Raydium, a leading decentralized exchange (DEX) on Solana, recently unveiled its highly anticipated token launchpad, LaunchLab.
In our previous report, we explained the features and details of LaunchLab. By introducing LaunchLab, Raydium positions itself as a direct competitor to Pump.fun, an established player in the decentralized token launch market. As decentralized token creation continues to surge, the competition between these platforms brings new dynamics and opportunities for users and investors alike.
Token Creation and Graduation Rates
Data from Flipside reveals that LaunchLab witnessed substantial initial interest, with more than 2,515 tokens created since its launch. Despite this impressive number, only 23 tokens have successfully graduated. This translates to a relatively modest graduation rate of approximately 0.91%.
The peak of activity on LaunchLab occurred immediately following its announcement. Within the first hour alone, 464 tokens were created, highlighting robust initial enthusiasm. However, token creation activity soon tapered off, stabilizing between 20 and 60 tokens per hour thereafter.
Benchmarking Against Pump.fun
To accurately evaluate LaunchLab’s market impact, comparing its performance against Pump.fun is essential. In stark contrast to LaunchLab, Pump.fun saw over 90,000 tokens launched during the same period since LaunchLab went live yesterday. The gap between the two platforms' activity levels is substantial, emphasizing Pump.fun’s entrenched popularity and widespread adoption.
The graduation numbers further highlight this difference. Pump.fun saw 379 tokens graduate in the same period—approximately 16 times more than the 23 tokens graduated on LaunchLab. However, the graduation rate for Pump.fun stands at around 0.4%, compared to a higher 0.91% graduation rate for LaunchLab.
DEX Trading Volumes
Despite lower graduation numbers, LaunchLab’s tokens achieved considerable trading volume. The graduated tokens from LaunchLab generated a total swap volume exceeding $117.9 million on Solana-based DEXs. Remarkably, the highest single-hour trading volume on LaunchLab reached $21.2 million.
Yet again, Pump.fun's dominance is evident with graduated tokens amassing over $448 million in total DEX volume during the same timeframe—nearly four times the volume generated by LaunchLab’s tokens.
Hourly Trading Patterns and User Engagement
A detailed look into hourly trading volumes offers insightful trends. Initially, LaunchLab briefly outperformed Pump.fun in hourly trading volume during the first three hours post-announcement, likely driven by heightened user attention. However, this initial momentum quickly diminished, with LaunchLab’s hourly swap volume dropping below $3 million, while Pump.fun consistently maintained higher trading activity.
LaunchLab Swap Volume
LaunchLab facilitated more than 83,100 $SOL in swap volume, equivalent to approximately $10.6 million, with the highest recorded single-hour volume surpassing $3 million. Overall, the platform supported around 78,800 swap transactions conducted by approximately 10,900 unique wallets.
The Road Ahead
The initial insights clearly identify LaunchLab’s strengths and areas for improvement. To close the competitive gap with Pump.fun, Raydium must focus on sustained user engagement, enhancing platform UX, and improving graduation rates.
The rivalry between LaunchLab and Pump.fun is undoubtedly set to shape the future landscape of decentralized token launches on the Solana blockchain.
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