Pump.fun Ends 4x Referral Bonus, Keeps 100% Revenue Payout

The end of the 4x bonus is a margin decision, not a retreat: Pump.fun keeps paying out all revenue while cutting the referral multiplier, shifting the split toward the Callout pool and in-app incentives. That reweights who captures value — referrers now get a smaller slice, while the platform steers more toward its own reward mechanisms. With $30 million already distributed, the open question is whether the lower multiplier slows referral-driven user acquisition or whether the full revenue payout keeps participation steady.