The coin issuance platform is rolling up, but have you made any money?

Over the past year, the Launchpad market of Meme coin issuance platforms on Solana has experienced explosive growth and quickly formed a fiercely competitive landscape. Pump.fun, as the earliest emerging platform, is regarded as a catalyst for the prosperity of Solanas on-chain casino. The platform allows any user to issue tokens without any threshold, adopts binding curve pricing, and creates a fair issuance model without pre-sales and team shares.

With the advantages of Solanas low cost and high-speed transactions, Pump.fun set off a meme coin craze in 2024. In just 13 months, platform users issued more than 8 million tokens. At the peak on October 24, 2024, more than 36,000 tokens were produced in a single day, with an average of 25 new tokens created every minute. This unprecedented scale of token creation made Pump.fun monopolize the market for a time, and also made Solana known as the largest casino on the chain. However, Pump.funs success also brought hidden worries. On the one hand, a large number of low-quality projects emerged, with a graduation rate of less than 1%, and most tokens were short-lived. On the other hand, the platform was profitable but users generally lost money. Statistics show that nearly 90% of users lost their principal or made less than $100 in meme coin transactions, while the platform earned about $98 million in just 6 months.

As of the end of 2024, Pump.funs official revenue has accumulated to more than 223 million U.S. dollars (about 1.15 million SOL), and it continues to cash out the SOL it has earned. In just one and a half years, the platform fee account sold about 3.403 million SOL (about 629 million U.S. dollars), becoming the second largest source of selling pressure after FTX/Alameda, an early investor in Solana. Such a huge outflow of funds has aroused the communitys concerns about the sustainability and ecological impact of the platform. Faced with the situation where Pump.fun is the only one, market participants acted quickly, and the entire Meme Launchpad track entered a white-hot competition. In the Solana ecosystem, Raydium, a long-established decentralized trading platform, launched LaunchLab to compete with Pump.fun; the popular meme coin BONK opened the LetsBonk.fun launch pad; and the on-chain aggregator Jupiter also tried to launch similar services.

Daily token deployment, data from @adam_tehc’s DUNE

Pump.fun Challenge

As a pioneer of the one-click launch platform for meme coins, Pump.fun has established a basic operating model. Users only need to fill in basic information such as the token name and symbol, and can automatically deploy the token contract and establish a trading pool without programming skills, which greatly reduces the threshold for issuing coins. The platform uses a variety of binding curve pricing models to balance the initial price and market demand. The issued tokens can be traded immediately in the platforms AMM pool without the need to inject liquidity in advance.

The platform innovatively introduces an LP share destruction mechanism. When a new coin reaches a certain market value threshold, it will automatically inject part of the liquidity into the Raydium trading pool and destroy the corresponding LP tokens, ensuring that the project party cannot withdraw from the pool and run away, thereby improving liquidity security.

With the experience of no code to issue coins, instant transactions, Pump.fun quickly became popular in 2024, giving rise to a large number of creative meme tokens, some of which have increased by 100 times or even 1,000 times, attracting many speculators. The platform has become one of the most profitable on-chain applications in 2024 by extracting transaction fees.

However, as it developed, Pump.funs problems gradually emerged: less than 1% of the more than 8 million issued tokens successfully graduated into the external liquidity pool; user benefits were severely polarized, forming a zero-sum game; the platform cashed in the handling fees and continued to sell SOL, causing selling pressure on the Solana network; the completely anonymous and audit-free model was in line with the spirit of encryption, but it brought regulatory and trust risks. As a result, Pump.funs growth slowed down in early 2025, and its daily trading volume fell from a peak of US$544 million in January to US$270 million in February, a drop of nearly 50%.

Pumpfun’s token graduation rate continues to decline on a weekly basis

LaunchPad Round-up: LaunchLab, Boop, Believe

LaunchLab’s on-chain Degen strategy

Raydium LaunchLab is one of Pump.funs most direct competitors in the Solana ecosystem. Raydium itself is an important AMM protocol on Solana. In the early days, it benefited from the fact that the Pump.fun project contributed 41% of its Swap fee income. However, as Pump.fun launched PumpSwap on its own, Raydiums traffic and transaction volume were significantly impacted.

In March 2025, Raydium released LaunchLab, which was seen as a direct counterattack against Pump.fun. The overall mechanism of the platform is highly similar to that of Pump.fun, both supporting one-click coin issuance and curve pricing, but targeted optimization has been made in the details.

