Pump.fun adds HyperEVM token trading to support USDC settlement

Pump.fun added HyperEVM token trading function to support USDC settlement

On August 26, Pump.fun announced that its application now supports tokens issued based on HyperEVM. Users can directly buy and sell these assets through USDC, thus opening up a new trading channel. At the same time, Hyperliquid L1 's decentralized exchange transaction volume over a 24-hour period was approximately US$503 million.

Trading functions and reward mechanisms

Pump.fun stated that when users trade HyperEVM tokens through the platform, they can use USDC for settlement. The platform also pointed out that traders can receive recommendation rewards by inviting others to trade through recommendation links, and transaction fees are close to zero. However, the announcement did not disclose a specific rate table, nor did it explain whether network Gas fees were included.

Currently, at least one HyperEVM asset is available for viewing on the app. The market page for EGG tokens at Pump.fun shows that users can trade the token on Hyperliquid via Pump, indicating that the service was active at the time of inspection.

Extension from Solana to HyperEVM

Pump.fun was originally a Solana-based token issuance platform that allows users to create and trade tokens without having to set up a traditional liquidity pool at the time of issuance. The platform is closely related to Meme coins, and many tokens are first traded through an automatic binding curve and then transferred to external decentralized exchanges.

The new support for HyperEVM means that users can trade assets from another blockchain ecosystem on the same interface. However, this announcement only involves the transaction of existing HyperEVM tokens and does not state whether users can create HyperEVM assets through Pump.fun

This functional expansion also marks that Pump.fun's business has expanded beyond the Solana market-Solana previously contributed most of its transaction volume and fee revenue. According to relevant reports, in the past seven days ending August 10, the platform generated fees of US$10.03 million and transaction volume reached US$2.97 billion. During the same period, Pump.fun used US$5.02 million to buy back and destroy approximately 2.15 billion PUMP tokens. The company said it spends 50% of its revenue on automatic repurchase and destruction by locking in smart contracts, and as of August 10, the mechanism has removed circulation equivalent to 15.7% of the initial supply of tokens.

However, the platform's token economy is also facing supply pressure. Online data shows that in July, 57.279 billion PUMPs (valued at approximately US$86.49 million at the time) were transferred to the wallets of 121 teams and investors after the one-year lockup period ended. These transfers start a three-year unlocking period, but the transfer of the token into the recipient's wallet does not mean that it has been sold.

HyperEVM: Connecting applications and Hyperliquid liquidity

According to Hyperliquid's documentation, HyperEVM is an Ethereum-compatible smart contract environment built into the Hyperliquid blockchain. It is not an independent chain, but shares the same network with the HyperCore system that handles Hyperliquid spot and perpetual contract order books.

Because HyperEVM supports Ethereum virtual machines, developers can deploy applications written for compatible Ethereum networks. HYPE serves as a Gas token for transactions, while pre-compiled contracts and other web tools allow applications to read information in HyperCore. Spot assets can also be moved between HyperCore and HyperEVM through Hyperliquid's transfer system. Once deposited in the smart contract environment, these assets can interact with decentralized exchanges, lending protocols and other applications built on HyperEVM.

For users entering through Hyperliquid, network documentation states that they can use USDC to purchase HYPE, and then transfer HYPE from HyperCore to HyperEVM to pay Gas fees. Pump.fun has not stated whether its interface will automatically handle this process, or whether users need to hold a separate HYPE.

HyperEVM was first launched on the testnet in February 2025, when Hyperliquid introduced support for Ethereum-compatible smart contracts. Since then, wallet providers, custodians and decentralized financial projects have successively integrated the network.

In September 2025, Circle launched native USDC and cross-chain transport protocol V2 on HyperEVM. The agreement allows eligible users to transfer USDC between supported networks without relying on traditional encapsulated tokens. Circle later became a stakeholder in the Hyperliquid ecosystem by purchasing HYPE. In May 2026, the stablecoin issuer said it had extended USDC support to HyperCore and increased liquidity between HyperCore, HyperEVM and other supporting blockchains.

Hyperliquid activity increases the size of Pump.fun token pool

DeFiLlama data shows that Hyperliquid L1 currently holds approximately US$1.59 billion in total locked positions in decentralized finance. The market value of stablecoins on the Internet is approximately US$6.79 billion, of which USDC accounts for nearly 98%.

Hyperliquid L1 processed approximately US$503 million in decentralized exchange volume in the past 24 hours, compared with approximately US$3.75 billion in the past seven days. Perpetual contract trading volume reached approximately US$12.43 billion in 24 hours, while weekly trading volume was US$82.47 billion.

According to the latest daily data tracked by DeFiLlama, online activity includes approximately 612,000 transactions, 21,900 active addresses, and 5400 new addresses. Protocols listed on the network include Kinetiq, HyperLend, Project X, HyperSwap, and Felix.

The increase in activity also supports HYPE's recent price performance. Market reports on August 25 showed that the token once hit a record high of about $83.27, and then fell back to around $80.50. HYPE, which opened at around $69.60 in the previous seven days, still posted double-digit gains after some traders took profits.

Pump.fun has not disclosed which decentralized exchanges or liquidity sources its interface uses to execute HyperEVM orders. The announcement also did not say whether all tokens will be automatically launched or whether contracts must first pass technical or security checks.

Federal protection of Meme coins for U.S. users is limited

For U.S. users, having access to HyperEVM assets does not mean that all listed tokens have the same regulatory status. In a February 2025 staff statement, the U.S. Securities and Exchange Commission noted that transactions involving specific types of Meme coins described in the document generally do not constitute securities issuance. SEC staff compare typical Meme coins to collectibles, whose prices depend largely on trading and market sentiment rather than rights to business income, profits or assets. According to this view, eligible issuers of Meme coins need not register to trade under the Securities Act of 1933.

The SEC staff statement also stated that buyers and holders of eligible Meme coins are not protected by federal securities laws. Staff warned that this position does not apply to tokens labeled Meme coins to circumvent securities requirements, nor does it apply to assets whose economic structure meets the definition of a securities. In March 2026, an SEC explanation reiterated that staff statements have no legal effect, do not change applicable law, and have not been approved or vetoed by the committee. The agency said regulatory analysis depends on the economic facts of each crypto asset and transaction.