The Hidden Winners in the Solana Launch Platform Battle

While the controversy surrounding Pump.fun unfolds, PVP games within the Solana ecosystem continue to thrive. Behind this commotion, some hidden winners are quietly reaping the benefits brought by the traffic. This article will delve into how Metaplex, Raydium, and Axiom have become steady players behind the scenes in this battle.

Raydium: Diversified Strategies Capture the Market

In response to the challenge posed by Pump.fun launching its own DEX, Raydium quickly took action. In addition to launching the LaunchLab platform, it also introduced several similar platforms through the SDK collaboration model, such as LetsBONK.fun. This strategy significantly enhanced Raydium's competitiveness in the Solana launch platform.

Data shows that in terms of the number of token launches, LaunchLab SDK occupies nearly 60% of the market share. Among them, LetsBONK stands out, having created over 18,000 tokens, accounting for 97.5% of LaunchLab SDK, with a token graduation rate close to 98.3%.

From a market capitalization perspective, although the LaunchLab SDK currently only accounts for 9.2% of the total market cap, its growth rate is astonishing, having increased by about 353.2% in the past month. LetsBONK contributed 85.5% of that share.

In terms of trading volume and revenue, the LaunchLab SDK also performs excellently. It accounts for 65.2% of the trading volume, with 99.7% coming from LetsBONK. In terms of revenue, the LaunchLab SDK contributed 72% of the share, while LetsBONK accounted for as high as 79.8%.

Overall, driven by the strong momentum of LetsBONK, Raydium LaunchLab has surpassed its competitors in several key metrics, significantly enhancing its influence in the Solana MEME ecosystem.

Metaplex: Robust Earnings for Infrastructure Providers

As a core open-source protocol on Solana, Metaplex provides developers, creators, and businesses with a complete set of tools and standards for building decentralized applications. In the platform battle during Solana's launch, Metaplex, as an infrastructure provider, became a beneficiary of the coin minting craze.

According to official disclosures, the main source of income for Metaplex in the first half of this year was the new assets created through its protocol. Multiple platforms, including Pump.Fun, Believe, and Raydium, have created tokens using the Metaplex standard.

Data shows that as of July 10, Metaplex's revenue reached $35.82 million, earning about $13.57 million in the first half of this year. In June alone, over 1 million tokens were created through Metaplex, with the protocol's fees reaching approximately $1.7 million that month.

Metaplex charges a certain percentage of protocol fees from all newly created tokens and NFTs, of which 50% is used to repurchase $MPLX and inject into Metaplex DAO. In the first half of this year, Metaplex has repurchased a total of 38.5 million $MPLX tokens, accounting for 3.9% of the total supply.

Axiom: The Rise of Trading Robots

As the competitive landscape of the Launchpad market continues to evolve, trading bots represented by Axiom are gradually becoming the winners. These efficient user entry points not only optimize the trading experience but also become the core competitive point for various launch platforms in the battle for traffic and users.

Data shows that Axiom has long been at the top of the trading automation and Bot tools platform. For example, on July 9th, Axiom contributed 69.6% of the total trading volume for that day, demonstrating strong market penetration.

Axiom has deeply integrated with multiple launch platforms, becoming an important traffic entry point. On platforms such as Pump.fun, LetsBONK, and Believe, Axiom's trading volume accounts for over 60%, greatly boosting the trading activity of various launch platforms.

As of July 7th, based on the usage of trading robots on the Solana chain, Axiom's trading volume reached $42.505 million, accounting for 72% of the total trading volume. Its average transaction amount is about $2,293, far exceeding other competing platforms. On that day, the number of active users exceeded 17,000, with a market share of 49.1%.

In terms of revenue, Axiom has demonstrated a strong ability to attract funds. Since its launch in January this year, Axiom's cumulative revenue has exceeded $160 million, with an average daily revenue of about $1.7 million. In addition, its number of active users has approached 287,000, reflecting the product's market recognition and user growth potential.