Pump.fun, a Solana-based memecoin, has outpaced Hyperliquid in 24-hour protocol revenue, generating $3.12 million compared to Hyperliquid's $2.48 million. This positions Pump.fun as the third highest in daily revenue, trailing only Tether and Circle. The increase follows the 'Project Ascend' update, which introduced a dynamic fee adjustment mechanism. Hyperliquid, a decentralized perpetual contract trading platform, experienced a 15% revenue decline from its early September peak. Pump.fun's growth is driven by an aggressive token buyback strategy, reducing its circulating supply by 6.67% since mid-July. Analysts attribute Pump.fun's success to its low fee model and creator-centric features, reflecting shifting value propositions in the crypto market.