Pump.fun generated $31.5M in protocol revenue over the past 30 days versus roughly $192K for the BONK ecosystem, a gap of about 165x, per DefiLlama. Here is what the numbers say about the state of the Solana memecoin launchpad race
The contest for Solana's memecoin launchpad crown looks increasingly one-sided. @Pumpfun generated $31.5M in protocol revenue over the past 30 days against roughly $192K for the BONK ecosystem, per DefiLlama. That is a difference of around 165x, and the underlying trend shows little sign of reversing.
The numbers sit within a broader context of sustained dominance. Pump.fun's gross protocol revenue totaled $971.37 million in 2025, though it is annualizing to roughly $320 million so far in 2026, according to DefiLlama data. Even at a reduced pace, that run rate leaves rivals a long way behind.
BONK's Rise and Retreat
It was not always this clear-cut. @bonk_inu's protocols pulled in nearly $50M in gross revenue in a single quarter last year before collapsing to $2.2M last quarter, while Pump.fun held above $200M per quarter throughout. The BONK launchpad, operating under the LetsBONK brand, did briefly threaten Pump.fun's position. LetsBONK's market share of the Solana launchpad space grew from 13% to over 78% in the span of one month in July 2025, briefly surpassing the previous market leader.
That moment proved short-lived. Market share collapsed back to minimal levels as the platform failed to maintain momentum against more innovative competitors. BONK.fun's market share fell from commanding 84% of Solana's launchpad market in mid-2025 to just roughly 7% by year-end, a decline mirrored in revenue, which fell to $84,000 by end-2025.
Pump.fun moved quickly to reclaim lost ground. Pump.fun countered with new user incentives, allowing it to regain over 70% of the market by February 2026. The BONK ecosystem has struggled to recover since. Data from Jupiter indicates that LetsBonk has dropped to fourth place by 30-day volumes in the launchpad space, with just $159 million traded through its platform.
For now, the Solana launchpad race reads as effectively decided on the revenue scoreboard. Whether a fresh challenger or a BONK ecosystem reset can change that calculus remains an open question, but the gap @Pumpfun has built makes any comeback a steep climb.
