Pump.fun has removed Cashback Mode from the creation flow for new token launches and replaced it with Holder Rewards, which automatically distributes qualifying fees to token holders. The platform said the system generated more than $4 million in rewards for holders over the past two days. Users only need to hold a participating token to receive rewards, and longer holding periods can raise the reward ceiling. Under previously described mechanics, wallets holding more than $20 worth of a token receive pro rata payments several times an hour in the pair's quote asset, such as SOL for SOL pairs or PUMP for PUMP pairs. Existing Cashback and Creator Fee tokens can apply to switch to Holder Rewards, but conversions cannot be reversed.