Author: Blockworks Research

Compiled by: TechFlow

@bonk_fun and @pumpdotfun are battling for Launchpad dominance. Bonk’s rise over the past month has put it firmly in the Solana Launchpad revenue lead. What else can we learn by analyzing Bonk’s growth? Let’s dig in.

Prior to Bonkfun, Pumpfun was issuing a steady 30,000 to 40,000 tokens per day. Since Bonk took over, the total amount of tokens issued by each platform has remained relatively stable. However, Bonk is now issuing over 25,000 tokens per day, while Pump is issuing less than 10,000 tokens per day.

As the number of tokens grows, the market value of Bonk’s tokens also grows. As the platform’s market share continues to expand, the number of tokens with a market value of more than $1 million is also on the rise.

We also found that most of the tokens with the highest market capitalization issued in the past 7 days are from Bonkfun. The growth in issuance, trading volume, and market capitalization may be accelerating a flywheel effect, with traders preferring Bonk-based tokens due to their superior performance.

Interestingly, the percentage of high-frequency traders on the Pumpfun platform is higher than on Bonk. This could indicate a growing presence of prosumer traders or bots, which is interesting given Bonk’s overall growth in tokens and trading volume.

We also found that more than two-thirds of Bonkfun’s trading volume comes from third-party trading apps. Meanwhile, this proportion of Pump has dropped from more than half to around 30% currently.

A few months ago, Pump had a firm grip on the market. But in recent weeks, Raydium and Bonk have taken the token issuance market by storm, challenging Pump’s position. With Pump’s recent funding and token issuance, we can’t help but wonder how the team will respond.