Key Takeaways
- On Sunday, July 6, LetsBONK flipped Pump.fun as the most popular Solana DEX for token launches.
- Once-dominant Pump.fun has lost market share in recent months.
- Alongside LetsBONK, platforms like Launchlabs, Boop.fun, and Moonshot now vie for traders’ attention.
Since its launch in January 2024, Pump.fun has dominated the Solana memecoin ecosystem. But starting in April this year, a crop of upstart rivals began vying for the throne.
For the first time on Sunday, July 6, one of them—LetsBONK—overtook Pump.fun as the most active decentralized exchange (DEX) on Solana by daily token launches.
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LetsBONK Flips Pump.fun for Token Launches
Developed by the team behind BONK, LetsBONK was launched in April as a memecoin launchpad as an alternative to Pump.fun.
From the get-go, LetsBONK saw impressive community traction, with many tokens launched on Pump.fun and LetsBONK seeing higher trading activity on the new platform.
In the latest development, LetsBONK has flipped Pump.fun as the Solana DEX with the most token launches over 24 hours.
According to Dune data , on July 6, 16,797 new tokens were launched on LetsBONK versus 10,111 on Pump.fun.
Solana DEX Competition Heats up
In addition to Let’s BONK, a string of new Solana DEXs have launched in the past year as competition in the space heats up.
Platforms like Launchlabs, Boop.fun, and Moonshot now vie for traders’ attention. Meanwhile, many new projects now opt to launch on multiple DEX’s, spreading out trading activity that would once have been concentrated on Pump.fun.
Memecoin Traders Turn Away From Pump.fun
The burgeoning ecosystem of Pump.Fun rivals have emerged as users have started to sour on Solana’s traditional memecoin hub.
In a memecoin market that valorizes hype and freshness, shifting user preferences are perhaps inevitable. But in recent months, Pump.fun has also come under fire for transferring hundreds of millions of dollars worth of SOL exchange fees to Kraken.
Against this backdrop, LetsBONK’s commitment to using fees to buy and burn BONK is one of its biggest draws vis-a-vis Pump.fun.
While the latter’s deposits to centralized exchanges have depleted its reserve assets, LetsBONK uses fees to prop up Solana’s biggest memecoin. This strategy could help support the growth of the wider ecosystem.
In May, Pump.fun introduced a new revenue-sharing model for token creators, a sign that its creators are wary of charges that they are extracting value from the platform.
Amid heightened competition from alternative launchpads, the new system may help Pump.fun attracts new projects. But ultimately, token creators will go where trading activity is highest.
In terms of daily active addresses, Pump.fun retains the lead. But from a peak of over 90% in June, its market share had declined to 56% on Sunday.
Meanwhile, daily trading volume has dwindled to a fraction of its January highs. In contrast, LetsBONK trade volume has been trending upward.
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