Author: Azuma (@azuma_eth)

On May 13, on-chain data analyst Adam posted on X that Dune panel data showed that in the past 24 hours, the number of tokens graduated from Raydium's token issuance platform LaunchLab (including third-party issuance platforms based on LaunchLab such as Letsbonk.Fun) was 198, surpassing the 171 tokens graduated by Pump.fun.

Adam commented that this is the first time in history that Pump.fun has encountered real competition.

Historical Grievances

The grievances between Pump.fun and Raydium have a long history.

In the early design of Pump.fun, token issuance had to go through two stages: "internal market" and "external market" — after the token issuance, it would first enter the "internal market" trading phase, relying on the pump.fun protocol's Bonding Curve for matching. Once the trading volume reached $69,000, it would enter the "external market" trading phase, at which point liquidity would migrate to Raydium, where a pool would be created on that DEX and trading would continue.

However, on March 21, Pump.fun announced the launch of its self-built AMM DEX product PumpSwap. Since then, the liquidity of Pump.fun tokens will no longer migrate to Raydium when entering the "external market," but will instead direct to PumpSwap — this move directly cut off Pump.fun's flow path to Raydium, thereby reducing the latter's trading volume and fee income.

In response, Raydium announced on April 16 that it had officially launched the token issuance platform LaunchLab, allowing users to quickly issue tokens through this platform, which would automatically migrate to Raydium AMM once the token liquidity reached a certain scale (85 SOL). Clearly, this was Raydium's direct counterattack against the aggressive Pump.fun.

Odaily Note: For details, please refer to "Data Analysis: How Much Does Raydium Rely on Pump.fun?" and "Raydium Strikes Back at Pump.fun, Who Will Laugh Last in the Meme Comeback Season?"

LaunchLab's "Killer Move"

Although LaunchLab's token issuance function is quite similar to that of Pump.fun, its biggest feature lies not in the issuance process itself — the architecture of LaunchLab supports third-party integration, allowing external teams and platforms to create and manage their own launch environments within the LaunchLab ecosystem. In other words, third parties can rely on LaunchLab's underlying technology (with a focus on liquidity pools remaining in LaunchLab and Raydium) to launch independent token launch frontends.

The official interface of LaunchLab shows that there are currently more than ten third-party token issuance platforms built on LaunchLab, including the recently popular Bonk community token issuance platform Letsbonk.Fun — in fact, the vast majority of tokens graduated from the LaunchLab ecosystem currently come from Letsbonk.Fun (see "The New Token Launch Platform Letsbonk.fun Explodes Again, IKUN Becomes the Platform's Latest Star?").

In short, LaunchLab's strategy is to leverage third-party platforms like Letsbonk.Fun to surround Pump.fun with a "wolf pack" strategy, and based on current trends, this strategy has already begun to show results.

In addition, Raydium also launched an incentive program ahead of Pump.fun to provide incentives for issuance and trading activities on LaunchLab and related third-party platforms.

According to the latest official disclosure, as of today, Raydium has allocated approximately $2.8 million (about 950,000 RAY) in rewards to traders on LaunchLab and Letsbonk.Fun, with the current daily release of incentives amounting to about $110,000.

Pump.fun Forced to Respond

Perhaps feeling the aggressive approach of LaunchLab's "wolf pack," Pump.fun has finally been forced to give up part of its cake to attract more user retention — last night, Pump.fun announced the launch of a "creator revenue sharing" mechanism, allowing token creators to receive 50% of the trading revenue from the PumpSwap platform. From now on, any user who creates a token will continuously earn income as long as that token generates trading activity. The official statement indicated that this mechanism aims to incentivize more quality projects to participate in ecosystem construction.

Meanwhile, another small incident occurred last night, where Pump.fun's X page briefly blocked Letsbonk.Fun founder Tom and some Raydium contributors, but the specifics of what happened are unclear…

Will the Meme Issuance Track Experience a Reshuffle?

As shown in the chart below, for most of the time since mid-2024, Pump.fun (green section) has held an almost dominant market position in the Solana ecosystem for meme issuance, until recently emerging platforms like LaunchLab (purple section) and Boop (blue section) began to gradually capture a certain market share.

For any market, competition is not a bad thing for ordinary users, as more intense competition often forces vested interests to yield more profits and provide a better user experience — for example, the recent battle between JD.com and Meituan.

From the perspective of ordinary users, we should perhaps look forward to LaunchLab continuing to gain momentum and seeing more new players like LaunchLab emerge.

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