It supports multiple pricing curves, allowing project parties to choose linear, logarithmic or exponential models according to the token positioning; sets a lower transaction fee of only 1%, which is lower than Pump.funs 2%, and there is no additional migration fee; the graduation threshold has also been lowered, and only 85 SOL (about 11,000 US dollars) need to be raised to transfer to the Raydium AMM pool; at the same time, a creator sharing mechanism is introduced, and the founders of graduated tokens can continue to receive 10% of the handling fee profit; the platform has also strengthened ecological integration, including innovative designs such as repurchasing the platform currency RAY with handling fees, supporting LP lock-up, and introducing pricing diversity.

On the day of the announcement, RAY coin rose by 14%, and the market has high hopes for Raydium LaunchLab. Although the official statement is that LaunchLab is providing an alternative option, it has actually successfully attracted some projects to switch, weakening the dominance of Pump.fun.

In addition, LetsBonk.fun, jointly launched with the BONK community, as well as Meteora, Boop, Genesis Launches and other platforms are also striving to break through and push the entire Launchpad market into a stage of full competition.

LaunchLabs daily active users are growing rapidly

Believe takes a different approach, creative narrative product concept approach

As the Meme Launchpad track becomes increasingly crowded, the rebirth of the Believe project has attracted widespread attention in the industry.

As the Meme Launchpad track becomes increasingly crowded, the rebirth of the Believe project has attracted widespread attention in the industry. Believe, founded by Australian entrepreneur Ben Pasternak, was formerly the social token platform Clout. Ben has created several popular applications and successfully monetized them, but Clout quickly fell into obscurity due to its over-reliance on the celebrity effect. At the end of April 2025, Ben returned to the market with an upgraded platform, Believe, changing the concept from Believe in Someone to Believe in Something, emphasizing the value of creativity and ideas, marking the platforms strategic transformation from social asset trading to a creative incubation factory.

Ben himself commented on this change: “This is a change from influence to trust. We no longer hype celebrities, but look for meaningful projects.”

Believe adopts a unique product mechanism, using social platforms as the entry point for issuing coins, and realizing the seamless connection between Web2 and Web3. Users only need to @LaunchACoin on the X platform and attach the name of the token, and the system will automatically use Meteoras joint curve to create tokens without logging into the DApp or filling out forms. This discussion is issuance of coins interactive mode enables any valuable ideas to be immediately converted into tokens, greatly reducing the threshold for participation. The platform also established a Point B mechanism. When the token handling fee income reaches a critical value, the founder can withdraw funds to support the project. If it does not meet the standard, it will be regarded as a market veto. Although Point B is not a hard numerical threshold, the logic behind it is similar to the Kickstarter-style crowdfunding mechanism Transaction heat is market voting

Imran Khan, founding partner of Alliance DAO, once commented, “When a founder or Scout marks @LaunchACoin, a token is born. The market will assign a value to the idea based on the importance of the problem it is trying to solve.” In short, market enthusiasm determines the fate of a project.

In terms of revenue structure, Believe has also made a series of innovative designs. A 2% handling fee is charged for each transaction. Unlike other LaunchPads, its tokens still have a 2% transaction tax for both buying and selling in the contract after launch, but its distribution structure is highly incentive-oriented: 1% is allocated to the token creator (founder), 0.1% is rewarded to the Scout (the user who first discovered or promoted the token), and the remaining 0.9% belongs to the platform operation. Such a mechanism not only provides creators with immediate income guarantee, but also includes token discoverers in the revenue sharing system for the first time, which greatly motivates the community to actively discover and spread high-quality ideas.

Since its launch, Believe has recorded a total transaction volume of US$1.8 billion, bringing US$9.5 million in direct income to creators, of which US$4.7 million was from transactions in Believe tokens.

According to BelieveScan panel data, Believe’s transaction fee income in the past 24 hours was about 10 million

While opening up the issuance of coins, Believe also attempts to govern the platform order to a certain extent to avoid becoming a place where junk coins are rampant.

In terms of creator incentives, Believes mechanism is to choose to share with the issuer, and 1% of each transaction will be directly returned to the creator; there is no reserved position or token ratio control, and the founder can freely 去中心化金融ne the distribution; establish a Scout incentive mechanism to promote decentralization of content discovery; the platform actively displays data such as transaction volume and creator income to enhance transparency. The participation of some Web2 entrepreneurs has also enhanced Believes Meta temperament. RizzGPT developer Alex Leiman, well-known hacker Ruben Norte and others have issued personal tokens on the platform, and the market value of the project has reached millions of dollars, pushing Believes image from a pure Meme player paradise to a creative value testing ground.

This narrative logic is particularly evident in the LaunchCoin incident. The token was formerly PASTERNAK, which was issued by Ben personally. It was later renamed LaunchCoin when the platform was launched and given functional significance. LaunchCoin soared 200 times on the day of its launch, with a market value of over $200 million, sparking heated discussions in the community.

