Chaos is the rising ladder, and there are always young people benefiting from version iterations.
Written by: Deep Tide TechFlow
The bull market returns quickly, and the fastest to come back is still the Meme sector.
Recently, the on-chain golden dog has been continuously appearing, and it seems that the lively atmosphere of dog-themed memes has returned.
However, in the on-chain meme space, unlike the last round where Pump.fun dominated, this version has seen more challengers to Pump.fun, attempting to shake its status as the meme launchpad leader.
After all, making money from meme transactions through fees is a very lucrative business. Thus, you can see various launchpads emerging recently, each with golden dogs trying to attract limited attention in the existing market.
In this environment, there have also been instances of two platforms launching the same named Meme. For example, today both letsBONK.fun (hereinafter referred to as Bonk.fun) and Pump.fun have launched a token named $GLONK, and both platforms are fully supporting their respective versions.
Bonk.fun is co-incubated by Raydium and the Bonk community, with Raydium providing technical support for Bonk.fun through its LaunchLab platform; while the Bonk community relies on the influence of its meme token $BONK to provide a solid foundation for Bonk.fun.
This is clearly a strong competitor to Pump.fun.
On the surface, this is a token battle, with players betting on which Glonk will prevail; but in reality, it is a war over the infrastructure of the Solana ecosystem, concerning not only the market value and trading volume of the tokens but also the technical strength, community support, and development prospects of the platforms.
More importantly, it concerns the actual platform revenue and interests.
Tokens represent popularity and attention, and high-end platform competition often manifests in the form of a price race for a particular token.
Competing Tokens, Founders in Distant Confrontation
From the current situation, the $GLONK on Bonk.fun seems to have the upper hand.
As of the time of writing, the market value of the $GLONK on Bonk.fun is around 16.5 million USD, while that on Pump.fun is 4.4 million USD; in terms of trading volume and liquidity, the $GLONK on Bonk.fun is also leading comprehensively.
Behind the price fluctuations of the $GLONK token is a fierce confrontation between the founders of Bonk.fun and Pump.fun.
Although they haven't directly confronted each other, Bonk.fun developer SolportTom (@SolportTom) and Pump.fun's Alon (@a1lon9) are both rallying for their respective platforms.
Tom posted that everyone should support Bonk.fun; and two minutes later, Alon followed up with a similar phrase “SEND THE OG.”, implying that Pump.fun is the original OG of meme launches, with the implication being clear.
What’s more exciting is that both sides are gradually clarifying their intentions and naming names, claiming that their version of $GLONK is the optimal solution.
Tom believes the market has already made a choice, and the price of the GLONK token speaks for itself, directly @ing Alon:
“The market value of the token on Bonk.fun has reached 3 million USD, while on Pump.fun it is only 170,000 USD, yet someone posted saying ‘support the OG version’, I think this is very low-level.”
Alon, on the other hand, believes that price performance does not tell the whole story, asserting that Pump.fun has its proud grassroots culture and community spirit; the price increase of the token on Bonk.fun seems more like the actions of a conspiracy group.
This "war of words" has had a significant impact on market sentiment. After Alon's "OG" statement was released at 00:15, the market value of the $GLONK on Pump.fun briefly rose from 7.8 million USD to 13.4 million USD; showing its short-term influence on market sentiment.
However, the market value of the Bonk.fun version rebounded to 16.5 million USD within the next 10 hours, while the Pump.fun version fell to 4.4 million USD, indicating that the market ultimately favored the Bonk.fun version.
Earlier, the official account of Pump.fun had also blocked Bonk.fun developer Tom, highlighting the tense competitive atmosphere.
Currently, it does seem that the $GLONK on Bonk.fun has won, but the victory of a single token may not fully explain the issue; the competitive advantages of each platform and their methods of attracting users are key.
Alliances and Counterattacks
Today's data shows that the number of graduated tokens on Raydium's LaunchLab (mainly the Bonk.fun launchpad) has surpassed the number of graduated tokens on Pump.fun for the first time.
Although in terms of the number of tokens created, the former still cannot compete with Pump.fun, the higher graduation rate reflects that attention and liquidity are gradually being eroded, and Pump.fun's dominant position is indeed under threat.
