Pump.fun’s dominance among Solana launchpads may waver as new players emerge, experimenting with revenue distribution settings, bonding curves, and other mechanisms, according to Blockworks Research.
1/ Launchpads have been a hot topic in recent weeks with many new projects coming to market.@Pumpdotfun‘s success and dominance of the category over the past year serves as motivation for other teams to compete for a slice of the pie.
So what’s happening with launchpads?? pic.twitter.com/e05JZCcqVi
— Blockworks Research (@blockworksres) May 5, 2025
Experts note that such platforms have become a “core primitive” of public markets.
Currently, Pump.fun maintains its lead with over 200,000 tokens created weekly, and a DEX launch rate approaching 2%. Although growth has halved since January, it has more than doubled compared to the summer of 2024.
Launched by the decentralized exchange Raydium, the competitor LaunchLab remained in the shadows until the emergence of the meme token Letsbonk.Fun. Now, the platform allows for the creation of “branded versions” of tokens, drawing attention to new possibilities.
Another DEX, Jupiter, failed to gain momentum, with its Moonshot “factory” launching only a few thousand tokens weekly.
On April 30, the launchpad boop.fun intensified competition in the sector. The project aims to attract users through airdrops.
Creators with large allocations must launch a coin and achieve a certain market capitalization to receive their tokens. Activity quickly declined within a week, experts noted.
The Base network experienced a similar surge in launchpad popularity as seen in Solana.
Developers are experimenting with a wide range of ideas—from automatic coin creation and trading (Clanker) to social media integration (Zora). Outside the latter, platforms register only 10-100 new tokens weekly.
In Base, meme coins not associated with “factories” dominate the turnover. In comparison, Pump.fun accounts for 10% in Solana.
According to Token Terminal, Pump.Fun has collected $294 million in fees, surpassing Ethereum ($249 million). The platform has led over the blockchain of the second-largest cryptocurrency by market cap for nine consecutive weeks in weekly terms.
According to Token Terminal, PumpFun has captured $294 million in fees so far this year, surpassing Ethereum ($249 million). In addition, PumpFun’s weekly fee capture level has surpassed Ethereum for 9 consecutive weeks. https://t.co/sOEC6RF2Do pic.twitter.com/7gcOtDf3io
— Wu Blockchain (@WuBlockchain) May 5, 2025
In early May, mentions of meme coins on social media reached their peak in 2025 amid a shift in traders’ interest towards high-risk assets.
In March, the total trading volume on Pump.fun’s DEX PumpSwap exceeded $1.2 billion within a week after its launch.
Earlier, CoinGecko named meme coins the most popular narrative of the first quarter of 2025.