Solana on-chain Memecoin Launchpad reshuffling the landscape

"The king is dead, long live the king." This sentence once echoed in the Palace of Versailles in the 18th century, heralding the transfer of power. To the French, power is like water, always seeking a new vessel. This ancient power transition ceremony is now unfolding in the Solana on-chain memecoin launchpad field.

In just one month, the once dominant Pump.fun, which held 88% market share, now only has 13% of the market. The emerging challenger Let'sBONK has quickly risen to capture 86% of the territory. This is not only another manifestation of volatility in the crypto world, but also a classic case of imperial collapse: when attention, the ultimate moat, is ignored, even the greatest first-mover advantage will instantly vanish.

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How was the empire of Pump.fun built? In January 2024, three young people in their twenties launched this platform with the core idea of turning 'worthless' things into 'valuable' things. Users only need to upload a picture, name it, click a few times, and can issue a token for less than $2, without any programming knowledge.

This model quickly became popular. By January 2025, Pump.fun generated over $458 million in revenue, with thousands of new coins being launched online every day and daily revenue peaking at over $7 million. It has not only become the infrastructure, but also has taken control of cultural discourse, becoming synonymous with Solana memecoin culture.

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However, the tragedy began with its most "innovative" live streaming feature. In order to gain attention, some users engaged in extreme behaviors during the live broadcasts, including simulating self-harm, threatening suicide, and more. In the most serious incident, an underage user held a shotgun in front of the camera and threatened family members, all for pumping up the stock. This series of events severely damaged the platform's reputation.

Faced with declining revenue and competitive pressure, Pump.fun decided to rescue itself through an ICO. Although a huge amount of funds was raised, the token distribution and unlocking mechanism sparked controversy. The token price continued to fall after a brief rise, showing a typical "death spiral" trend.

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Meanwhile, the emerging platform Let'sBONK is quietly building everything missing from Pump.fun: transparency, community orientation, and clear communication. Currently, Let'sBONK's daily revenue has reached $1.3 million, five times that of Pump.fun. From almost zero in May to a stable breakthrough of daily revenue exceeding one million dollars in July, Let'sBONK's revenue has been steadily increasing.

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The decline of Pump.fun and the rise of Let'sBONK vividly illustrate the essence of the attention economy. In the digital market, the user switching cost is close to zero, and the dominant position may be wiped out within a few months. The success of Let'sBONK is not because they have fundamentally superior products, but because they entered the market at the most vulnerable moment of Pump.fun's reputation.

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Despite the significant decrease in market share, Pump.fun has not reached the point of being phased out. They have sufficient capital reserves, platform stability has been verified, and brand awareness still exists. Recent measures such as the launch of Pump.fun 2.0, increased repurchase ratio, user incentive programs, etc., all demonstrate their determination to fight back.

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The most likely scenario in the future is market fragmentation, rather than a complete monopoly by any party. Let'sBONK may become the main platform, while Pump.fun may transition into a niche platform with loyal users. However, to truly turn the tide, Pump.fun not only needs to solve technical problems, but also to rebuild trust and reoccupy the cultural high ground.

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In this modern version of power transition, we once again witness an ancient truth: when a ruler loses legitimacy, it is difficult to reverse the situation no matter how many resources are available. Sometimes, for the continuity of the ecosystem, leadership must give way to new forces.

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