Pump.fun occupies 80% of the market share among Solana-based tokens. Can this advantage continue in

过去一年，Solana生态中最火的关键词，非 Pump.fun 莫属。这个平台几乎凭一己之力掀起了模因币狂潮，占据了Solana链上约80%的发行份额。它以“一键铸币”“联合曲线毕业机制”和“自动锁流动性”等创新设计，让任何人都能轻松发行自己的模因币，降低了进入门槛，也让无数“草根项目”一夜爆红。然而，当热度消退、投机资金逐渐理性化，Pump.fun的优势能否持续?本文将带你深入解析这个现象级平台背后的逻辑，以及未来值得关注的风险与关键指标。

要点：

● 一键铸造、联合曲线"毕业"机制和锁定流动性提供者(LP)集中了流动性，将Pump.fun的市场份额推至巅峰时期的75%-80%。

● 发布量和费用呈周期性变化。在较1月高点暴跌80%后，活动在8月下旬强势反弹。

● 竞争对手(LetsBonk、HeavenDEX、Raydium LaunchLab)可通过费用或激励措施在短期内翻转市场份额，但网络效应往往会将活动拉回。

● 安全事件和美国集体诉讼(包括RICO指控)是持续性面临的最大阴霾。

Pump.fun是Solana原生启动平台，让发布代币变得如点击几下一样简单。

The new tokens will be issued starting from the joint curve contract, with approximately 800 million tokens being sold in sequence. Once this supply is exhausted, the tokens will “graduate” to the decentralized exchange PumpSwap (where the early-issued tokens were transferred to Raydium). For creators, the costs involved are minimal: there is no fee for token creation, and only a small fixed fee of 0.015 SOL needs to be paid, which is deducted from the token liquidity instead of being charged separately. After graduation, PumpSwap destroys the tokens used by liquidity providers involved in trading activities, effectively locking down the liquidity so that it cannot be manually withdrawn. Funds can only flow through regular trading activities. This design helps to standardize the prices of new meme coins at an early stage, while also reducing the risks associated with traditional “floor-sweeping” behaviors. Did you know? Only a very small portion of Pump.fun tokens will actually “graduate”. In July and August 2025, the graduation rate was around 0.7%-0.8% of the total issued tokens. How does Pump.fun manage to capture 80% of the market share in Solana meme coins? Its dominance stems from combining ultra-low friction token creation with standardized liquidity mechanisms. By guiding new tokens through the joint curve process and into the AMM system, Pump.fun makes price discovery more predictable, thereby reducing one of the main ways in which creators can manipulate the market. As the Solana meme coin cycle progresses, this design has become dominant: by mid-August 2025, Pump.fun had regained about 73%-74% of the market share in seven days.这种领先地位并非无人挑战。7月，挑战者LetsBonk在交易量和收入方面短暂超越Pump.fun，随后势头又回摆(证明部署者会快速迁移到执行和流动性看起来最佳的地方)。

Pump.fun通过两项战略政策转变巩固了主导地位：使用收入资助的激进回购Pump.fun(PUMP)代币(某些周消耗超过90%收入)以及在"Project Ascend"下重新设计的创作者支付方案。公开披露显示每周数百万美元的回购和八位数的创作者索赔，这可能有助于吸引部署者并重新获得势头。

整个2025年，外部追踪器始终显示Pump.fun在市场上涨期间持有约75%-80%的"毕业"Solana启动平台代币份额——这是它在7月下跌后于8月重新达到的水平。

市场份额和收入时间线速览

● 2025年1月24-26日：随着Solana模因币季节达到高峰，Pump.fun创下约1540万美元的历史单日费用纪录。

● 2025年1月下旬-2月26日：基于Dune追踪的群组，日发布量从约1200个/天(1月23-24日)滑落至2月26日的约200个/天，跌幅超过80%。

● 2025年5月16-17日：约190万美元的内部漏洞利用迫使临时暂停;在修复和详细事后分析后恢复服务。

● 2025年7月：New competitor LetsBonk briefly surpassed Pump.fun in terms of revenue and market share over the past 24 hours. This is the first significant shift since Pump.fun’s breakthrough.

● August 8, 2025: During periods of low revenue, Pump.fun launched “Glass Full Foundation” to support the launch of selected products.

● August 11-21, 2025: Market share rebounded to around 74% over seven days, achieving record weekly revenues of $13.5 million and billions in weekly transactions. Some trackers indicated that daily highs approached 90%, while competitors gradually declined.

