Pump.fun Ends Cashback for New Launches, Adds Holder Fee Rewards

The shift from a launch-time cashback to an ongoing holder-based fee payout changes the incentive structure: it rewards post-launch retention rather than the initial buy, which matters most for the traders who churn new launches. The requirement that existing Cashback coins apply to migrate leaves a split between tokens that adopt the scheme and those that do not. Whether holder rewards meaningfully change holding behavior, and how many existing coins opt in, is the open question.