Original Author: @insomniac_ac

Original Compilation: AiddiaoJP, Foresight news

Background

Pumpfun and its Solana competitor LetsBonk.fun are deeply engaged in a meme coin arms race, with both sides continuously launching new features to attract traders.

LetsBonk.fun launched in April 2025, and by mid-July, its daily activity quickly surpassed Pumpfun, reaching a peak of 28,000 tokens issued daily, while Pumpfun's low was only 3,500.

At that time, LetsBonk was also leading in trading volume ($179 million daily vs. $52 million) and fee revenue ($14.51 million in the past 30 days vs. $2.329 million).

However, recently Pumpfun experienced a turnaround, creating over 15,000 tokens within 24 hours, surpassing its competitor.

Pumpfun Revenue

LetsBonk Revenue

LetsBonk is built around the BONK token and markets itself with a "community-first" philosophy. It launched a governance token and offers creators a 1% share of transaction fees, significantly higher than the 0.05% later offered by Pumpfun. The team has explicitly reinvested fees back into the ecosystem; for example, 50% of LetsBonk's fees are used to buy back and burn BONK, and 8% is deposited into reserves, a move that has been well-received by users.

By July, community sentiment began to turn against Pumpfun's "money-grabbing" strategy, with many early users selling off after the PUMP token's initial coin offering on July 12, despite the ICO raising as much as $500 million. The token price immediately plummeted over 50% from its historical high after launch, forcing Pumpfun to initiate a multi-hundred-million-dollar buyback plan to stabilize prices.

Under pressure, Pump.fun adjusted its strategy to try to win back market share. In May, it began sharing 0.05% of the exchange fees with token creators, a move aimed at curbing instant rug-pulls and rewarding ongoing community building.

The latest update on August 8 took a bold step in this direction.

Pumpfun announced the launch of "Group Coins," a suite of features supporting team-based token issuance and providing collaborative tools for meme coin creators. This update introduced "Create Teams" (where multiple developers can jointly issue tokens), a multi-signature wallet for project funding, and competitive issuance categories (such as leaderboards or competitions for new tokens).

The goal is to bring more structure and trust to the chaotic meme market while fundamentally addressing Pumpfun's long-standing "one-off" issues, such as rug pulls, inactive tokens, and volume dilution. By allowing teams to issue tokens and requiring multi-signature control, Pumpfun aims to curb single-person scam tokens and encourage community-driven long-term projects. This is also Pumpfun's attempt to differentiate itself from the BONKBot ecosystem by fostering a social and collaborative atmosphere.

Notably, the "Group Coins" update follows other significant initiatives from Pumpfun (fee-sharing updates and the PUMP token launch). This is part of a broader strategy to re-attract creators and traders who have flocked to LetsBonk. If early criticism suggested that Pumpfun's developers were merely pocketing fee revenue while neglecting the community, these recent changes directly respond to that claim. For instance, Pumpfun now shares revenue with creators and hints at future income-sharing with PUMP token holders.

By providing multi-signature security for "Create Teams," the platform conveys a commitment to legitimacy; no one wants to fall victim to a rug pull, and multi-signature teams can help filter out bad actors. In short, Pumpfun is catching up to its competitors by injecting community incentives and safeguards into its model, while LetsBonk prioritized these from the start.

The Solana meme coin community immediately took notice of Pumpfun's "Group Coins" announcement, with many considering it a clever shift. Pumpfun's co-founder @a 1 lon 9 had hinted days earlier that "there would be a major announcement regarding organic community tokens," and the actual update indeed brought a glimmer of optimism.

Some traders on Twitter praised the idea of team issuance as a way to "bring more legitimate teams into meme coins." Others hope that multi-signature control can restore some trust and serve as an antidote to the Wild West-style rug pull culture.

Pumpfun's token price even rose 15% within days of the announcement, partly due to at least one "whale" bet: on August 5, on-chain detectives discovered a whale purchasing 1.06 billion PUMP tokens worth $3.3 million and opening a more than threefold long position before the update. This large bet indicates that insiders expect Pump.fun to regain users and trading volume through these changes.

Meanwhile, skeptics are not lacking. Some in the community joked that "Group Coins" are just "Group Rugs," implying that dishonest developers might collude to scam. On X, influential trader Byzantine General harshly criticized Pumpfun's decline as a "failure" and "a generational mistake," questioning whether the new features could fully recover the losses. "They once had all the market share and completely messed it up… somehow lost the market, it's ridiculous," he bluntly pointed out.

From this perspective, Pumpfun's reputation will not be repaired overnight. Critics also note that LetsBonk still offers more generous incentives for creators (1% fee sharing vs. Pumpfun's 0.05%), so Pumpfun may need to do more to win back top meme creators.

