Pump.fun Disables Livestream Feature Amid Controversy Over Inappropriate Content
The platform pump.fun, a Solana-based memecoin launchpad, suspended its livestream feature following backlash over inappropriate content. The anonymous founder announced efforts to protect users from "repulsive and dangerous content" after violent livestreams circulated on social media. By Monday afternoon, pump.fun had temporarily deactivated its livestream function.
The controversial streams featured token promoters making violent threats regarding price increases and included offensive content aimed at shocking viewers and manipulating token values. This decision followed record earnings of $14.3 million in one day, nearly tripling previous bests.
Pump.fun is known for edgy, controversial content, drawing comparisons to 4chan due to lax moderation and racially insensitive tokens. Before this incident, the platform had not enforced content restrictions. However, the viral spread of disturbing streams prompted founder alon to act against harmful content, confirming the removal of streams that included threats, such as harming a dog unless a token's market cap increased. Alon stated that hundreds of streams had been removed in response to complaints.
By 2:00 p.m. on Monday, pump.fun disabled its livestream feature entirely. An official statement cited "unprecedented growth" as complicating content moderation, leading to the indefinite pause on livestreams.
This pause occurs as pump.fun has gained traction as a leading application on the Solana blockchain, generating nearly $250 million in revenue since launch, largely from memecoin activity. This surge has increased demand for Solana’s blockchain space, benefiting validators.
Within the Solana community, opinions on memecoins vary; some see them as tests of network capabilities, while others regard them as entertainment or legitimate financial products. Critics are hesitant to impose restrictions on developers’ use of blockchain technology.
Some members of the crypto community have dismissed the backlash, noting that major social media platforms often face content moderation challenges. However, concerns about the negative aspects of memecoin culture have emerged as Solana and other cryptocurrencies seek mainstream acceptance.
<pCritics like Zach Rynes from Chainlink warned that pump.fun’s actions could harm the crypto industry's reputation, likening it to the fallout from FTX. Tech lawyer Preston Byrne highlighted potential violations of social media regulations.
Previously, pump.fun responded to critics with trolling comments. The disabling of the livestream feature suggests that current criticism has impacted the platform. The long-term effects on the memecoin community and its traders remain uncertain.