Author: samoyedscribes
Translated by: TechFlow
Comparison of token launch platforms on Solana, translated by TechFlow (original image from @samoyedccribes and Signum Capital)
A Brief History of Token Launch Platforms
Token launch platforms have become a mature field in the crypto ecosystem, providing projects with a structured pathway to raise funds and initiate liquidity. Before the rapid rise of Pump.fun, this domain was primarily dominated by protocols more suitable for initial decentralized exchange offerings (IDOs). Protocols like CoinList, PinkSale Finance, and Fjord Foundry were the go-to choices for launching projects on blockchains such as Ethereum and Binance Smart Chain (BSC). These launchpads typically served more established protocols with dedicated builders and usually operated in a more selective environment where investors often needed to be whitelisted to participate in specific fundraising events. These entry barriers made them less accessible to smaller protocols and less formal projects like meme coins or experimental tokens.
Why Pump.fun is So Influential
Pump.fun's emergence has been hailed by some as a kingmaker for Solana, playing a crucial role in driving the chain's dominance. Launched on Solana, Pump.fun leveraged the blockchain's low-cost and high-speed transactions to revolutionize token issuance. Unlike its predecessors, Pump.fun introduced a standardized mechanism that burns liquidity pool (LP) tokens upon launch, ensuring liquidity cannot be withdrawn—a feature that provides additional trust for retail participants, though the platform has not entirely avoided insider manipulation.
Number of tokens created by Pump.fun since its inception
Pump.fun's true impact lies in its decentralized approach. It allows anyone, not just mature protocols, to raise funds and launch liquidity fairly. To date, over 10 million tokens have been launched on Pump.fun. This accessibility made Pump.fun a breeding ground for Solana's meme coin frenzy, leading Solana to be dubbed the preferred "on-chain casino". Other chains have tried to steal this title but failed. Pump.fun's model is pioneering, enabling new token launches to proliferate at an unprecedented scale.
But is this net positive or negative for the crypto space? On one hand, Pump.fun lowered entry barriers, fostering creativity and experimentation. On the other, it opened the floodgates to low-quality projects and large-scale liquidity extraction events. Some argue this is detrimental to the ecosystem's long-term health. Time will tell, as the market will self-correct when appropriate.
Makenow.meme - The Earliest Iteration
Number of tokens created since Makenow.meme's establishment
Following Pump.fun's success, Makenow.meme emerged as an early competitor, aiming to advance this concept by directly integrating with platforms like X. The idea was to enable users to create tokens by tagging Makenow.meme's X account, making token issuance a seamless, user-friendly experience. Theoretically, this looked like a promising decentralized application for the masses, combining social media with crypto innovation. However, despite potential advantages, Makenow.meme struggled to find product-market fit (PMF). Platform adoption was poor, leading to a rapid decline in user activity after launch. While the concept was novel, it lacked the execution and incentives needed to drive mainstream adoption.
Revival of Pump.fun Competitors
Pump.fun's dominance didn't last long. A key moment occurred when Pump.fun decided to migrate its "graduated" tokens (those reaching a certain market cap threshold) from Raydium to its own Pumpswap decentralized exchange (DEX). This sparked a wave of competition, with Raydium responding by launching its own token launchpad, LaunchLab. Additionally, Believe launched a product similar to Makenow.meme, allowing users to issue tokens on X, and Bonk launched its own launchpad based on Raydium's LaunchLab tech stack. Recently, Boop entered the market under the leadership of Dingaling (founder of Pancakeswap, LooksRare, etc.).
Boop, the Most Promising Newcomer
Boop stands out for its innovative approach and "fun" Ponzinomics. Boop introduced a fee-sharing mechanism that addresses a major pain point of Pump.fun: lack of incentives for token creators and early adopters. Boop also adopted an aggressive user acquisition strategy. Notably, some core DeFi users received a $BOOP airdrop with a condition: they must launch tokens, market them, and encourage others to buy to claim the airdropped tokens. Moreover, Boop offers fee sharing, airdrops, and other incentives for token deployers, $BOOP holders, and recent "graduated" token holders. Though still in early stages, Boop's dynamic incentive structure and willingness to rethink launchpad possibilities may cultivate a loyal and engaged user base over time.
Concluding Thoughts
Thanks to @jeff_w1098 on X for the contribution
Undoubtedly, the token launch platform landscape on Solana is becoming increasingly saturated. The ability to fork protocols is a fundamental blockchain characteristic and not inherently negative. However, the proliferation of nearly identical products may stifle innovation by offering little differentiation, potentially creating a crowded market with fragmented user attention and liquidity.
Instead, the crypto space should encourage projects like Boop, which under Dingaling's leadership, iterate on existing product designs. By introducing novel incentive structures and rethinking user acquisition, Boop demonstrates that innovation space remains. As the market evolves, success will hinge on balancing accessibility and sustainability, ensuring token launch platforms not only empower creators but also foster a healthier, more resilient crypto ecosystem.
*Disclosure: The information provided in this article is for general informational purposes only and does not constitute professional or investment advice.
