Author: Rhythm BlockBeats

In the early hours of April 26, the long-established meme coin BONK on Solana announced the launch of its own LaunchPad—LetsBonk.fun, prompting a wave of excitement in the market with shouts of "LetsBONK!" Within just 24 hours, it attracted 800,000 visitors, generated 300 million in trading volume, and created 2,700 tokens, of which over 70 were successfully launched. The token of the same name, Let's BONK, skyrocketed to a market cap of 30 million dollars within just 6 hours.

With so many projects launching LaunchPads, why does BONK have such immense energy? After the initial excitement, will BONK be a fleeting moment or will it rise from here?

BONK's Position in the Solana Ecosystem

When mentioning BONK, many people's first impression is the "yellow Shiba Inu logo," and the second impression is the "airdrop of Saga phones." Tracing back, this yellow Shiba Inu is the key contributor to the sales of Solana phones. When Solana launched the Solana phone, it aimed to create an ecosystem, with the first step being the release of the phone, but the focus was on creating a crypto-first app store, allowing crypto participants to be free from the ecosystems of Apple and Google.

However, the initial sales of the phone were only 20-30 units per day, and even after promotions, sales only reached 50-60 units. Selling out the 20,000 phones could take several years. When Toly participated in Laura Shin's podcast, he admitted that only 2,500 Saga phones were sold, but just three days later, they sold 15,000 units in a single day. At this point, the airdrop of BONK had already surpassed the price of the phone several times, creating a new model that connected physical products with the ecosystem through a memecoin.

In an interview with Bankless, Toly stated, "I believe that Solana developers and NFT developers are two different groups. There is some overlap between them, but clearly, they are two different types of developers, and BONK connects the two. The phone becomes an NFT, and BONK holders have to pay attention to the phone app ecosystem."

Two years have passed in the blink of an eye, and BONK has continued to build within the Solana ecosystem for two years. Whether in DeFi, GameFi, developer communities, or applications, it has actively participated, establishing over 10 applications and integrating $BONK into more than 100 ecosystems. Now, as the Solana ecosystem needs to kick off a LaunchPad battle, it has returned with LetsBonk.fun.

LetsBONK!

LaunchPad Mechanism

A few hours after BONK officially released its four community guidelines—"Reduce Supply, Expand Awareness, Accelerate Adoption, Drive Revenue"—it launched LetsBONK.Fun, implementing the guideline of "Accelerate Adoption." "It's not enough to talk about $BONK, it needs to be used," they stated.

The trading fee on the BONK platform is 1%, part of which will be used for verification by BONKSOL nodes, and some will be used to buy back and burn $BONK, thus also achieving "Reduce Supply." Once launched, it received support from numerous projects and OG communities within the Solana ecosystem, with key figures like Dex leader Jupiter, crypto "PayPal" MoonPay, OG community MonkeDAO "SMB community," and Solana founder Toly sending their congratulations for LetsBonk.

What Tokens Does LetsBONK Have?

DUMPFUN

Within the first few hours of the LaunchPad's release, three tokens emerged, forming a competitive landscape. The first token, DumpFun, which was deployed first, surged to a market cap of 6 million dollars within three hours due to its first-mover advantage. However, as other tokens gained strength, the inherently less suitable Ticker fell behind, and as of now, it has nearly dropped to zero with a market cap of 80,000 dollars.

LETSBONK

LetsBONK is the meme token named after the platform LetsBonk.fun. Although it initially did not have a particularly high market cap, the market recognized it as the second in command. After reaching a peak of 500,000 dollars in the first wave, it was drained by the surging DumpFun, temporarily returning to a market cap of 100,000 dollars. However, as DumpFun's K-line continued to weaken and more KOLs, project parties, and community OGs shouted the slogan "LetsBonk," market attention returned to $LETSBONK, which opened low and rose high, skyrocketing to a market cap of 30 million dollars within 6 hours. This also marked the first "hundred times coin" that LetsBONK.fun produced after its launch, and as of the time of writing, it has retraced to a market cap of 10 million dollars.

HOSICO

Hosico, originally a cute cat with 1.8 million followers on Instagram, was launched on BONK as an AI art-style Hosico. After a surprise attack post 4 AM, it surged to a market cap of 10 million dollars within an hour, and despite the fluctuations of other tokens, it charted an independent trend among BONK platform tokens, reaching a peak market cap of 23 million dollars, currently reported at 10 million dollars.

NOM

NOM is a core member and one of the founders of the OG community MonkeDAO and the fitness app MoonWalk, as well as one of the initiators of BONK. The community generally holds a positive view of him, and after experiencing a rollercoaster ride with a peak market cap of 5 million dollars and a low of 900,000 dollars, NOM himself tweeted to thank the participants of $NOM and mentioned considering future applications for this token. The token price subsequently surged to a market cap of 3.5 million dollars, currently quoted back at 1.5 million dollars. Like LetsBONK, it also has a "community slogan"—"Trust in Nom."

PumpFun Against the World

As of April, in just a year and a half, Pumpfun has sold a total of 3.403 million SOL (approximately 629 million dollars), becoming the second-largest seller after Solana's former supporting institution FTX/Alameda. Before the emergence of Pump AMM, this situation only caused distress for the Solana Foundation and retail investors. However, after establishing its own DEX, Pumpfun's ambition to monopolize the upstream and downstream became evident. DEXs are now feeling the pressure, and the sentiment "the world has long suffered from PumpFun" has permeated all aspects of the ecosystem.

Even so, dozens of projects, big and small, such as Jupiter, Raydium, Meteora, and Virtuals, have launched their LaunchPads one after another, but the response has been tepid. Faced with so many commercial competitors, PumpFun's terrifying market share in LaunchPad and the frequency of SOL sales create a sense of "you dislike me, but you can't get rid of me."

Meteora attempted a strategy similar to what Raydium is doing now by proposing an SDK, hoping to gradually erode PumpFun's market share through a numbers game, but it was unsuccessful and did not yield significant results. Raydium, on the other hand, clearly understands the mindset of on-chain degens. As a former "good partner" of PumpFun, Raydium lost a significant portion of its trading fee income after Pumpfun chose not to launch graduated tokens on Raydium in February.

Two months later, they were well-prepared. First, they sent out cook.meme to test the market. After "cooking" two meme coins with a market cap of ten million dollars each, "Time" and "Symmetra" lost their subsequent market momentum and settled for a while. They then reignited the market through LetsBONK. Coincidentally, the promotional image for cook.meme featured BONK's avatar prominently.

Promotional image for cook.meme

Currently, Raydium's LaunchLab has integrated six platforms and launched trading reward tasks to incentivize users to trade directly on Raydium. LaunchLab has also begun to show results in trading volume, but how it will develop in the future still requires continuous monitoring.

The current LaunchPad and DEX market has formed a multi-pillar structure, with everyone vying for this tempting cake. Raydium seems to have planned to counter Pumpfun's "single brand" monopoly model with a "multi-brand" wheel battle. The outcome remains uncertain, but we hope that more retail investors can benefit from this battle and bring liquidity back to the market. However, in the current market conditions, "cash is king," and we hope all readers manage their funds well while seeking opportunities in the market.

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