Two days ago, according to external KOL @theunipcs, Bonk.fun developer Tom revealed some key data about LetsBONKfun during a chat:
6,911 tokens were created within 24 hours, generating fees of 2,880.36 SOL (approximately 500,000 USD at the time);
Since the platform's launch, a total of 26,902 tokens have been created;
The total fees generated since launch amount to 10,197.83 $SOL (nearly 2 million USD generated in just two weeks)
Behind the data, the platform's growth is attributed to a creator-centric incentive mechanism:
On May 4, 2025, the platform partnered with Raydium to provide airdrops of 50,000 RAY to eligible Launchlab and LetsBonk.fun traders to enhance user participation.
On May 11, LetsBonk.fun announced a reward of 5,000 USD for five tokens that would "rapidly develop and continue to grow" in the following week as a reward.
On May 13, Tom added a reward of 15,000 USD for the best-performing projects in the following week as a reward.
This is quite similar to how different food delivery platforms offer subsidies to attract merchants and users.
With great rewards come brave individuals; the platform will also share 10% of the liquidity pool (LP) fees with token creators after migration, and these measures have attracted the developers of FARTCOIN to deploy two tokens—FANGPI and BarkCoin—on Bonk.fun; among them, BarkCoin's market value reached 826,700 USD on May 13, bringing broader attention and participation to LetsBonk.fun.
One of the most interesting aspects is the connection established with the Chinese community.
Bonk.fun has not only developed a series of tools to support one-click creation of tokens based on content from Chinese social media platforms but has also incorporated narrative elements related to popular topics in China.
Yesterday, the meme "ikun" that became popular on Bonk.fun is one strong proof, as the Chinese meme "鸡你太美" began to spread outward, with the market value of ikun briefly surpassing 12 million USD.
Who Will Prevail?
As the two major players in the meme token launchpad of the Solana ecosystem, these two platforms are engaged in a comprehensive competition in terms of technical strength, community support, and market performance.
Bonk.fun has rapidly risen with the support of Raydium and the Bonk community, while Pump.fun is fighting back through technological innovation and a large user base. We can take a closer look at the competitive advantages and highlights of each platform:
The token creation process on Bonk.fun is also very simple (just three steps: click "Create Token," input information, and set the issuance amount), lowering the user threshold, while Raydium's CPMM pool provides higher liquidity support for its tokens; in addition, Bonk.fun enhances community stickiness through a revenue feedback mechanism (35% used for $BONK buyback and burn), attracting a large number of users interested in the Bonk ecosystem.
As the market leader, Pump.fun has also been consolidating its position through innovation in recent years.
In March 2025, Pump.fun launched the PumpSwap platform, offering instant free token migration (previously required 6 SOL) and supporting cross-chain token trading (such as Aptos's APT).
In early May 2025, Pump.fun introduced a creator revenue sharing mechanism (0.05% transaction volume sharing) in an attempt to solve the "pump-and-dump" problem by incentivizing creators. Although temporarily lagging in the $GLONK battle, Pump.fun, with its large user base (peak daily active addresses of 107,000) and accumulated revenue of 150 million USD, remains the more stable one on the throne.
If Bonk.fun wants to truly shake Pump.fun's position, it needs to further expand its user base and innovate technologically, while Pump.fun needs to address the trust crisis caused by community stickiness and historical negative events (such as the employee theft incident in 2024).
On the other hand, for on-chain players, the competition between platforms feels more like a bonus.
Different platforms will inevitably create their own wealth effects; whether through conspiracies or communities, the probability of golden dogs appearing will increase; compared to a stagnant market, having golden dogs is better than having none, as the expectation of gains has returned.
At the same time, in order to attract users, platforms will inevitably introduce more favorable rules or incentive programs, which can be seen as a form of "shearing" in the Meme space.
However, the emergence of multiple platforms has made the already extremely competitive Trench even more crowded, resulting in shorter token lifecycles and faster entry rhythms, which place higher demands on energy and monitoring.
Chaos is the rising ladder, and there are always young people benefiting from version iterations.
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