pump.fun Introduces Revenue Share As LetsBonk Gains Market Share

pump.fun, Solana’s viral memecoin creator app, has finally launched the feature users have begged for since the app’s inception.

With rival launchpads rapidly gaining traction and threatening its dominance, pump.fun revealed the ace in its sleeve, enabling revenue share for creators.

Will pump.fun’s gambit pay off, or will LetsBonk and Raydium’s LaunchLabs continue to siphon market share from the monopoly?

Pump.fun Debuts Revenue Share

Since its launch in January 2024, pump.fun users have pleaded with the viral application to implement a revenue-sharing mechanism for creators. However, while pump.fun has made changes to its economic model in the past, the app has so far avoided distributing value directly to contributors.

Witnessing the growing success of challengers like LetsBonk, pump.fun introduced what it calls the “most rewarding” launchpad revenue share model. 

Effective immediately, 0.05% of every trade is wired programmatically to the token creator, paid in $SOL. This represents half of pump.fun’s regular protocol trading fee.

The new revenue share mechanic will also be applied to old coins, but only to those that have migrated to PumpSwap. As a result, legacy coins like $MOODENG, $PNUT, and $FARTCOIN are not eligible for revenue share.

Network participants expressed mixed reactions to pump.fun’s new rewards mechanic. Supporters have championed the app’s decision to distribute its astronomical wealth among creators. Meanwhile, others have criticized the model, suggesting it only encourages “serial ruggers” with fresh incentives.

Additionally, Solana’s trench-dwellers have highlighted that the majority of today's coins are abandoned by developers and turned into CTOs (Community Takeover). Traders argue pump.fun’s new revenue share model devalues these coins by funneling rewards into the wallets of rug pullers.

Pump.fun’s biggest detractors suggested that pump.fun’s choice to roll out revenue sharing is a direct response to the growing popularity of rival launchpads, which are steadily gaining ground on Solana’s most valuable app by revenue generation.

LetsBonk, LaunchLabs Threaten pump.fun Dominance

Launched in late April, LetsBonk is arguably the greatest challenger to pump.fun’s dominance. Built on top of Raydium’s LaunchLabs, LetsBonk redirects 1% of all trading fees, with a portion of funds being allocated to $BONK buyback-and-burns.

Despite being a relative newcomer to Solana’s launchpad wars, LetsBonk, and consequently Raydium’s LaunchLabs, are posing a serious threat to market leader pump.fun. Although pump.fun still deploys the lion’s share of new tokens, LetsBonk is enjoying dramatically higher graduation rates.

According to Dune Analytics data collected in the past 24 hours, pump.fun has facilitated 22,731 token launches, with 168 tokens fulfilling their bonding curve and graduating to PumpSwap. Meanwhile, LetsBonk witnessed almost identical token graduations with 163, despite only 10,486 tokens being deployed.

While LetsBonk is rapidly establishing itself as the ecosystem’s favorite new place to launch tokens, social media commentators are decrying the influence memecoin launchpads inflict on the onchain economy. 

With over 50,000 tokens being created every single day, network participants are disappointed that the ecosystem is enabling and supporting continued saturation, extraction, and “the spread of blatant rug pulls”.

Boop Fades to Irrelevance

As reinvigorated onchain activity breathes new life into the launchpad wars, certain challengers are quickly being left behind. Despite a strong start, boop.fun has failed to retain the bulk of its users, dropping below 2,000 daily active addresses and facilitating a mere 413 token launches in the past 24 hours.

Launchpad wars are further stimulated by the arrival of newer, targeted platforms like Believe, which aims to help Web2 startups tap into internet capital markets on Solana. 

Believe has enjoyed prolific growth in the past 48 hours, with cumulative trading volume surpassing $481M as token deployments and trading activity exploded following the success of a handful of coins launched on the application.

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