In the early hours of April 26, the well-known Solana meme coin BONK announced the launch of its own LaunchPad—LetsBonk.fun, prompting a wave of excitement in the market with shouts of "LetsBONK!" Within just 24 hours, it attracted 800,000 visitors, generated 300 million in trading volume, and created 2,700 tokens, of which over 70 were successfully launched. The token Let's BONK even skyrocketed to a market cap of 30 million dollars within 6 hours.
With so many projects launching LaunchPads, why does BONK have such immense energy? After the initial excitement fades, will BONK be a fleeting phenomenon or will it rise from here?
The Position of BONK in the Solana Ecosystem
When mentioning BONK, many people's first impression is the "yellow Shiba Inu logo," and the second impression is the "airdrop of Saga phones." Tracing back, this yellow Shiba Inu is the key contributor to the sales of Solana phones. When Solana launched the Solana phone, it aimed to create an ecosystem, with the first step being the release of the phone, but the focus was on creating a crypto-first app store, allowing crypto participants to operate without being constrained by the ecosystems of Apple and Google.
However, the initial sales of the phone were only 20-30 units per day, and even after promotions, sales only reached 50-60 units. Selling out the 20,000 units could take several years. When Toly participated in Laura Shin's podcast, he admitted that only 2,500 Saga phones had been sold, but just three days later, they sold 15,000 units in a single day. At that time, the airdrop of BONK had already multiplied the phone's price several times, creating a new model that connected physical products with the ecosystem through a memecoin.
In an interview with Bankless, Toly stated, "I believe that Solana developers and NFT developers are two different groups. There is some overlap between them, but clearly, they are two different types of developers, and BONK connects the two. The phone becomes an NFT, and BONK holders have to pay attention to the phone app ecosystem."
Two years have passed in the blink of an eye, and BONK has continued to build within the Solana ecosystem for two years. Whether in DeFi, GameFi, developer communities, or applications, it has actively participated and has established over 10 applications, integrating $BONK into more than 100 ecosystems. Now, as the Solana ecosystem needs to kick off a LaunchPad battle, it has returned with LetsBonk.fun.
LetsBONK!
LaunchPad Mechanism
A few hours after BONK officially released its four community guidelines—"Reduce Supply, Expand Awareness, Accelerate Adoption, Drive Revenue"—it launched LetsBONK.Fun, implementing the "Accelerate Adoption" guideline. "It's not enough to talk about $BONK, it needs to be used," reflects this principle.
The trading fee on the BONK platform is 1%, part of which will be used for verification by BONKSOL nodes, and some will be used to buy back and burn $BONK, thus achieving "Reduce Supply." The platform received support from numerous project parties and OG communities in the Solana ecosystem as soon as it launched. Key figures such as Dex leader Jupiter, crypto "PayPal" MoonPay, OG community MonkeDAO "SMB community," and Solana founder Toly all sent their congratulations for LetsBonk.
What Tokens Does LetsBONK Have?
DUMPFUN
Within the first few hours of the LaunchPad's release, three tokens emerged, forming a competitive triad. The first token, DumpFun, which was deployed first, surged to a market cap of 6 million dollars within three hours due to its first-mover advantage. However, as other tokens gained strength, the inherently unsuitable Ticker fell behind, and as of now, it has nearly dropped to zero with a market cap of 80,000 dollars.
LETSBONK
LetsBONK is the meme token named after the platform LetsBonk.fun. Although it initially did not have a particularly high market cap, the market recognized it as the second in command. After reaching a peak of 500,000 dollars in the first wave, it was drained by the surging DumpFun, dropping back to 100,000 dollars. However, as DumpFun's K-line continued to weaken and more KOLs, project parties, and community OGs shouted the slogan "LetsBonk," market attention returned to $LETSBONK, which opened low and rose high, skyrocketing to a market cap of 30 million dollars within 6 hours. This was the first "hundred times token" that LetsBONK.fun produced after its launch, and as of the time of writing, it has retraced to a market cap of 10 million dollars.
HOSICO
Hosico was originally a cute cat with 1.8 million followers on Instagram. The Hosico released on BONK is in the style of Ghibli AI art. After a surprise attack post 4 AM, it surged to a market cap of 10 million dollars within an hour, and despite the fluctuations of other tokens, it charted an independent trend among the BONK platform tokens, reaching a peak of 23 million dollars in market cap, currently reported at 10 million dollars.
NOM
NOM is a core member and one of the initiators of BONK, as well as the founder of the OG community MonkeDAO and the fitness app MoonWalk. The community generally has a positive view of him, and after experiencing a rollercoaster ride with a market cap high of 5 million dollars and low of 900,000 dollars, NOM himself tweeted to thank the participants of $NOM and stated that he is considering the future applications of this token. The token price subsequently surged to a market cap of 3.5 million dollars, currently quoted back at 1.5 million dollars. Like LetsBONK, it also has a "community slogan"—"Trust in Nom."
PumpFun Against the World
As of April, in just a year and a half, PumpFun has sold 3.403 million Sol (approximately 629 million dollars), becoming the second-largest seller after Solana's former supporter FTX/Alameda. Before the emergence of Pump AMM, it had only caused distress for the Solana Foundation and retail investors. However, after establishing its own DEX, its ambition to monopolize the upstream and downstream has become evident. DEXs have started to feel the pressure, and the sentiment "the world has suffered from PumpFun for too long" has permeated every aspect of the ecosystem.
Even so, dozens of projects, big and small, including Jupiter, Raydium, Meteora, and Virtuals, have launched their own LaunchPads one after another, but the responses have been tepid. Faced with so many commercial competitors, PumpFun's terrifying market share in LaunchPads and the frequency of Sol sales create a sense of "you may dislike me, but you can't get rid of me."
Meteora once attempted a strategy similar to what Raydium is doing now, proposing an SDK strategy in an effort to gradually erode PumpFun's market share through a numbers game, but it was unsuccessful and yielded little effect. Raydium, on the other hand, clearly understands the mindset of on-chain degens better. As a former "good partner" of PumpFun, Raydium lost a significant portion of its trading fee revenue when PumpFun chose not to launch its graduated tokens on Raydium in February.
Two months later, they were well-prepared. They first sent out cook.meme to test the market, "cooking" two meme coins with a market cap of tens of millions of dollars. However, after "Time" and "Symmetra" lost their subsequent market momentum, they settled for a while before reigniting the market through LetsBONK. Coincidentally, the promotional image for cook.meme featured BONK's avatar first.
Promotional image for cook.meme
Currently, Raydium's LaunchLab has integrated six platforms and launched trading reward tasks to incentivize users to trade directly on Raydium. LaunchLab has also begun to show results in terms of trading volume, but how it will develop in the future still requires ongoing monitoring.
The current LaunchPad and DEX market has formed a multi-faceted competition, with everyone vying for this enticing pie. Raydium seems to have planned to counter PumpFun's "single brand" monopoly model with a "multi-brand" wheel strategy, but the outcome remains uncertain. We can only hope that more retail investors benefit from this battle and that liquidity returns to the market. However, in the current market conditions, "cash is king," and I hope all readers manage their funds well while seeking opportunities in the market.
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