Power Transition of Solana Ecosystem Meme Coin Launch Platform

In the Solana ecosystem, a power shift regarding meme coin launch platforms is taking place. Pump.fun, which once sat high on its throne, had daily revenues reaching up to $7 million at its peak, with total earnings of $677 million over a year and a half, equivalent to withdrawing $1.2 million daily from the Solana ecosystem. However, while it was intoxicated by this capital feast, an emerging platform called LetsBONK has quietly risen, posing a serious threat to its position.

On a weekend in July 2025, history was rewritten. LetsBONK surpassed Pump.fun with 15,600 token issuances compared to the latter's 11,500, capturing 49.8% of the market share, exceeding the latter's 40.9%. Additionally, LetsBONK has 135 "graduate" tokens, marking the arrival of a new era. This is the first time Pump.fun has lost its dominant position on the Solana chain since January 2024.

Pump.fun: A sophisticated wealth harvesting mechanism

The business model of Pump.fun is considered one of the most ingenious wealth harvesting mechanisms in the crypto world. It cleverly utilizes the frenzy of meme coins to build an almost perfect blood-sucking system: users need to pay SOL as fuel when creating tokens on the platform; when the market value of the tokens exceeds a specific threshold and "graduates", they also need to pay transaction fees.

This mechanism has siphoned off 6.4 million SOL( worth 780 million dollars) in a year and a half, making it the second largest sell-off entity in the Solana ecosystem, second only to a large exchange. Even more concerning is that these huge profits have not been reinvested into the ecosystem, but have been continuously exchanged for USDC and flowed out, resembling an ever-running wealth extraction machine.

In June 2025, when its market share was eroded to 57.5% by emerging platforms, Pump.fun announced that it would launch an ICO with a valuation of $4 billion, issuing a total of 1 trillion PUMP tokens. However, this plan, which claims to "reward early users," conceals a harsh reality: less than 5% of addresses on the platform have made over $1,000. The vast majority of participants have become fodder for this capital game, while the project team is ready to use the new tokens to initiate a second round of harvesting.

LetsBONK: Pioneer of the Value Revolution

On April 26, 2025, Solana's famous meme coin BONK launched its own platform: LetsBONK.fun. In just 24 hours after going live, it attracted 800,000 users, generated a trading volume of $300 million, and gave birth to 2,700 new tokens. Behind this lightning war is a revolutionary value system deeply rooted in Solana's genes:

1. Ecological feedback mechanism: The platform will inject 1% of transaction fees into the triple flywheel - part will be used for BONKSOL node verification to enhance network security, part will be used to buy back and destroy BONK coins to achieve deflation, and the remaining funds will support ecological construction. In July 2025, the upgrade commitment will be: 50% of revenue will be used to buy and destroy BONK coins, directly feeding back the community foundation.

2. Creator Economy Revolution: The founder personally supports quality projects. When GLONK was issued on the platform, he invested $700 to purchase tokens and publicly held his position, driving its market value to $18 million. This "founder risk-sharing" model stands in stark contrast to the indifference of Pump.fun.

3. Developer Gravitational Field: A hackathon with a $200,000 prize pool will be launched in June 2025 to attract innovative projects like DeleGate.fun. Its $DEL token surged dozens of times in just two days due to achieving "no-code on-chain operations," proving that ecological incentives can foster real technological innovation.

This symbiotic philosophy has given birth to a phenomenal project: Useless Coin. This satirical work, originating from a tweet "This is a useless currency," completes its value rebirth through self-deprecation. While traditional meme coins rely on animal imagery, it leverages the ironic narrative of "crypto uselessness" to pry open a market value of $264 million, becoming the sharpest spear aimed at the old order.

Power Transfer: A Paradigm Shift in Community Consensus

The rise of LetsBONK is by no means a coincidence; it precisely captures the three major paradigm shifts happening in the crypto world:

1. Evolution of values from extraction to feedback: Pump.fun represents a Web2-style plunder logic - maximizing the extraction of user value. In contrast, the token value return mechanism built by LetsBONK is deeply integrated with the Solana ecosystem. When Pump.fun exchanges SOL for USDC, LetsBONK uses real money to buy back BONK, forming a value closed loop.

2. From Bubble to Flywheel Product Philosophy: While Pump.fun is obsessed with creating token bubbles, LetsBONK has built a multi-layered ecosystem: at the bottom layer is the HOSICO( internet celebrity cat IP token, with a market value of 50 million USD) and other Meme assets gathering popularity; the middle layer features the emergence of NYLA( community-led AI assistants) and other utility tokens; at the top layer, it incubates technical solutions like DeleGate.fun. This "Meme Traffic Attraction - Utility Retention - Technical Breakthrough" three-stage rocket is reconstructing the value chain of meme launching platforms.

3. The governance revolution from monopoly to co-governance: The closed rule of Pump.fun has spurred a rebellion alliance. Certain DEX platforms like LaunchLab and Believe are using differentiated strategies to carve out market shares, causing Pump.fun's share to plummet by over 40 percentage points. Among them, a certain DEX employs the "wolf pack tactic", integrating sub-platforms like cook.meme to engage in multi-line operations. This decentralized competition is a true return to the spirit of Solana.

The Ultimate Game of Crypto Capitalism

The path to the throne of LetsBONK is still fraught with thorns. Its platform coin $LETSBONK has experienced a dramatic drop from a market value of $30 million to $4 million, proving that mere enthusiasm cannot sustain an ecosystem. Meanwhile, Pump.fun holds $600 million in cash reserves and may launch a subsidy war at any time. This war is essentially the ultimate battle between two types of crypto-capitalist routes:

• The financial dead end: The ICO plan of Pump.fun exposes its ultimate ambition - to completely financialize the platform. According to the leaked plan, its $4 billion valuation is equivalent to a 6 times price-to-earnings ratio of 2024 revenue, and the design of full circulation upon token generation is destined to trigger a sell-off tsunami. This "draining the ecology - financial packaging - high-level cashing out" path is precisely the destructive game that traditional capital excels at.

• Ecological Path: The LetsBONK hackathon has given rise to real use cases like DeleGate.fun, where users achieve complex operations such as airdrops and burns through "delegated wallets + task flow triggers". When large-scale Web3 applications require no-code solutions, this technological value distilled from the Meme frenzy could become a key weapon for Solana in its battle against Ethereum. Not to mention its policy of using 50% of revenue to buy back BONK, which is building a perpetual motion machine for the token economy.

The pendulum of history has already swung. When VC giants declare that "the era of worthless tokens is coming to an end", when the founder of Solana personally endorses BONK, and when LetsBONK's trading volume surpasses $86 million in a single day, we clearly hear the roar of the old order collapsing. This is not merely a change of platforms, but a rebirth of the spirit of crypto - from extraction to symbiosis, from monopoly to co-governance, from financial games to ecological co-construction.

The crypto world is never a mathematical experiment in a vacuum, but a gladiatorial arena of human nature and capital. Pump.fun has proven in 18 months: how efficiently a wealth machine can be built driven purely by interests. And LetsBONK has demonstrated in 70 days: when code infuses faith, when finance returns to the community, the forgotten original intention of blockchain is still burning fiercely.

At this moment on the Solana chain, the new king holds a bloodied scepter, and beneath him lies the cold corpse of the old dynasty. And in the blood-red sunset, a line of code flickers like a vow: Those who wish to exploit will be overthrown.