Pump.fun Ends Cashback on New Launches, Adds Hourly Holder Rewards

The shift redistributes incentives from launch-time participation to post-launch holding, which changes the calculus for traders who relied on cashback to offset early entry costs. It also creates a two-tier market: new launches get the holder-reward model, while existing cashback coins must opt in, leaving their communities to decide whether the migration is worth it. The open question is whether frequent, small payouts tied to holding actually deepen liquidity and retention, or simply move the same mercenary capital into a different reward structure.