jakiro
Author: TI Research
On-chain MEME Token Launchpad Analysis
The on-chain MEME token launch platform is a decentralized platform built on the blockchain, aiming to simplify the creation process of MEME tokens.They provide tools for token creation, pre-sale management, and liquidity on decentralized exchanges (DEXs) such as Raydium or PancakeSwap, ensuring user transparency and accessibility.
Functionality of the startup platform
The structural advantages of the startup platform are highly consistent with the characteristics of MEME tokens.In particular, their ability to quickly build and mobilize communities is complemented by the high community dependence typical of MEME projects.Therefore, MEME-focused launch platforms gain more appeal than other types of token issuance platforms.
MEME launches platform development documentary
The emergence and maturity of MEME startup platform
The emergence of the on-chain MEME launch platform has reshaped the early token distribution model and enabled the rapid, license-free creation of MEME tokens.Unlike traditional platforms focusing on first-time decentralized issuances (IDOs), these launch platforms prioritize speed, simplicity, and virality over due diligence or investor protection.
Since mid-2024, Pump.fun has gained significant attention, although the most competitive alternatives like Moonshot and SunPump have only a small market share.Pump.fun’s MEME token issuance surged, reaching an unprecedented peak at the end of 2024 and continuing to be active until early 2025.
(Data source: https://dune.com/adam_tehc/memecoin-wars)
MEME launches the rise of new competitors on the platform
By late April 2025, the competitive landscape of the on-chain MEME launch platform began to change.New entrants such as LetsBonk (built on Launchlab), Believe (strongly focused on social media integration) and Boop (with novel fee-sharing mechanisms) quickly gained attention.Together, these platforms eroded Pump.fun’s previous unchallenged dominance.
According to data from @adam_tehc on Dune Analytics, Pump.fun’s market share fell to an all-time low of 56% on May 12, 2025.Its token graduation rate dropped to just 0.82%, far below emerging competitors.The graduation rates of Boopdotfun and LetsBONK.fun were significantly higher, at 4.41% and 1.45%, respectively.
MEME tokens drive on-chain activity rebound in May
According to TokenInsight, the total market value of MEME tokens has increased by 47% in the past 30 days, and trading volume has surged by 160%.MEMEs such as Pump.fun and LaunchLab have launched growing activities on the platform, igniting speculative sentiment and driving increased engagement among retail users.As of May 20, 2025, on-chain trading volume increased by 17.3% from the beginning of this month, with the MEME sector considered to be the main contributor to this growth (data from Defilama).The following chapters will provide a detailed overview of the core features, user dynamics, and economic models of each major MEME launch platform.
Headline items
Pump.fun
Pump.fun has made itself the largest MEME launch platform on Solana, taking advantage of Solana’s low fees and fast transaction speeds.Since its launch, the platform has contributed to the creation of more than 8 million tokens in just 13 months.
As a leading platform in this field, Pump.fun has pioneered an integrated mechanism that combines token issuance with automatic liquidity migration to decentralized exchanges.Pump.fun lowers the threshold for MEME token creation through a code-free interface tailored to non-technical users.With a simplified user interface, users can deploy new tokens by simply uploading names, symbols and images.
mechanism:
On Pump.fun, the token startup process is completely automated.With a simplified user interface, users can deploy new tokens by simply uploading names, symbols and images.The platform adopts a combined curve pricing model driven by supply and demand, and does not include the pre-sale stage, effectively reducing early arbitrage risks.
In its early stages, Pump.fun worked with Raydium.Once the token’s market cap reaches $69,000, the token will automatically be listed on Raydium (now redirected to PumpSwap) and inject $12,000 of initial liquidity.The corresponding LP tokens are then permanently destroyed to ensure fairness and irreversibility.Developers will also receive a 0.5 SOL reward when they graduate.
This mechanism significantly lowered the threshold for issuing MEME tokens and contributed to the rapid rise of Pump.fun in the MEME cycle.
Pump.fun and Raydium partnership breaks down:
The migration of trading to the Raydium liquidity pool based on joint curve highlights Pump.fun’s early dependence on Raydium.While this model initially seemed mutually beneficial, this dynamic has changed significantly with the rise of Pumpswap and Launchlab.
On March 21, Pump.fun announced the launch of its native AMM DEX, namely PumpSwap.After this update, token liquidity graduated from the Pump.fun platform is no longer routed to Raydium, but is redirected to PumpSwap.
In response, Raydium officially launched its token launch platform LaunchLab on April 16.This marks the beginning of a direct competition between Pump.fun and Raydium.