Some users saw it as a sign that the platform had officially entered the governance token stage; others questioned whether Ben used his status as a founder to arbitrage. In the end, Ben sold most of his holdings in batches, making a profit of about $1.3 million. The fate of LaunchCoin sparked a heated debate in the community around the core theme of trust. Whether supporters or skeptics, this storm successfully brought Believes brand positioning back to the center of discussion and verified the attention paid to its main value direction.

The trust narrative emphasizes the value behind creativity, no longer simply encouraging greater fool operations, and attracting more rational builders and entrepreneurs. The interest bundling mechanism allows creators, Scouts, and platforms to have a profit mechanism, so that participants are bound by economic interests and continue to incentivize high-quality content. Under this mechanism, although there are many Web2 talents who launch tokens with their products at present.

However, the real feedback from the current community participation is that when the tokens are launched, most of the chips are obtained by robots, and due to the high taxes at the beginning, there are fewer sell orders. Among them, high-quality projects will quickly reach a market value of more than 5-10 million US dollars. Subsequently, the transaction tax will be reduced, and the robots with a large number of chips will sell them in large quantities. As a result, many tokens have risen to market values of hundreds or even tens of millions, but the sustainability is not very good. Some people in the community believe that it is good for entrepreneurs, Scouts, and platforms, but these are all paid for by retail investors.

Ben hopes to find a dynamic balance between empowering real value projects and suppressing blind speculation bubbles through Believe. Although the market is still controversial about whether it can really go long-term, at the current stage, Believe has successfully established a differentiated label in the fierce battle of Meme Launchpad by relying on mechanism innovation, topic events and hot data.

Comparison of key differences between the top platforms

After Pump.funs success and the imitation of other platforms, the current Meme Launchpad market has formed several leading camps. The following is a horizontal comparison of Pump.fun, Raydium LaunchLab, Boop and Believe in key dimensions.

Issuance method and threshold

Pump.fun, LaunchLab and SunPump all use the DApp page to issue tokens with one click. Users need to log in and fill in relevant token information to complete the deployment process. Believe completely breaks away from the DApp paradigm and uses Twitter social links to trigger token issuance without entering the platform page.

From the perspective of threshold, Boop, Pump.fun and LaunchLab have almost no requirements for issuers, and any user can issue coins at any time. Believe has zero threshold on the surface, but in fact it forms a kind of natural screening through social relationship networks, and people who follow entrepreneurs such as Ben and Alex become the first creators and participants.

In terms of the graduation threshold, Pump.fun was initially set at a market value of $69,000; LaunchLab was initially set at 85 SOL (about $11,000), but a launch mode with a minimum of 30 SOL can be set, with a lower threshold; and Believe does not set a fixed threshold, but determines whether the idea is accepted by the market based on the transaction fee income at point B.

Fee structure and distribution mechanism

Pump.fun charges a 2% transaction fee, which initially belongs entirely to the platform, and 50% will be returned to creators starting in May 2025; LaunchLabs transaction fee is 1%, of which 25% is used to repurchase the platform currency RAY, and founders can apply for an additional 10%; Believe charges a 2% transaction fee and is embedded in the token contract, of which 1% goes to the creator, 0.1% to Scout, and 0.9% is retained by the platform. From the data, Believe offers the highest share ratio to creators among all platforms, and it also pioneered the Scout profit-sharing incentive, so that discoverers can also benefit continuously.

Community Engagement and Governance

Pump.fun follows extreme liberalism, with no auditing or governance mechanisms. The community relies on spontaneous organization to spread hot topics, but it is also easily manipulated by market makers, causing retail investors to lose more than they win.

Raydium LaunchLab leverages its AMM background to bind DeFi community resources and conduct internal circulation within the ecosystem through platform coin incentives; Boop relies on Dingalings previous influence in the community.

Believe attempts to add community consensus decision-making elements to governance. Through methods such as coin holding governance and snapshot voting, it discusses whether the token will enter the DEX liquidity pool in the future and whether to support promotion, forming a prototype framework of coin issuance is governance. If it matures in the future, its user community stickiness is expected to far exceed that of current mainstream platforms.

Creator Economic Model

In terms of creator incentives, Believe and LaunchLab are the most attractive. Believe, based on the 1% handling fee refund for issuing coins, combines it with the Scout reward mechanism to build a flywheel effect of issuing coins → attracting new users → issuing more coins.

LaunchLab retains creators through low thresholds, high freedom, and RAY repurchases. Pump.fun loses some of its appeal in the new environment due to the lack of early incentive mechanisms.

發射台 市場 前景

As the Meme Launchpad market moves from its explosive growth phase to its mature phase, some key trends are emerging, providing a reference direction for platform competition and industry evolution.

