Recently, as the "coin-stock Meme pairing" trend on Robinhood Chain heats up, the Base and BSC ecosystems have also been accelerating their pursuit. In contrast, the Solana ecosystem had been relatively quiet—until Pump.fun announced today the launch of its Custom Pair feature, supporting coin-stock Meme paired assets.
For many CEXs, DEXs, and Launchpads, this wave of "coin-stock Meme pairing" led by Robinhood Chain has become a significant incremental play in the crypto market, and a necessary path to competing for user base, trading volume, and fee revenue.
Pump.fun Enters Coin-Stock Paired Assets, Coin-Stock Meme Set to Become Standard for Crypto Platforms
In the early hours of today, Pump.fun officially and suddenly announced the launch of its custom trading pair feature, allowing users to issue Pump.fun tokens on Solana paired with tokenized stocks, mainstream crypto assets, and precious metals.
· In terms of asset variety, through a partnership with Sunrise, the first batch adds 20 tokenized stock paired assets, including US-listed stocks such as BA, BABA, COST, DELL, IBM, LMT, RDDT, and SHOP; combined with xStocks and Sunrise, a total of 93 paired assets are currently supported, with more to be added.
· In terms of ecosystem rewards, the Bonding Curve and PumpSwap protocol fees for the custom trading pair feature remain consistent with standard Pump.fun token issuance, with 50% of the revenue generated by this feature going toward programmatic buyback and burn of the PUMP token. Latest data shows that since the start of this year, crypto projects have spent $638 million on token buybacks, up from $545 million in the same period last year; Hyperliquid and Pump.fun together account for nearly 90%.
· In terms of token issuance revenue, custom pairs offer two modes: creator fees or cashback. The former allows token creators to set a fixed rate of 0.05% to 1%, distributable to up to 10 addresses (updatable once after CTO); the latter has a 0.3% rate during the Bonding Curve phase (i.e., the internal pool phase) and 0.05% after Bonding is completed, with the relevant fees claimable by traders. Fees are paid in the quote asset of the trading pair—for example, for a token paired with NVDA, the fee rewards would be paid in NVDA stock tokens.
In addition, Pump.fun officially emphasized that this feature supports paired token CTO (Community Takeover), no additional transfer tax, and asset pairings cannot be changed once established; all tokenized asset issuance is supported by third-party platforms, and Pump.fun does not provide actual stock asset buying and selling.
In one sentence, Pump.fun, leveraging its own token issuance model and the asset support of its two major partners Sunrise and xStocks, has opened an asset issuance window for Meme coin-stock token pairings.
Compared to platforms such as Pons and Long on Robinhood Chain, four.meme and Flap on BSC Chain, and on-chain token launch platforms in the Base ecosystem, Pump.fun's advantages lie in: the market scale and user base accumulated through first-mover advantage, the flexibility of asset type integration within the Solana ecosystem, and the binding mechanism for repurchasing PUMP tokens.
From the vantage point of Q3 2026, for trading platforms such as CEXs, DEXs, and Launchpads, RWA assets have already transitioned or evolved from single assets into coin-stock Meme paired assets, giving rise to richer asset types, more flexible token issuance models, and more varied gameplay combining Meme coins with stock tokens.
For future crypto platforms, native cryptocurrencies, Meme coins, stock tokens, and coin-stock paired assets will together piece together an "asset map."
Pump.fun Revives Solana Ecosystem, Confronts Competition from Robinhood Chain, BSC, and Base
Yesterday, DefiLlama data showed that Robinhood Chain's network revenue for the previous day was $1.42 million, below its historical peak of $5.44 million on September 4; during the same period, Hyperliquid Chain's revenue was $1.8 million, and Pump.fun's was $1.6 million, both surpassing Robinhood Chain.
Undoubtedly, in terms of money-making capability, Pump.fun is one of the cash flow machines unafraid of bull or bear markets, and developing the coin-stock Meme asset pairing feature may have 2 considerations:
First, to revitalize the Solana ecosystem. Since the beginning of this year, the Solana ecosystem's performance in RWA asset issuance and the Meme coin ecosystem has been far less impressive than Robinhood Chain, which only officially launched in July, and there is also a certain gap compared to the Base ecosystem backed by Coinbase and the BSC ecosystem backed by Binance. The reason the Solana ecosystem's Meme coins have seen reduced热度 compared to before is that the ecosystem no longer has enough liquidity to serve as the "last stop for Meme coins" as it once did. Recently, Solana ecosystem Meme coins reaching $100 million market cap include ZCAT, which exploded in popularity due to ZEC, and USELESS, which Bonkguy has been continuously shilling. Today's Solana ecosystem Meme coin sector can aptly be described as being in a lean period. And Pump.fun, as the Solana ecosystem's "blood-sucking machine" and SOL token dumper, if the ecosystem continues to languish, it will not be conducive to improving the platform's trading volume and activity, so venturing into coin-stock Meme pairings is only natural.
It is worth mentioning that on September 7, Raydium, a leading DEX platform in the Solana ecosystem, also officially stated that its LaunchLab now supports arbitrary token trading pairs on Raydium. Revitalizing the Solana ecosystem is a duty we must not shirk.
Second, it is an inevitable move in direct competition with the Robinhood Chain, BSC, and Base ecosystems. Currently, although the broader crypto market has rebounded in the short term, on-chain liquidity remains relatively limited. An increase in trading volume and user growth in one ecosystem, to a certain extent, has a siphon effect on other ecosystems. In the long run, the major ecosystems are ultimately competing for today's most active Meme coin trading community and the revenue and trading fees they bring. Pump.fun's launch of a custom trading pair feature is both a consolidation of its existing base and a bid to use new gameplay and asset issuance models to attract mature users from other networks.
Of course, how effective this will be remains to be seen. Moreover, Pump.fun's move has not received one-sided praise and support.
Crypto trader Rune posted that Pump.fun holds over $2 billion in cash, has a valuation of approximately $4.4 billion, and is one of the most influential platforms in the Meme coin market this cycle. But since launching the Bonding Curve model, its subsequent product expansion has mostly followed in the footsteps of other teams after they validated market demand. He cited examples: after Axiom rose, Pump acquired Padre and renamed it Terminal; after fomo appeared, Pump added social features and competed for KOLs; after Meme coin and stock-related asset combination products had already appeared on BNB Chain, Robinhood, Stonks, and Base, Pump now launched a similar MemeStocks feature.
On the one hand, he believes this strategy is not ineffective—for example, after Padre was acquired, its market share rose from about 2% to 10%. But on the other hand, he believes that as a leading platform with substantial capital and resources, Pump.fun should create more new products that have not been validated by the market, rather than continuously copying existing models, which could otherwise weaken the incentive for small teams to innovate.
It can be seen that Rune's point is, "I think your capabilities are far greater than this." As for the corresponding costs and risks of innovative products, he subconsciously ignored them.
From a higher perspective, Pump.fun's imitation and follow-up strategy is also a helpless move for the Solana ecosystem: lacking a "last stop for liquidity" listing and trading platform, the lessons Solana needs to make up for are unimaginable in other ecosystems.
However, some analysts recently noted that on-chain funds may be rotating from Robinhood Chain to Solana. Whether the Solana ecosystem can continue to produce multiple Meme coins with market caps exceeding $100 million, recreating the 2024 Meme coin frenzy, remains to be seen.
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