Pump.fun Puts the 'Fun' in 'One-and-Done': Fee Redirects Get a Single Mulligan

Memecoin launchpad Pump.fun has introduced a new restriction on creator fee settings, giving token deployers just one chance to change how fees are distributed after launch.

Co-founder Alon Cohen said on X the update aims to curb 'griefing' and other manipulation where creators change fee recipients after a coin pumps. Now, each token gets exactly one opportunity to redirect creator fees to a different wallet. After that, the settings are locked permanently.

This tweak follows a bigger platform overhaul announced in January, when Pump.fun admitted its fee model had 'skewed incentives' by overly rewarding deployers instead of traders.

On January 10, the platform rolled out features like multi-wallet distribution and post-launch controls to boost transparency and tie rewards closer to trading. Then on February 17, 'Cashback Coins' launched, forcing creators to decide at launch whether fees go to themselves or back to traders—a choice that's then locked in.

However, even with that high-level model fixed, creators could still tinker with which specific wallets got the fees after launch. This created potential trust issues for traders, as the money could be rerouted.

The latest update slams that door mostly shut, allowing only a single post-launch change to the fee recipients before the config is permanently frozen.

Early reactions from the community suggest this might be a band-aid on a bullet wound. X user gake said the change might not help much, while user tom called it a 'drop in the bucket,' though he noted it shows the team is 'at least acknowledging the issue.'

Pump.fun's incentive reshuffling comes as its own fees and volume have taken a nosedive from their peaks. DefiLlama data shows the platform pulled in $31.8 million in fees in January 2026, down roughly 75% from $148 million in January 2025, its best month ever.

February 2026 revenue was $25 million, a 66% drop from nearly $75 million in February 2025.

Trading volume tells a similar sob story. Pump.fun saw over $11.6 billion in volume in January 2025, which cratered to about $2.1 billion in January 2026—an 81% plunge. February 2026 volume was roughly $1.91 billion, down 68% from $6.1 billion in February 2025.