Solana Launchpad Showdown: Pump.fun vs. LetsBONK.fun

The past year has marked a significant turning point for Solana, with memecoins emerging as a potent force driving onchain activity. Central to this resurgence are user-friendly launchpads, particularly Pump.fun and its rising competitor, Letsbonk.fun. 

Detailed onchain metrics highlight how fierce the competition has become, with recent shifts signaling a possible reshaping of Solana's launchpad landscape.

Pump.fun’s Early Dominance

Pump.fun, introduced in January 2024, popularized the “fair-launch” bonding-curve model, dramatically simplifying the memecoin creation process. Its approach allowed anyone to launch tokens instantly, bypassing coding and presale hurdles. This ease of access fueled rapid growth, and by July 2025, Pump.fun had seen over 11.8 million tokens minted, establishing itself as the primary catalyst for Solana's viral onchain activity.

However, Pump.fun's dominance has faced a significant challenge with the entry of Letsbonk.fun. Capitalizing on the enthusiasm of the $BONK community and providing a streamlined onboarding process, Letsbonk.fun quickly scaled its presence, flipping Pump.fun in revenue, trading volume and token launches as of early July 2025.

Revenue Shift Highlights Competition

Revenue figures starkly illustrate this shift. Based on Dune data, over the past month, Pump.fun's average daily revenue stood comfortably above $1.27 million. Yet, the emergence of Letsbonk.fun triggered a substantial decline, cutting Pump.fun’s daily revenue by more than 60% to under $500,000. 

Meanwhile, Letsbonk.fun saw its own revenue rocket dramatically—from approximately $70,000 per day at the start of July to over $1.1 million daily, marking a staggering 1,500% growth within days.

Changing Dynamics of Token Launches

Letsbonk.fun’s explosive revenue surge corresponds directly with its expanding share of new token launches on Solana. Previously, Pump.fun dominated token creation, launching over 24,000 tokens daily—accounting for more than 90% of Solana’s daily token launches. 

Competitors such as Launchlab, Bags, Moonshot, and the newer entrant Jup Studio previously had minimal impact. However, Letsbonk.fun's recent ascension reshaped these dynamics significantly. 

On July 8, Letsbonk.fun reached a milestone, accounting for 65.9% of all Solana token launches, translating into over 22,300 tokens in just one day. In contrast, Pump.fun dropped below 12,000 tokens, its market share shrinking to around 32%.

Token Graduation and Market Impact

This rising number of launches naturally boosted the number of tokens successfully "graduating"—moving from initial creation to established trading activity. Letsbonk.fun significantly outpaced Pump.fun here as well. 

On July 7, Letsbonk.fun graduated 209 tokens, triple the count of Pump.fun’s 69. Another newcomer, Jup Studio, also made a noteworthy entrance, graduating 296 tokens on July 3, the highest single-day graduation total observed over the past month.

Graduation Volume Leadership

Over the recent seven-day period, Letsbonk.fun firmly led graduation volumes, capturing more than 50% of all graduated tokens on Solana, with Pump.fun trailing at 29.9%. Jup Studio, despite its recent debut, captured third place with an 11.3% market share.

Graduation Rate Insights

Graduation rate—a measure of the proportion of launched tokens transitioning to active market participation—offers further insights. Currently, Believeapp leads with a graduation rate of 2.58%, followed closely by LetsBonk.fun at 1.02%, and Launchlab (by Raydium) at 0.97%. Pump.fun trails significantly, holding fourth place at a mere 0.8% graduation rate.

Market Cap and Quality of Tokens

The success of Letsbonk.fun extends beyond mere quantity into the quality of its launched tokens, as evidenced by market caps. Over the past week, 68% of the top 25 tokens by market cap originated from Letsbonk.fun, significantly outperforming Pump.fun’s 24% and Launchlab’s 8%.

Trading Volume Trends

Trading volume trends further underscore Letsbonk.fun’s recent dominance. Pump.fun’s average daily token trading volume plunged from $136 million to under $53 million. Conversely, Letsbonk.fun’s daily token volume surged over tenfold, rising from $10 million to more than $108 million, boosting its share of total launchpad trading volume from approximately 6.9% to over 66%.

Looking Ahead: Who Will Prevail?

As Letsbonk.fun continues its extraordinary rise, the critical question remains: will this momentum sustain, or will Pump.fun reclaim its previous dominance? The data clearly illustrates that Solana’s launchpad competition is intensifying, reshaping the ecosystem’s dynamics dramatically.

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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