● August 20, 2025: Total costs exceeded $800 million. Despite fluctuations, this highlights the scale of Pump.fun’s model.

● September 2025: Under Project Ascend, creators received claims exceeding $16 million. Teams continued aggressive buybacks, which are believed to help restore attractiveness.

Pump.fun’s dominance is cyclical but resilient. When sentiment weakens, both production volume and costs drop sharply. When incentives and liquidity improve, its share often rebounds—usually ranging between 70% and 80% on a seven-day basis.

Competitors and “anti-Pump” strategies

Competitors try to compete in terms of economics and liquidity. As mentioned earlier, LetsBonk briefly took center stage in July. Some trackers showed it leading in market share, but Pump.fun regained leadership in August. Reports described Pump.fun as having “withstood” credible challenges.

After stopping the process of transferring tokens to Raydium on Pump.fun and launching PumpSwap, Raydium LaunchLab has positioned itself as an alternative option. LaunchLab utilizes Raydium’s native liquidity infrastructure—transferring new tokens directly into Raydium’s AMM pools—to attract creators and algorithmic traders who seek deep and stable liquidity.

The newer competitor, HeavenDEX, introduced a “reward-based” model, where 100% of platform revenue is used for charitable purposes, with approximately 15% allocated for launch events over a period of time. During the summer share battle, HeavenDEX positioned itself as a strong competitor to the Pump.fun model.

Ultimately, the cost of switching is very low. Deploys will naturally move to platforms that offer the best combination of fees, incentives, and post-deployment liquidity. When competitors reduce fees or increase rewards, market share can quickly shift.

Safety, legal issues, and market cycles also play a role in this situation.

Pump.fun faces its own challenges.

1. Security incidents: Pump.fun has experienced several notable security breaches. In May 2024, a former employee used privileged access rights to withdraw approximately $1.9 million, resulting in temporary suspension of trading operations and re-deployment of the contract. The team stated that the contract remains secure. On February 26, 2025, Pump.fun’s official Twitter account was hacked, with false “PUMP” tokens being promoted, highlighting the social engineering vulnerabilities of meme coin platforms.

2. Legal concerns: There are also significant legal issues related to Pump.fun.

Several U.S. civil lawsuits accuse Pump.fun of facilitating the sale of unregistered securities. The consolidated complaint filed in July 2025 includes additional charges under the RICO Act (Racketeer Syndicate and Corruption of Organizations). The outcome remains uncertain, but these lawsuits could reshape how launch platforms handle listing procedures, disclosure requirements, and revenue generation.

3. Cyclical demand

As mentioned earlier, the number of tokens released and related fees reflect the risk appetite of individual investors. After a strong start in 2025, revenues in July dropped to approximately $25 million, a decrease of about 80% compared to the peak in January. However, activity began to recover later in the summer. Interest in meme coins naturally changes over time.

4. Reputation risk

Concerns about meme coins being used as tools for price manipulation have not diminished. In one case, an X account hacked by a Wired magazine reporter was used to create Pump.fun tokens and withdraw money within minutes. This has put pressure on the platform to improve account security, strengthen verification processes, and prevent opportunistic issuance.

Can Pump.fun maintain its advantage?

If the cycle continues

, Pump.fun’s rebound in August to about three-quarters of its original Solana issuance share indicates that its core features—low friction, standardized “graduation” processes, and centralized trading mechanisms—are still intact. If repurchases and incentives for creators continue to strengthen this cycle, its dominance may even endure over time.

What if control weakens?

July shows how quickly momentum can shift when competitors cut costs or try to attract deployers. Continuous litigation adds another layer of uncertainty, potentially leading to changes in listing requirements, disclosure policies, or revenue strategies.

Key indicators that need attention:

● Platform share (weekly): Tracks Pump.fun’s share of “graduated” tokens and trading volume compared to competitors. A stable range of 65%-80% indicates that its competitive advantage is intact; continuous decline suggests erosion.

● Repurchase and incentive spending: Monitors weekly repurchases and payments made to creators. Consistent and visible support often precedes a recovery in market share.

● Costs and graduation policies: Any adjustments to creation or graduation fees—or changes in liquidity management practices—can quickly affect the behavior of deployers.

● Solana context: Focus on DEX trading volume and total locked value (TLV). Insufficient liquidity can reduce depth and trader loyalty after graduation.

● Legal milestones: Track developments related to consolidated class actions. Adverse rulings may limit growth potential or trigger operational changes.