Pump.fun introduces Holder Rewards and sunsets Cashback mode

Pump.fun has quietly rewritten the rules for how traders get paid on its platform. The Solana-based memecoin launchpad announced on September 12 that it is introducing a new “Holder Rewards” token type while fully deprecating its Cashback mode for any new token launches going forward. The core logic is simple: instead of routing trading fees back to creators or returning them instantly to active traders, the new system funnels those fees into a dedicated Pump.fun distribution wallet, which then pays out to token holders several times per hour. The longer you hold, and the more you hold, the larger your cut. What changed and why Cashback mode was not always part of the Pump.fun playbook. The platform introduced it in February 2026 as an attempt to redirect creator fees away from developers and toward the traders actually moving volume. The problem, according to community feedback the platform cited in its announcement, was structural. Many of the highest-volume tokens on the platform no longer had active development teams behind them. In those cases, the original Cashback mechanic still disproportionately benefited creators relative to the traders engaging with the token daily. Hold...