Can Pump.fun Stay Ahead of LetsBonk, Boop, and Believe?

Over the past month, the Solana blockchain has witnessed significant activity surrounding token launchpads. Several new platforms have emerged, challenging established leaders and reshaping the competitive landscape. Among them, Pump.fun, long the dominant launchpad, has begun to feel pressure from newer entrants like Boop, LetsBonk, and Believe.app.

According to data sourced from Dune Analytics, the Solana ecosystem averaged an impressive 35,000 token launches daily over the past 30 days. Pump.fun maintained its lead throughout, but new launchpads are clearly shaking things up.

New Contenders Making Waves

Boop, which officially launched on May 1st, quickly gained significant traction. On launch day alone, it facilitated the release of over 10,800 tokens, accounting for 26.3% of the total launches that day. Meanwhile, LetsBonk saw a dramatic spike in activity starting on May 10th. By May 12th, it peaked at more than 12,200 launches, claiming 28.9% of the daily total. Believe.app also experienced notable growth, reaching its peak on May 13th with over 4,900 tokens launched—making up 12.9% of the market that day.

Pump.fun Faces Increasing Competition

The increasing popularity of these emerging platforms has had a tangible impact on Pump.fun. On May 12th, the veteran platform hit its lowest monthly figure, launching only 23,700 tokens, marking a significant dip amid heightened competition.

Overall, however, Pump.fun continues to dominate in absolute terms. Over the 30-day period, over 1.1 million tokens were created on Solana launchpads. Pump.fun accounted for an overwhelming 81.9% of this figure. LetsBonk followed at 7.5%, while LaunchLab held third place with 4.4%. It's worth noting that LetsBonk operates on the LaunchLab platform, effectively combining their presence. Boop, despite being just three weeks old, claimed fourth place, holding 3% of the total market.

Tracking Token Graduations

Another crucial performance indicator for launchpads is the graduation rate—the proportion of tokens meeting specific success criteria post-launch. Each day, an average of 375 tokens graduate across all platforms, with Pump.fun consistently leading, boasting a record daily graduation of 400 tokens. Its closest competitors in this metric are Believe, LetsBonk and Boop, which recorded peak daily graduations of 314, 178 and 154 tokens, respectively.

Starting on May 12th, LetsBonk notably outperformed Pump.fun, securing 43.2% of the daily graduated tokens and bringing Pump.fun’s share below 50% for the first time that month. Shortly after, Believeapp took the lead, further eclipsing Pump.fun and solidifying its position as the dominant launchpad.

Graduation Rates and Performance

In total, more than 11,200 tokens have graduated from Solana launchpads in the past month. Pump.fun leads again, holding a commanding 70.6% share, followed by LetsBonk at 10.3% and Believeapp at 8.8%.

When analyzing the daily graduation rates across different launchpads, Believeapp initially appears impressive, holding record-breaking figures. Yet, its performance is highly volatile, with graduation rates swinging dramatically—some days falling to zero, while on others spiking to over 11.4%.

In contrast, Boop distinguishes itself with consistently higher graduation rates and notably lower volatility, ranging between 1.42% and 6.86%. LetsBonk also shows promising stability, with daily rates varying from 0.36% to 3.17%.

Pump.fun emerges as one of the more stable platforms in this regard, maintaining an average graduation rate of 0.87% and peaking modestly at 1.11%. Meanwhile, LaunchLab trails behind with the lowest graduation rates overall—occasionally dipping as low as 0.03%—but it has shown recent signs of improvement, climbing as high as 2.94%.

Market Cap Insights

An essential aspect of analyzing launchpad success involves examining the market caps of graduated tokens. 

The majority of tokens on Pump.fun, LetsBonk, and LaunchLab fall into the modest $1,000–$10,000 range. In contrast, Believe.app showcases a notably higher market cap profile, with 89.8% of its tokens falling within the $10,000–$100,000 range. Additionally, Believe.app outpaces competitors with a significant share of tokens achieving market caps between $100,000 and $1 million (5.5%) and even up to $5 million (1.38%).

Given Pump.fun's higher number of tokens, it naturally has fewer high-value tokens proportionally. Nonetheless, Pump.fun had 34 tokens exceed $1 million market caps in the past month, with seven surpassing $10 million. Believe.app also had a strong showing, with 22 tokens crossing the $1 million mark and four surpassing $10 million.

Final Takeaway: Pump.fun Leads, but Rivals Gain Ground

While Pump.fun remains the heavyweight in Solana’s launchpad arena, emerging players like Boop, LetsBonk, and Believe.app are swiftly capturing market share and attention. The dynamic competition and evolving metrics suggest that Pump.fun's dominance, although significant, is now facing genuine and sustained challenges.

Stay tuned for further insights into how these platforms evolve and shape the future of DeFi trading on Solana.
This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.

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