Bonk cunningly seizes power, how can Pump defend its position?
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Bonk cunningly seizes power, how can Pump defend its position?
Bonk captures the Launchpad market, leading in revenue and triggering a virtuous cycle of token growth.
Navigating Web3 tides with focused insightsAuthor: Blockworks Research
Compiled by: TechFlow
@bonk_fun and @pumpdotfun are vying for dominance in the launchpad space. Bonk's rise over the past month has solidified its lead in Solana launchpad revenue. What else can we uncover by analyzing Bonk's growth? Let's dive in.
Before Bonkfun, Pumpfun consistently launched 30,000 to 40,000 tokens daily. Since Bonk took over, the total number of tokens launched across platforms has remained relatively stable. However, Bonk now launches over 25,000 tokens per day, while Pump's daily token launches have dropped below 10,000.
As the number of tokens grows, so does Bonk's market capitalization. With expanding platform market share, the number of tokens exceeding $1 million in market cap is also on an upward trend.
We also found that most of the highest-market-cap tokens launched in the past seven days originated from Bonkfun. The growth in issuance volume, trading volume, and market cap may be accelerating a flywheel effect, with traders increasingly favoring Bonk-based tokens due to their strong performance.
Interestingly, the proportion of high-frequency traders on the Pumpfun platform is higher than on Bonk. This could indicate a growing presence of professional retail traders or bots—an interesting observation given Bonk’s broad-based growth in tokens and trading volume.
We also found that over two-thirds of Bonkfun’s trading volume comes from third-party trading applications. Meanwhile, Pump’s share has declined from over half to around 30% currently.
Just months ago, Pump firmly controlled the market. But in recent weeks, Raydium and Bonk have surged in the token launch space, challenging Pump’s position. With Pump’s recent funding and token launch, we’re curious how the team will respond.
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