1. LaunchLab: From Ecosystem Defense to Value Reconstruction

On April 16, 2025, Solana’s leading DEX, Raydium, posted on Twitter to introduce its new token issuance platform, LaunchLab, signaling a full-blown rivalry with former ally Pump.fun.

Compared to Pump.fun’s simplified approach, Raydium’s LaunchLab offers a more sophisticated token creation process. The new launchpad allows deployers to customize total token supply, determine how many tokens are sold through bonding curves, and set fundraising targets in SOL before migrating liquidity to Raydium’s AMM. LaunchLab also offers features like token vesting and shared migration fees.

This move is not just a strong counterattack to Pump.fun’s recent launch of its own AMM (PumpSwap), but also a clear signal of a paradigm shift in the Solana ecosystem—from “traffic sharing” to “value capture.”

1. Background: Power Struggles in the Solana Ecosystem

Over the past year, Pump.fun dominated token launches on Solana, accounting for 75% of all token issuances by leveraging its “no-code launch + instant liquidity migration” model. However, it relied heavily on Raydium as the secondary market liquidity pool, creating a fragile symbiotic relationship. Data shows Pump.fun tokens contributed around 35% of Raydium’s trading fee revenue, a dependency that quickly unraveled once Pump.fun launched its own AMM, PumpSwap.

Alongside the recent cooldown of the Solana meme coin craze, Raydium’s native token, RAY, plummeted from a January high of $8.70 to just $1.40—a drop of over 83%.

Thus, the launch of LaunchLab represents Raydium’s strategic defense mechanism: by building an end-to-end ecosystem from token launch to trading, the protocol aims to prevent an estimated $12 million in annual revenue from leaking out and to redefine value distribution in the Solana ecosystem.

2. Technical Architecture: Innovations Beyond Traditional AMMs

Unlike Pump.fun’s single linear bonding curve model, LaunchLab uses a dynamic bonding curve matrix, supporting linear, exponential, and logarithmic pricing models.

Raydium’s anonymous team lead, known as Tom, stated: “LaunchLab’s mission is to fix a flawed token model reliant on [centralized exchanges] and market makers. We believe token issuance will continue to accelerate—and we want that growth to happen on Solana.”

On-chain tests show that the exponential bonding curve model achieved trading depth 2.3 times the industry average in its first week and improved price discovery efficiency by 28%. Its core technological innovations include:

• Hybrid Liquidity Engine: Directly taps into Raydium’s existing $870 million TVL, matching capital in real-time and reducing cold-start periods for new projects from 72 hours to just 9 hours.
• Smart Fee Layering: Implements a dynamic fee structure—base issuance fee (0.5–1.8%), liquidity incentives (12–25%), and ecosystem development fund (1–3%)—to create a positive feedback loop between project teams, traders, and the platform.
• Anti-Rug Pull Mechanism: Utilizes phased fund custody contracts, cutting rug risk down to 18% of the historical average. LP lock-up incentives also boost 30-day liquidity retention rates to 59%.

2. LaunchLab vs. Pump.fun: A Multi-Dimensional Competitive Edge

1. Technical Performance: Solana-Native Superiority

As a native Solana protocol, LaunchLab boasts significant advantages in transaction speed (580ms confirmation time) and gas cost (0.00015 SOL per transaction), far outperforming Ethereum-based platforms. Real-world tests show that under high network load, LaunchLab has a failed transaction rate of just 0.7%, compared to 4.3% for Pump.fun. In the high-volatility world of meme coin trading, this performance gap forms a substantial competitive moat.

2. Economic Model: A Sustainable, Triple-Incentive Ecosystem

LaunchLab pioneered the “Burn & Earn” mechanism, allowing project teams to permanently lock LP tokens and receive a share of trading fees. Combined with a 10% creator fee revenue share, this design shifts tokenomics from a “one-and-done launch” to ongoing value capture. Compared to Pump.fun’s fixed 0.25% fee rate, LaunchLab’s dynamic model improves total project earnings by 37% for high-quality launches.

3. User Experience: The “JustSendIt” Launch Revolution

The “JustSendIt” ultra-simple launch flow is LaunchLab’s killer feature:

• Token Creation: No coding required—projects configure supply, curve type, and more via a visual interface.
• Fundraising: Target set at 85 SOL (~$12,000), supporting multi-asset contributions.
• Auto Migration: Once the funding goal is met, liquidity is instantly injected into Raydium’s AMM—no 6 SOL migration fee.
• Revenue Management: LP lockups earn trading fees, with support for vesting and wallet delegation.

This “launch-to-trade” experience compresses the meme coin listing cycle from the industry average of 48 hours down to instant completion.

3. Ecosystem Impact: Redrawing Solana’s Value Map

1. Structural Upgrades to the Raydium Platform

• By integrating CLOB + DEX hybrid liquidity, LaunchLab has raised Raydium’s TVL conversion rate to 83%, a 21-point increase compared to the Pump.fun era.

• Diversified Revenue Streams: A fee-sharing model (50% to community pool, 25% for RAY buyback, 25% to protocol treasury) has transformed RAY from a simple governance token into a value-capturing asset.

• Developer Ecosystem Activation: With the release of third-party UI customization interfaces, 10 teams—including GMGN and BullX—have begun building vertical applications on top of LaunchLab, signaling the emergence of a synergistic ecosystem.

2. RAY Token Value Restructuring

The launch of LaunchLab triggered a price rebound for RAY from a low of $1.39 to $2.30, a 65% increase. The value narrative behind RAY has fundamentally shifted:

• Deflationary Mechanism: 25% of monthly protocol fees are used to buy back and burn RAY, with an estimated annual deflation rate of 8–12%.
• Staking Yields: LP lockers not only receive a share of trading fees but also earn RAY staking rewards, with APYs projected between 15–20%.
• Governance Power: Token holders can vote on key LaunchLab parameters like fee structure and bonding curve types, increasing utility and influence.

User Guide: How to Participate in the LaunchLab Ecosystem

1. Quick Token Launch Tutorial

• Visit https://raydium.io/launchpad and connect your Phantom wallet.
• Select “JustSendIt” mode, then enter your token’s name, symbol, and total supply.
• Choose a bonding curve type (exponential curve recommended) and set your fundraising goal (default: 85 SOL).
• Pay a ~0.15 SOL gas fee to deploy.
• Monitor fundraising progress in real-time; once the goal is met, liquidity is automatically migrated to a Raydium trading pair.

2. How to Scan and Trade on Raydium

Launchpad link: https://raydium.io/launchpad

Once on the site, search for the token contract address (CA).

After connecting your wallet (top right corner), adjust slippage, enter the purchase amount, and approve the transaction in your wallet to trade.

Conclusion: A New Order in the Solana Ecosystem

The launch of LaunchLab is not just a showdown between Raydium and Pump.fun—it’s a watershed moment marking Solana’s evolution from chaotic growth to structured development. As meme coin issuance becomes infused with technical innovation, economic rationality, and community governance, the winner of this “liquidity war” may ultimately be the entire blockchain industry, signaling its path toward maturity.

As Raydium’s anonymous core developer put it: “What we’re trying to fix is a distorted market overly reliant on centralized market makers. Solana is destined to become the foundation of the value internet.”

Disclaimer:

1. This article is reprinted from [MarsBit]. The copyright belongs to the original author [Alvis]. If you have any objections to the reprint, please contact the Gate Learn team. The team will handle it as soon as possible according to relevant procedures.

2. Disclaimer: The views and opinions expressed in this article represent only the author’s personal views and do not constitute any investment advice.

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