The Solana launchpad war seems over, and the scoreboard is brutal
Pump.fun generated $31.5M in protocol revenue over the past 30 days versus roughly $192K for the BONK ecosystem, a gap of about 165x, per DefiLlama. Here is what the numbers say about the state of the Solana memecoin launchpad race.
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A Gap That Keeps Growing
The contest for Solana's memecoin launchpad crown looks increasingly one-sided. @Pumpfun generated $31.5M in protocol revenue over the past 30 days against roughly $192K for the BONK ecosystem, per DefiLlama. That is a difference of around 165x, and the underlying trend shows little sign of reversing.
The numbers sit within a broader context of sustained dominance. Pump.fun's gross protocol revenue totaled $971.37 million in 2025, though it is annualizing to roughly $320 million so far in 2026, according to DefiLlama data. Even at a reduced pace, that run rate leaves rivals a long way behind.
BONK's Rise and Retreat
It was not always this clear-cut. @bonk_inu's protocols pulled in nearly $50M in gross revenue in a single quarter last year before collapsing to $2.2M last quarter, while Pump.fun held above $200M per quarter throughout. The BONK launchpad, operating under the LetsBONK brand, did briefly threaten Pump.fun's position. LetsBONK's market share of the Solana launchpad space grew from 13% to over 78% in the span of one month in July 2025, briefly surpassing the previous market leader.
That moment proved short-lived. Market share collapsed back to minimal levels as the platform failed to maintain momentum against more innovative competitors. BONK.fun's market share fell from commanding 84% of Solana's launchpad market in mid-2025 to just roughly 7% by year-end, a decline mirrored in revenue, which fell to $84,000 by end-2025.
Pump.fun moved quickly to reclaim lost ground. Pump.fun countered with new user incentives, allowing it to regain over 70% of the market by February 2026. The BONK ecosystem has struggled to recover since. Data from Jupiter indicates that LetsBonk has dropped to fourth place by 30-day volumes in the launchpad space, with just $159 million traded through its platform.
For now, the Solana launchpad race reads as effectively decided on the revenue scoreboard. Whether a fresh challenger or a BONK ecosystem reset can change that calculus remains an open question, but the gap @Pumpfun has built makes any comeback a steep climb.
Sources:
DefiLlama: Pump.fun Fees, Revenue and Volume
CoinGecko: LetsBONK.fun Complete Guide
AInvest: BONK.fun Hack and Launchpad Decline Analysis
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.