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fix(trading-apps): add Terminal (Padre), hide pump.fun volume #2023

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fix(trading-apps): add Terminal (Padre), hide pump.fun volume #2023

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24 changes: 16 additions & 8 deletions src/app/trading-apps/page.tsx
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Original file line number Diff line number Diff line change
Expand Up @@ -27,11 +27,15 @@ const BENCH_SLUGS = [
"app-store-ratings",
] as const;

// pump.fun is tracked via byLaunchpad (bonding curve, no referral tag system).
// All other platforms are tracked via byPlatform (referral tags). Volume is
// not directly comparable across the two groups — tooltip discloses this.
// pump.fun bonding-curve volume (byLaunchpad) is not comparable to terminal
// byPlatform volumes — it includes trades routed through GMGN/Axiom/Trojan/bots.
// Since pump.fun cut fees to 0% in Aug 2026 they no longer embed a referral tag,
// so UI-only volume cannot be isolated on-chain. Volume shown as — for pump.fun.
// Terminal (slug: padre) is pump.fun's own trading app (acquired Apr 2025,
// formerly Padre). It has its own referral tag and is trackable via byPlatform.
const PLATFORMS = [
{ slug: "pump-fun", name: "pump.fun" },
{ slug: "padre", name: "Terminal" },
{ slug: "gmgn", name: "GMGN" },
{ slug: "axiom", name: "Axiom" },
{ slug: "fomo", name: "FOMO" },
Expand All @@ -46,7 +50,7 @@ const COLUMNS = [
label: "24h Volume",
bench: "solana-trading-platform-wars",
fmt: fmtUSD,
tip: "Mobula attribution. pump.fun = bonding-curve launchpad volume. All others = terminal routing volume via referral tag. Not directly comparable across the two groups.",
tip: "Mobula byPlatform attribution via referral tag. pump.fun bonding-curve volume is excluded (shown as —) — it counts all trades on the bonding-curve program regardless of which UI or bot routed them, making it not comparable. Terminal = pump.fun's own trading app (formerly Padre, acquired Apr 2025), tracked via its own referral tag.",
higherBetter: true,
},
{
Expand Down Expand Up @@ -171,7 +175,9 @@ export default async function TradingAppsHubPage() {
const matrix: Row[] = PLATFORMS.map((p) => ({
slug: p.slug,
name: p.name,
volume: volIdx[p.slug] ?? null,
// pump.fun cut fees to 0% in Aug 2026 so no referral tag exists — bonding-curve
// volume is not comparable to terminal byPlatform volumes, show — instead.
volume: p.slug === "pump-fun" ? null : (volIdx[p.slug] ?? null),
traders: tradersIdx[p.slug] ?? null,
tradeSize: tradeSizeIdx[p.slug] ?? null,
feeRate: feeIdx[p.slug] ?? null,
Expand Down Expand Up @@ -420,9 +426,11 @@ export default async function TradingAppsHubPage() {
Methodology
</p>
<p className="max-w-3xl">
Volume via Mobula lighthouse: pump.fun uses bonding-curve launchpad
attribution; terminals use referral-tag attribution — not directly
comparable across the two groups. Swap transaction counts from Dune
Volume via Mobula lighthouse byPlatform (referral-tag attribution).
pump.fun volume shown as — since they cut fees to 0% in Aug 2026 and
no longer embed a referral tag; bonding-curve totals would mix all UIs
and bots and are not comparable. Terminal = pump.fun's own trading app
(formerly Padre, acquired Apr 2025), tracked via its own tag. Swap transaction counts from Dune
Analytics (pump.fun: dex-level; terminals: fee-wallet detection).
Average trade size = volume ÷ trade count, includes bots and MEV.
Fee rate = on-chain fee revenue ÷ fee-paying volume (Dune tx join);
Expand Down
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