On November 11, 2026, ChainCatcher published a summary, written by Kioto, of research that the on-chain data account Sparsity released on November 10. The figures below are Sparsity’s claims as relayed in that article. ChainCatcher did not include the underlying queries, and this note does not re-check them.
Share of recent meme launches
Sparsity said that over the prior 30 days pump.fun accounted for 92% of launches on meme launch platforms across chains and 84% of trading volume on those launch platforms. The summary does not define which platforms were included in the denominator.
Where protocol revenue was said to come from
The research said 95% of pump.fun protocol revenue came from trading while a token was still on the bonding curve or had a market capitalization below $250,000. On the bonding curve, each buy and each sell was charged 1.25%, of which 0.95% went to pump.fun and 0.30% to the creator. A round trip, before any price change, cost 2.5%.
Sparsity said about three-quarters of that revenue came from tokens less than one hour old, and 87% from tokens less than one day old.
Large peak valuations versus the fee base
The same research set 15 leading tokens, with combined peak market capitalizations of $1.4 billion, against the rest of the fee base. Those 15 tokens paid pump.fun about $1.5 million. Tokens on the bonding curve, or with a market cap below $250,000, paid $506 million.
If those classifications hold, the reported fee total and the reported peak valuations are not describing the same tokens. The summary gives no breakdown of how many tokens sit inside the $506 million figure, or how double-counting was avoided when a token later moved above $250,000.
Deployers and graduation
Sparsity said the top 25 deployers together launched 761,000 tokens, with a graduation rate below 1%, and received $128 million. The wallet that launched the most issued 171,195 tokens, averaging about $200 per token.
Graduation, in this setting, means leaving the bonding curve. A rate below 1% among the heaviest deployers is an outcome count in the research. ChainCatcher does not present it as a finding of fraud or of any specific broken promise. What the figures do show, on Sparsity’s account, is that high-volume deployment and graduation rarely coincided for this group, while the stated creator share of bonding-curve trades is 0.30% per buy or sell.
Call rewards
Sparsity said that since August, call rewards (喊单奖励) had paid $29.6 million to 51,115 wallets. Ten wallets received 16% of that amount. The median payment was $13.
The research, as summarized, does not name those wallets, say which August, or explain the eligibility rules. The reported distribution is skewed: a $13 median beside a small set of wallets taking 16%.
How often a launch cleared a stated market cap
Sparsity compared two periods. In the fourth quarter of 2024, 207 of 3.16 million launches reached a $10 million market cap. In the third quarter of 2026, 24 of 3.05 million launches reached that level.
Of pump.fun’s cumulative 24.4 million launches, Sparsity said 312 tokens then had a market cap above $100,000, about 1 in 78,000. “Then” means at the time of the November 10 research, not a later reading.
These are counts of launches that hit a threshold in Sparsity’s data. They are not measured returns to creators or traders, and a lower count in the third quarter of 2026 than in the fourth quarter of 2024 is only a change in how many tokens cleared $10 million.
What the summary leaves open
The ChainCatcher article does not publish Sparsity’s methodology or the definitions of launch platform, protocol revenue, graduation, and market cap. The 92% and 84% shares, the $506 million payment figure, and the roughly 1-in-78,000 ratio depend on those definitions. Nothing in the relayed report establishes misconduct. It does describe a fee schedule in which protocol income, on Sparsity’s numbers, was concentrated in very new tokens that were still on the curve or below a $250,000 market cap, while tokens that reached the thresholds Sparsity tracked were rare.
Original article: Sparsity：pump.fun 占近 30 日发射量 92%, ChainCatcher, November 11, 2026, 09:39 (UTC+8), by Kioto, summarizing Sparsity’s November 10 research.
