The Evolution of the Solana on-chain Memecoin Launchpad

"The king is dead, long live the king." This phrase echoed in the Palace of Versailles in 1774, symbolizing the rapid transfer of power. This ancient ritual is now being performed in the memecoin Launchpad space on the Solana blockchain.

The former dominant player Pump.fun, which held 88% of the market share just a month ago, now has only 13% left. The new challenger Let'sBONK has taken 86% of the market. This not only reflects another instance of volatility in the crypto world, but also serves as a classic case of an empire's collapse: when the ultimate moat of attention is neglected, even the greatest first-mover advantage can vanish in an instant.

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The Rise and Fall of the Pump.fun Empire

Pump.fun was launched in January 2024 by three young people in their 20s, revolutionizing the issuance logic of meme coins. Users only need to upload a picture, name it, and click a few times to issue a token, costing less than $2, without the need for programming. This meets the underlying demand of transforming "worthless" into "valuable."

By January 2025, Pump.fun generated over $458 million in revenue, launching thousands of new coins daily, with peak daily revenue exceeding $7 million. It not only became infrastructure but also gained control over cultural discourse.

However, the tragedy began with its "innovative" live streaming feature. In order to gain attention, some users engaged in extreme behaviors during the live streams, including simulating self-harm and threatening suicide. This forced Pump.fun to shut down the live streaming feature, damaging its reputation and causing a significant drop in revenue.

In the face of difficulties, Pump.fun decided to save itself by issuing tokens (ICO). Although a large amount of funds was raised, there were controversies over the token distribution and unlocking mechanism. The token price continued to decline after a brief rise, showing a "death spiral" trend.

The final blow was the cancellation of the long-term commitment to the airdrop plan, which severely damaged community trust and led to a 15% drop in token prices within 24 hours.

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The Rise of Let'sBONK

When Pump.fun is in trouble, Let'sBONK quietly builds everything that the competitors lack: transparency, community orientation, and clear communication.

Currently, Let'sBONK's daily revenue has reached 1.3 million USD, which is 5 times that of Pump.fun. Let'sBONK's revenue has grown from nearly zero in May to steadily surpassing a daily income of 1 million USD in July. In contrast, Pump.fun's revenue has significantly declined from its peak in January.

Let's BONK uses 1% of its weekly revenue to buy back BONK tokens to support its ecosystem. The price of BONK tokens is relatively stable, maintaining a market value of around $2.1 billion.

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The Importance of Attention Economy

Pump.fun once gained an advantage through network effects, but attention is fragile. An incident during a live broadcast gave users a reason to try alternative platforms, and Let'sBONK quickly became the "clean" choice.

Pump.fun is trying to turn the situation around by increasing the token buyback ratio and launching incentive programs, but these tactical measures cannot address the strategic issue of a lack of trust.

In contrast, Let'sBONK has built an ecological reward system that is tied to user interests. Users can earn revenue sharing from the product ecosystem by locking their assets, and can also obtain "Bonk points" through various means, which can be exchanged for physical goods or benefits in the future.

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A Larger Landscape

In the digital market, user switching costs are close to zero, and dominance can vanish in a matter of months. The success of Let'sBONK lies not only in product advantages but also in its entry into the market at the most vulnerable moment of Pump.fun's reputation.

Despite a significant shrinkage in market share, Pump.fun still has a chance to turn things around. They have ample financial reserves, a stable technology platform, and brand recognition. The recently launched Pump.fun 2.0 has added new features, increased the buyback ratio, and introduced a user incentive program, demonstrating their determination to fight back.

The most likely scenario in the future is market fragmentation, with Let'sBONK becoming the main platform, while Pump.fun transforms into a niche platform with loyal users. However, to truly turn things around, Pump.fun needs to rebuild trust and reclaim cultural prominence, which may require a complete overhaul of its leadership to fully distance itself from past controversies.

In this power transition, we once again witness an ancient truth: when a ruler loses legitimacy, no amount of resources can restore it. Sometimes, in order to prolong rule, power must be passed to newcomers.

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