LaunchLab
LaunchLab uses a mechanism roughly similar to Pump.fun, using an automated joint curve model for token issuance and pricing.As a token launch platform, its core issuance process has not introduced fundamental new functions.
Its main competitive advantage lies in its modular architecture, which supports seamless third-party integration and supports highly customizable issuance configurations, providing flexibility for developers looking for custom token issuance solutions.
mechanism:
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Third-party integration: The core advantage of LaunchLabs is its architecture that supports third-party integration.According to its web interface, LaunchLab has been integrated with more than 10 third-party platforms.A primary example is LetsBONK.fun, a MEME startup platform created by the $BONK community, built on LaunchLab’s infrastructure.
(Data source: https://raydium.io/launchpad/)
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Highly customized: In addition, LaunchLab further refines its startup framework by providing two different modes:
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JustSendIt Mode: Designed for standardization and rapid issuance, this mode allows users to launch tokens with minimal configuration, catering to casual or first-time creators.
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LaunchLab mode: Supports custom parameters, including the total supply of tokens, the proportion of tokens assigned to the joint curve, and token lock settings.It is worth noting that in LaunchLab mode, developers are entitled to 10% of the LP transaction fees when they graduate, providing a stronger incentive for high-quality project creation.
LetsBONK.fun – Third-party integration representative:
According to @oladee, LetsBONK.fun has contributed to the creation of more than 12,000 tokens every day, with the total number of tokens issued has exceeded 80,000.During its peak, the platform accounted for 29% of the daily market share.Projects such as $Hosico and $USELESS are among the best performing tokens that have successfully graduated.
(Data source: https://dune.com/oladee/lets-bonk)
LaunchLab vs. Pump.fun:
LaunchLab does not introduce any fundamental new mechanisms and has only a slight advantage in the cost structure.However, on May 12, Pump.fun announced that it would share 50% of revenue with token creators, effectively offsetting LaunchLab’s cost advantage.This strategic move has brought Pump.fun’s market share back to more than 80%, marking a major reversal in the competitive landscape.
LaunchLab has adopted a strategy of actively promoting third-party platforms to jointly undermine Pump.fun’s market position.Although this approach has put some revenue pressure on Pump.fun, LaunchLab is unlikely to challenge Pump.fun’s dominance in the near term due to the lack of meaningful product innovation.
Believe
Originally known as Clout, Believe is a SocialFi platform developed by Ben Pasternak, focusing on the issuance of celebrity tokens.The project was announced on April 27, 2025.It received significant attention as soon as it was released, and Solana’s official account, Solana co-founder Anatoly Yakovenko (Toly) and Jupiter co-founder Meow all retweeted it.Since its launch, the Believe platform has facilitated the issuance of more than 24,000 tokens, with a peak daily issuance volume of nearly 5,000, with a maximum market share of 13.6% (data from @kunal).
(Data source: https://dune.com/kunal/launchacoin)
mechanism:
Believe’s token launch adopts a socially driven issuance model, through its “X Trigger” mechanism, allowing users to deploy tokens on the Solana blockchain by simply posting tweets with @LaunchACoin on X (formerly Twitter) and specifying the token name.The entire process is automatically executed through the backend service.
The platform adopts a dynamic joint curve model with high initial transaction fees, designed to prevent robots from snapping up.As transaction volume increases, fees gradually decrease and stabilize at 2%.This mechanism promotes fair market participation and mitigates early manipulation.
Once the token’s market value exceeds $100,000, it will automatically be listed on the Meteora trading platform.Developers are incentivized by sharing 1% of total transaction fees (2%).
MakeNow.Meme: The fading of the first X Trigger MEME startup platform:
As numerous launch platforms replicate the Pump.fun mode emerge, Believe stands out for introducing a more innovative startup mechanism.However, it is worth noting that Believe is not the first platform to adopt the X-based token startup model.This honor belongs to MakeNow.Meme, which briefly became popular in 2024 and pioneered this approach.
MakeNow is a project that allows users to launch tokens via tweets on X.It uses dynamic joint curves and zero cost creation, providing a novel and easy-to-access pattern.However, despite early attention, the project quickly declined within a week.The main reasons for its flash-through can be attributed to two points:
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Lack of anti-rush-up mechanism: The platform has not implemented effective anti-robot snap-up measures.The delay before the release of the contract address allows insiders to purchase low-cost tokens in advance, creating an unfair advantage.
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Lack of ecosystem and community support: MakeNow lacks dedicated user community or broader ecosystem support.
