Bonk cleverly seizes power, how can Pump protect its position?

Author: Blockworks Research

Compiled by: 深潮TechFlow

@bonk_fun and @pumpdotfun are competing for dominance in the Launchpad space. Bonk's rise over the past month has solidified its leading position in Solana Launchpad revenue. What else can we discover by analyzing Bonk's growth? Let's dive in.

Before Bonkfun, Pumpfun consistently issued 30,000 to 40,000 tokens daily. Since Bonk took over, the total token issuance across platforms has remained relatively stable. However, Bonk is now issuing over 25,000 tokens daily, while Pump's daily issuance is below 10,000 tokens.

With the increase in token quantity, Bonk's token market capitalization has also grown. As the platform's market share continues to expand, the number of tokens with a market cap exceeding $1 million is also on the rise.

We also found that most of the highest market cap tokens issued in the past 7 days come from Bonkfun. The growth in issuance, trading volume, and market cap may be accelerating a flywheel effect, with traders favoring Bonk-based tokens due to their outstanding performance.

Interestingly, the proportion of high-frequency traders on the Pumpfun platform is higher than that on Bonk. This may indicate an increasing presence of professional retail traders or bots, which is intriguing given Bonk's comprehensive growth in tokens and trading volume.

We also found that over two-thirds of Bonkfun's trading volume comes from third-party trading applications. Meanwhile, Pump's proportion has decreased from over half to around 30% currently.

A few months ago, Pump had a firm grip on the market. However, in recent weeks, Raydium and Bonk have swept the token issuance market, challenging Pump's position. With Pump's recent financing and token issuance, we can't help but wonder how the team will respond.