The data craze has subsided, and refined competition has begun

On-chain data shows that the frenzy of memecoin issuance is receding. Taking Pump.fun as an example, its daily trading volume and daily coin issuance have dropped significantly in early 2025, and the myth of getting rich overnight is difficult to replicate on a large scale.

This means that the wild growth phase is about to end, and the competition between platforms will shift to refined operations. Whoever can continue to create hits, increase creators returns, and improve users trading experience will be able to take the initiative before the next round of craze. The data of Pump.fun users voting with their feet (transaction volume cut in half) also shows that if the platform cannot improve the profit and loss structure and emotional experience of participants, even the first-mover advantage will be gradually eroded.

The business model has shifted from harvesting to win-win

Pump.funs early profit model was simple and crude: the platform collected fees, and the users game winning rate was extremely low, forming a unilateral structure of platform wins, user loses. New platforms represented by Believe and LaunchLab generally adopt the method of giving profits to creators and communities to grow.

For example, Believe returns 1% of the transaction fee directly to the founder to encourage creators to continue to produce content; LaunchLab builds a more endogenous ecological closed loop through transaction fee sharing and RAY repurchase. In the future, Launchpad will emphasize more on the win-win situation of the platform, creators and users, forming a true content incentive network.

Pump.fun recently launched a profit-sharing mechanism for creators, which can also be seen as a forced push of this new model on old players.

Multi-chain structure becomes the norm, and each ecosystem taps into its own meme soil

As competition among Solana platforms (Pump.fun, LaunchLab, BONK) heats up, other public chains are also stepping up the deployment of their own Meme Launchpads: Tron’s SunPump, Solana’s Boop, Base’s Genesis Launches, and even projects in the ICP and Avalanche ecosystems are beginning to test the waters.

In essence, the Meme coin issuance platform has become a weapon for public chains to compete for active users. Meme coins are naturally suitable for building on-chain traffic due to their low threshold and strong topic attributes.

In the future, major public chains may give birth to one or two leading Meme Launchpads, and deeply integrate them with wallets, social networks, and NFT tools, becoming an important indicator of ecological activity and user loyalty.

Community culture and narrative construction will become the platform’s moat

The core of Meme lies not in technology but in narrative. The platform itself is no exception:

Pump.fun once started out as extremely free and absolutely open, but it also fell into the problem of rampant market makers and poor quality projects;

Raydium emphasizes fair launch and technical optimization to shape the image of Avenger and strive to attract native users to return;

Boop will feed back his personal brand Dingaling and the $Boop ecosystem, focusing on the value recovery of core tokens;

Believe takes the trust and value route, trying to attract the Builder group and use creativity as the source of Meme.

In the future, community culture will directly determine what kind of user groups the platform attracts: Degen (pure speculation), KOL (single-type), Builder (value-oriented), or mass users (mainly entertainment). The platforms differentiated positioning will no longer be limited to product mechanisms, but will extend to the level of emotional consensus and cultural atmosphere.

Judging from the daily token deployment ratio, Pumpfun’s market share has changed from a large monopoly to 57%.

From Meme to ICM, a new path for entrepreneurial incubation emerges

Although 99% of Meme coins are still short-term speculation, some projects have begun to try to move from Meme to product. Some founders use the handling fees to establish an initial fund pool, start to build a team and develop prototypes; some platforms, such as Believe, encourage founders to fulfill their Roadmap through the mechanism of releasing start-up funds after reaching point B;

The community has begun to observe and govern some tokens over a long period of time. For example, LaunchCoin has experimental value in governance, profit sharing, and function expansion. If a small number of Meme projects are successfully incubated into actual products through Launchpad in the future, its symbolism will have a profound impact on the entire industry: it proves that Launchpad can not only incubate speculative coins, but also breed Web3 project targets. By then, Launchpad will no longer be a distribution tool but a project cold start infrastructure.

總結

Meme Launchpad is at the critical point of moving from a wild explosion to a refined operation. The monopoly of Pump.fun has been broken, and platforms such as Raydium LaunchLab and Believe have entered the market through differentiated strategies, gradually grabbing the share of users and creators.

The winner of the industry in the future may not be the one with the lowest handling fee, but the one that can build a content flywheel, community consensus and platform trust mechanism. Believe has initially established its own differentiated moat through social distribution model, Scout incentive mechanism and governance exploration, showing strong iteration and growth potential. Of course, this is still a marathon competition. The platform that can really stand out must strike a balance in multiple dimensions of cultural identity, creator win-win, ecological governance, and safety and compliance.

As Ben Pasternak said: We are not just a platform, we want to give every good idea the possibility of monetization. This may be the most trustworthy direction for the next stage of Meme Launchpad.

原文連結

This article is sourced from the internet: The coin issuance platform is rolling up, but have you made any money?

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