Author: Nancy, PANews

Despite the controversy surrounding Pump.fun’s token launch, the PVP game is still going on. Behind the noise, there are some hidden winners who don’t fight for narratives or bet on the price of tokens. They are only responsible for building the stove, lighting the fire, and then quietly collecting chips from the traffic. This article will analyze Metaplex, Raydium, and Axiom in depth from the data, revealing how they have become the behind-the-scenes players who have won the Solana launch platform war.

Raydium

After Pump.fun "backstabbed" and launched its own DEX PumpSwap, Raydium responded quickly. In addition to launching the token launch platform LaunchLab, it also launched multiple similar platforms through SDK cooperation, including LetsBONK.fun, cook.meme, daoszn.fun and leftcurve.ai. This SDK strategy significantly improved the competitiveness of Raydium LaunchLab in the Solana launch platform, especially the explosive growth of LetsBONK, which became a key driving force.

In terms of the number of tokens launched, according to data tracked by Blockworks on July 9, the number of tokens created on Solana Launchpad exceeded 32,000, of which only nearly 19,000 came from LaunchLab SDK, accounting for nearly 58.3%. Furthermore, LetsBONK created more than 18,000 tokens on that day, accounting for 97.5% of the LaunchLab SDK, and the token graduation rate was close to 98.3%.

From the perspective of token market value, as of July 9, the total market value of Solana Launchpad exceeded US$4.63 billion, of which Pump.fun contributed 85.1% and LaunchLab SDK only accounted for 9.2%. However, it is worth noting that the market value of tokens on LaunchLab SDK has grown rapidly, up about 353.2% in the past month. Among them, LetsBONK contributed 85.5% of the market value of LaunchLab SDK.

In terms of trading volume, Solana Launchpad achieved a total transaction volume of nearly US$190 million that day, of which approximately US$97.207 million was traded through LaunchLab SDK, accounting for 65.2%, and 99.7% of the transaction volume came from LetsBONK.

In terms of revenue, Solana Launchpad generated a total revenue of approximately $1.909 million on July 9, contributing more than $1.375 million, or 72%. Among them, LetsBONK’s revenue accounted for as much as 79.8%.

Overall, driven by LetsBONK, Raydium LaunchLab has surpassed competitors such as Pump.fun in multiple core indicators such as the number of token launches, transaction volume, and platform revenue, significantly enhancing its influence in the Solana MEME ecosystem. Raydium LaunchLab will use 25% of the handling fee to repurchase RAY tokens.

Metaplex

As the core open source protocol on Solana, Metaplex provides developers, creators and enterprises with a complete set of tools and standards for building decentralized applications, and has facilitated the creation of more than 900 million on-chain assets. Its native token $MPLX has also recently landed on the Binance Alpha section, attracting market attention.

In the battle for Solana’s launch platform, Metaplex has become a beneficiary of the coin-making craze. According to Metaplex’s official disclosure, the main source of revenue in the first half of this year was new assets created through the protocol, including Pump.Fun, Believe, Raydium, LetsBONK, Jupiter Studio, Boop, Meteora, Time.fun and other platforms, all of which used the Metaplex standard to create tokens.

DeFiLlama data shows that as of July 10, Metaplex's revenue reached $35.82 million, earning about $13.57 million in the first half of this year. In June alone, Solana launchpad created more than 1 million tokens through Metaplex, and the protocol's fees reached about $1.7 million that month.

Metaplex will collect a certain percentage of the protocol fees from all new tokens and NFTs created, 50% of which will be used to repurchase $MPLX and inject it into Metaplex DAO. In the first half of this year, Metaplex has repurchased a total of 38.5 million $MPLX tokens, accounting for 3.9% of the total supply, and there will be no more token unlocking plans in the future.

Axiom

The competitive landscape of the Launchpad market continues to evolve, and trading robots represented by Axiom are gradually winning. This type of efficient user portal not only optimizes the trading experience, but also becomes the core competitive point for various launch platforms to compete for traffic and users.

According to Blockworks data, Axiom has long been at the top of the list of trading automation and bot tool platforms. Taking the data on July 9 as an example, the total transaction volume of these trading robots on that day reached 92.281 million US dollars, of which Axiom contributed more than 69.6%, showing strong market penetration.

At the same time, Axiom has deeply bound to many launch platforms and has grown into an important traffic entrance. Blockworks data shows that on July 9, Axiom's transaction volume on Pump.fun accounted for as high as 63.6%, and its transaction volume on LetsBONK and Believe accounted for 74.5% and 67.3% respectively, which greatly boosted the transaction activity of major launch platforms.

Judging from the usage of trading robots on the Solana chain, Dune data shows that as of July 7, Axiom's transaction volume reached US$42.505 million, accounting for 72% of the total transaction volume (US$59.219 million), and the average transaction amount was approximately US$2,293, far exceeding competing platforms such as Moonshot and Photon; there were more than 17,000 active users on the day, with a market share of 49.1%.

In terms of revenue, Axiom has demonstrated strong ability to attract money. According to Token Terminal data, since its launch in January this year, Axiom's cumulative revenue has exceeded 160 million US dollars, with an average daily revenue of about 1.7 million US dollars; and the number of active users has also approached 287,000, reflecting the market recognition of its products and the potential for user growth.