On July 7, the "Hundred Groups Battle" on the Solana chain's Launchpad finally reached a phase of victory and defeat. According to on-chain data, LetsBonk.fun has completely surpassed Pump.fun in three core indicators: market share, transaction volume, and the number of launched tokens. The current market share has reached 55.22%, while the long-time leader Pump.fun has fallen back to 34.86%.
At the same time, according to DefiLlama data, LetsBonk.fun's protocol revenue in the past 24 hours reached $1.04 million, surpassing several well-known protocols like Pump.fun and Sky, and rising to 16th place in the entire network.
In just one week, the on-chain landscape has dramatically changed—where exactly did LetsBonk.fun win?
Where Did LetsBonk.fun Win?
The rapid rise of LetsBonk.fun is not a coincidence. From mechanism design to the founder's style, it presents a narrative that is completely different from Pump.fun—it's not about harvesting, but about co-building.
First, from a mechanism perspective, there is an essential difference between LetsBonk.fun and Pump.fun. Pump focuses on "high transaction fee cashing out," converting all profits from SOL into cash, turning the platform into a battleground for short-term players. In contrast, LetsBonk clearly has a long-term mindset—50% of the platform's transaction fees are used for repurchasing and burning $BONK, while another 8% goes into strategic reserves and reward mechanisms, establishing a more stable token value closed loop. This allows users not only to be participants but also co-builders of the platform's interests.
Secondly, founder Tom's "high-intensity online presence" has become a topic of discussion in the community. Since early June, he has continuously released updates, responded to player feedback, fixed bugs, and pushed new features, never absent. On June 4, he publicly announced that the Bonk ecosystem would welcome multiple benefits, including hosting a hackathon and repurchasing $USELESS and $HOSICO, which helped the Bonk community complete its first wave of sentiment reversal.
What is particularly special is Tom's emphasis on the Chinese community—he frequently uses Chinese characters like "nihao" in tweets and has earnestly studied Chinese culture, actively joining the Mandarin-speaking community. Rather than just operating, he is "integrating."
The most touching point is that the Bonk ecosystem uses its own funds to express a genuine belief in the ecosystem. Bonkguy has publicly spent millions of dollars to buy $USELESS, $IKUN, and other tokens, and even during a significant downturn when ecosystem tokens dropped over 80%, he chose to hold firmly, continuing to hold even as he reaped millions in profits, rather than cashing out, reflecting a long-term attitude. This is quite rare in the increasingly intense PVP Solana ecosystem. Such behavior boosts community confidence far more than any official announcement.
What’s Next for Pump.fun?
In the past week, the market cap of BONK surged from $1 billion to $1.6 billion, showing rapid growth. On the other hand, Pump.fun is preparing to launch its platform token $PUMP with a valuation of $4 billion. It seems that this valuation is not unfounded—after all, Pump can contribute nearly $500 million in protocol revenue each year, with about $1 billion in cash reserves on the books, plus some tokens that may be used for community incentives or airdrops, which logically makes sense.
But the problem is that this "reasonable model" is being shaken by the strong counterattack of LetsBonk.fun.
When a platform with only one-third of your market cap completely surpasses you in user activity, token issuance, and protocol revenue, the market will naturally ask: is that $4 billion valuation paying for the future or for the past? An increasing number of users in the community are choosing to "vote with their feet," siding with Bonk. PUMP hasn't even launched its token yet, and its valuation has already been pushed to the edge of a cliff by its competitor.
LetsBonk.fun has won the market's choice with "human touch" and real money, but this competition in the Meme Launchpad is far from over. Who can go further will ultimately depend on who can leave real value after the hype.
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