Outlook and Predictions

So, what does all this mean for the future competition between Pumpfun and BONKBot? In the short term, Pumpfun's "Group Coins" update may narrow the gap between the two. Currently, Pumpfun has regained the lead in daily token issuance, indicating that some creators are returning to Pumpfun.

If the new features work as expected, the team issuance function could accelerate this trend. We may see more meme projects formed by teams (such as influencer alliances, developer collaborations, and DAO-style communities) choosing Pumpfun as their launch platform. This leverages Pumpfun's traditional advantage in quantity while adding a layer of quality control.

In other words, if multi-signature teams become popular, the average "seriousness" of Pumpfun tokens may rise. More legitimate projects and fewer one-off scams could attract traders who had previously stuck with LetsBonk. This is Pumpfun's attempt to shift its image from a "casino" to something more community-driven while not completely losing its speculative attributes.

LetsBonk Daily Active Wallets

However, BONKBot has not stood still. LetsBonk still boasts a hardcore community and brand, and has been more innovative than Pumpfun in recent months.

Pumpfun's late response addresses some issues, but BONKBot may retaliate in kind. If Pumpfun's PUMP token begins to offer additional benefits to holders, such as fee discounts or revenue sharing along with these new issuance features, LetsBonk may respond by issuing a token that further incentivizes its community, such as airdrops or larger rewards for creators and traders using its platform.

In fact, LetsBonk has already used 50% of its fees for buying back and burning BONK and supporting validators, thereby indirectly rewarding its ecosystem. To keep pace, Pumpfun may need to consider increasing creator rewards or introducing new incentives for PUMP holders. Competitive pressure is intensifying, leading to an arms race of features and rewards that will ultimately benefit Solana's meme coin traders, with the community gaining better conditions.

Comparison of Pumpfun and LetsBonk Revenue

From a trader's perspective, Pumpfun's short-term outlook is cautiously optimistic. The platform is clearly working to regain credibility, and if "Group Coins" can facilitate some headline-grabbing token issuances, it will validate Pumpfun's strategy as correct.

In the coming weeks, we may see Pumpfun's market share gradually rise above 50%. Some traders have already begun positioning for this turnaround. The price of PUMP has risen over 30% since August, indicating that confidence in Pumpfun is growing. Additionally, more structural upgrades may attract more liquidity: major players who previously avoided Pumpfun due to rug pull risks may attempt to enter if multi-signature teams become the norm.

On the other hand, BONKBot's prospects remain strong. It still leads in user trust and community sentiment. Many traders genuinely enjoy the atmosphere and transparency of the BONK ecosystem. Even if Pumpfun regains numerical superiority, LetsBonk still has loyal users.

Pumpfun's new features not only need to bring more token issuance but also enhance active trading volume and user retention to truly defeat BONKBot in the long-term competition. We must observe whether the average lifecycle of Pumpfun tokens (and trading volume) will increase with team issuance. If not, and the update merely spawns "team pump and dump," then Pumpfun may still not have addressed its core issues, while BONKBot may continue to lead in key metrics such as trading volume and fee revenue.

Summary

The core competition between Pumpfun and BONKBot lies in the contest of community incentives and platform trustworthiness. BONKBot initially gained an advantage with high fee sharing (1%) and an ecosystem buyback mechanism, while Pumpfun has recently attempted to win back lost users through "Group Coins" (multi-signature team issuance) and a meager share (0.05%).

Pumpfun's "Group Coins" update is a pivotal moment in this competition. It indicates that Pumpfun is shifting from pure speed and "Christmas tree" issuance to a more grounded strategy, arguably borrowing from BONKBot's community-first approach.

For Solana's meme coin traders, this is good news: competition is forcing each platform to improve issuance methods, introduce fairer reward mechanisms, and drive more innovation. If Pumpfun can seize this momentum, it now has the opportunity to narrow the gap with BONKBot. In the coming weeks, please pay close attention, as community sentiment has shifted from outright hostility to a mix of hope and skepticism.

Ultimately, Pumpfun's latest initiatives may level the competitive landscape with BONKBot by the end of 2025. The Solana meme coin market is expected to remain volatile and highly competitive, but it may be healthier compared to a few months ago.

If "Group Coins" succeed, the era of single-person Christmas tree scams may gradually fade away, and we will see more team-driven meme projects vying for the next hundredfold returns, providing new opportunities for traders on Pumpfun and BONKBot.

As the era of "team tokens" unfolds, we will continue to monitor relevant developments. But for now, this race is far from over, and for those of us involved, it is a bullish signal.

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