Written by: TechFlow
The bull market is returning, and the fastest comeback is in the MEME sector.
Recently, large MC memecoin activities have been continuous, and it seems that the lively dog-beating sentiment has returned.
However, in the on-chain meme space, unlike the previous round where Pump.fun dominated alone, more challengers to Pump.fun have emerged in the current version, attempting to shake its position as the MEME launchpad king.
After all, platforms earning money through meme token transaction fees daily is a lucrative business. You can see various launchpads clustering recently, with large MC memecoins on each platform trying to attract the limited attention in the existing market.
In this environment, situations of two platforms launching meme tokens with the same name have begun to appear, such as today, where both letsBONK.fun (hereinafter referred to as Bonk.fun) and Pump.fun have a token named $GLONK, with both platforms fully supporting their respective versions.
Bonk.fun was co-incubated by Raydium and the Bonk community, with Raydium providing technical support through its LaunchLab platform, and the Bonk community leveraging the influence of its meme token $BONK to provide a base for Bonk.fun.
This is clearly a strong competitor to Pump.fun.
On the surface, this is a token competition where players are betting on which Glonk will prevail, but in reality, it's an infrastructure war in the Solana ecosystem, concerning not just token market cap and trading volume, but also platform technical capabilities, community support, and development prospects.
More importantly, it's about real platform revenue and interests.
Tokens represent popularity and attention, and high-end platform competitions often appear in the form of token price races.
(The translation continues in the same manner for the rest of the text, maintaining the specified translations for specific terms.)Bonk.fun token creation process is very simple (only three steps: click "Create Token", enter information, set issuance), lowering user barriers, and Raydium's CPMM pool provides higher liquidity support for its tokens; additionally, Bonk.fun enhances community stickiness through an income feedback mechanism (35% used for $BONK buyback and destruction), attracting many users interested in the Bonk ecosystem.
Pump.fun, as a market leader, has also been consolidating its position through innovation in recent years.
In March 2025, Pump.fun launched the PumpSwap platform, offering instant free token migration (previously requiring 6 SOL), and supporting cross-chain token trading (such as Aptos' APT).
In early May 2025, Pump.fun introduced a creator revenue sharing mechanism (0.05% trading volume sharing), attempting to solve the "pump-and-dump" problem by incentivizing creators. Despite temporarily falling behind in the $GLONK dispute, Pump.fun remains more stable on the throne with a massive user base (daily active address peak of 107,000) and cumulative revenue of $150 million.
To truly shake Pump.fun's position, Bonk.fun needs to further expand its user base and technological innovation, while Pump.fun needs to address the trust crisis caused by community stickiness and historical negative events (such as the 2024 employee theft incident).
On the other end, for on-chain players, platform competition is more like a bonus.
Different platforms must create their own wealth effect, and the probability of a large MC memecoin emerging will increase, whether through conspiracy or community; compared to a stagnant market, having a large MC memecoin is better than having none, bringing expectations of gains from pure idleness.
At the same time, platforms will inevitably introduce more favorable rules or incentive plans to attract users, which can be considered a kind of meme farming.
However, the emergence of multiple platforms makes the already highly PVP Trench more crowded, with shorter token lifecycles and faster entry rhythms, placing more demands on energy and monitoring.
Chaos is the ladder of ascent, and young people will always benefit from version iterations.
