 1,199,685. The cumulative revenue on Pump.fun has now reached 346,613 SOL, or $51.3 million.

Pump.fun has emerged as a popular platform amid the recent meme-token boom. Its ease of use and Solana’s low transaction fees have led to the creation of countless political-themed cryptocurrencies, celebrity tokens, and other tokens.

Pump.fun revenue over the past 24 hours has exceeded that of Ethereum. Image: DefiLlama.

Regarding the value proposition of the Ethereum network, however, Bitwise CIO Matt Hougan recently argued the blockchain's value lies in its structure as a technology platform.

"It is a fully programmable blockchain that serves as the backbone for new crypto-based applications like tokenization, stablecoins, and decentralized finance," Hougan added.

In a Bitwise report on Monday, Hougan added that Ethereum exchange-traded products (ETPs) could vastly outperform expectations, saying that as more people use applications on the blockchain, the value of ether — the asset that powers the network — grows, for the simple fact that users pay a fee in ETH to use the platform.

"Investors love tech, and Ethereum is one of the most exciting technology investments in the world," Hougan stated. He also predicted Ethereum ETPs would accumulate $15 billion in net flows by the end of 2025, placing them near the top of the all-time list for the most successful ETP launches.

Ether's price decreased by over 1.7% in the past 24 hours and was changing hands for $3,408 at 12:04 p.m. ET, according to The Block’s Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, decreased by 0.65% to 129.45 in the same period.

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