Believe gained market recognition by addressing the core flaws of its predecessor.It builds on the early SocialFi platforms and benefits from the ecosystem support of Solana and Jupiter.In addition, the use of its dynamic joint curve helps mitigate robot snap-up behavior in the early stages of token trading, improving fairness and issuance integrity.
Boop.Fun
Boop.Fun is a MEME token launch platform developed by Dingaling, co-founder of PancakeSwap.
mechanism:
Boop.Fun integrates the core mechanisms of Pump.fun and Believe, providing two issuance channels: creating tokens directly through the platform, or triggering on-chain deployment by posting tweets with @beeponboop on X.
The platform’s native token, $BOOP, is the basis of its incentive system.The creators of active tokens receive $BOOP airdrops every day, while holders receive a prorated reward based on their token holdings, encouraging long-term participation.In addition, users who stake $BOOP can participate in daily airdrops and share 60% of the platform’s SOL transaction fee income, thus establishing a multi-level reward structure.
Reputation pressure:
Recently, the founder of Boop.Fun, named “dingaling”, claimed to have served as Binance’s Chief Risk Officer (CRO).However, Binance CEO CZ openly dismissed the position’s existence and suggested the founder was fired for alleged insider trading.Although the matter has not been resolved, the controversy has had a significant impact on the platform: Daily active users fell by 56%, and token issuances plummeted from 10,877 to 1,072 – a 90% drop.As a result, market performance became unstable and the community’s trust in Boop.Fun dropped significantly.
Which one is better?
Although Pump.fun remains the dominant player in the MEME launch platform space, Believe has a relatively competitive advantage among new entrants.
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Pump.fun: The creator profit sharing mechanism introduced by Pump.fun partially offsets the costs related to token issuance and migration.In addition, this mechanism provides stronger incentives for creators to start and maintain higher quality tokens.
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LaunchLab: While low issuance fees, low graduation standards and zero migration fees may be attractive to creators, they also lower the barriers to entry, leading to the proliferation of “scam” or “pull up shipments”.This hurts the overall project quality.In the absence of core innovation or differentiation, the platform may face challenges of difficulty in maintaining long-term growth and competitiveness.
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Believe: Believe builds on the new token startup mechanism, introducing a dynamic joint curve to prevent early robot rush purchases, while setting a higher graduation threshold.These measures address key issues observed in MakeNow.Meme and enhance user protection.Despite the relatively high transaction fees, the platform’s design tradeoffs bring net benefits in terms of equity and sustainability.
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BOOP: Boop.Fun provides a highly integrated platform design with its token distribution model attractive in the short term.However, the platform’s performance is closely related to the price performance of its native token $BOOP, which increases exposures such as internal transactions and damaged community trust.These concerns have been amplified in recent negative publicity, during which time the platform’s overall performance has declined significantly.
in conclusion
To achieve long-term feasibility of a MEME launch platform, it must be based on a powerful core mechanism or technological innovation that can effectively solve current market challenges.For example, Pump.fun pioneered an integrated mechanism that combines token issuance with automatic liquidity migration to decentralized exchanges.Believe optimizes the simple token issuance process driven by social media.Pump.fun remains the leading platform in MEME launch platform space, while Believe shows strong growth momentum and has the potential to gain more market share in the long term.
Key Challenges Facing the MEME Token Launch Platform
Currently, MEME launches the platform with two basic challenges:
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User protection mechanism: Due to the inherent low threshold and high risk nature of MEME tokens, the platform must mitigate user losses by addressing project quality and transaction fairness.This requires the implementation of strong project screening mechanisms such as team background verification, smart contract audits and reputation scoring systems to screen out fraudulent or low-quality projects.In addition, anti-robot mechanisms such as address whitelisting, KYC procedures and transaction rate limiting are critical to ensuring fair access and preventing manipulation during initial token sale.
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Multi-chain deployment capabilities: Most platforms are still limited to a single blockchain, limiting scalability and user coverage.Extending to multi-chain architectures can achieve wider accessibility and cost optimization, but also brings technical obstacles such as cross-chain security, data consistency and fragmentation of user experience.Solutions include integrated cross-chain protocols (e.g. LayerZero, Axelar) and adopting a modular blockchain framework while ensuring unified wallet support and seamless interface.Effective multi-chain expansion is crucial to the long-term growth of the MEME token ecosystem.
Looking ahead, those MEME launch platforms that can solve the core challenges mentioned above or introduce innovative mechanisms to reshape user- and developer-inspired incentives may also stand out from the ever-evolving on-chain launch landscape and become participants worthy of attention.
