On-chain MEME Token Launch Platform Analysis

The on-chain MEME Token launch platform is a decentralized platform built on blockchain, aimed at simplifying the creation process of MEME Tokens. It provides tools for token creation, presale management, and liquidity provision on decentralized exchanges, ensuring transparency and accessibility for users.

Functionality of the Launch Platform

The structural advantages of the launch platform are highly aligned with the characteristics of the MEME Token. In particular, their ability to quickly establish and mobilize communities complements the typical high community reliance of MEME projects. Therefore, launch platforms focused on MEME have gained greater appeal than other types of Token issuance platforms.

MEME Launch Platform Development Record

The emergence and maturity of the MEME launch platform

The emergence of on-chain MEME launch platforms has reshaped the early Token distribution model, enabling the rapid and permissionless creation of MEME Tokens. Unlike traditional platforms that focus on initial decentralized offerings ( IDO ), these launch platforms prioritize speed, simplicity, and viral distribution, rather than due diligence or investor protection.

Since mid-2024, Pump.fun has gained significant attention, despite competitive alternatives like Moonshot and SunPump only capturing a small market share. The issuance of Pump.fun's MEME Token surged, reaching an unprecedented peak by the end of 2024, and remained active into early 2025.

The rise of new competitors in the MEME launch platform

By late April 2025, the competitive landscape of the on-chain MEME launch platform began to shift. LetsBonk(, built on Launchlab), and Believe(, which strongly focuses on social media integration), along with new entrants like Boop( that adopt novel fee-sharing mechanisms), quickly gained attention. These platforms collectively eroded the previous dominance of Pump.fun.

According to data from Dune Analytics, Pump.fun's market share fell to a historic low of 56% on May 12, 2025. Its Token graduation rate dropped to just 0.82%, far below that of emerging competitors. Boopdotfun and LetsBONK.fun had significantly higher graduation rates of 4.41% and 1.45%, respectively.

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MEME Token drives a rebound in May on-chain activities

In the past 30 days, the total market capitalization of MEME Token has increased by 47%, and trading volume has surged by 160%. The growing activity on the MEME launch platform has ignited speculative sentiment and driven increased participation from retail users. As of May 20, 2025, on-chain trading volume has grown by 17.3% compared to the beginning of this month, with the MEME sector being considered a major contributor to this growth.

Top Projects

Pump.fun

Pump.fun has established itself as the largest MEME launch platform on Solana, fully leveraging Solana's low fees and fast transaction speeds. Since its launch, the platform has facilitated the creation of over 8 million tokens in just 13 months.

As a leading platform in the field, Pump.fun has pioneered an integrated mechanism that combines Token issuance with automatic liquidity migration to decentralized exchanges. Pump.fun lowers the barrier to creating MEME Tokens with a no-code interface tailored for non-technical users. With a simplified user interface, users can deploy new tokens by simply uploading a name, symbol, and image.

mechanism

On Pump.fun, the token launch process is fully automated. The platform uses a supply and demand-driven joint curve pricing model and does not include a presale phase, effectively reducing early arbitrage risks.

In its early stages, Pump.fun partnered with a certain DEX. Once the market value of the Token reaches $69,000, the Token will be automatically listed on that DEX and an initial liquidity of $12,000 will be injected. The corresponding LP Tokens will then be permanently destroyed to ensure fairness and irreversibility. The developers will also receive a reward of 0.5 SOL upon graduation.

This mechanism significantly lowers the threshold for issuing MEME tokens and facilitates the rapid rise of Pump.fun in the MEME cycle.

The partnership between Pump.fun and a certain DEX has broken down.

The migration of trades based on joint curves to a certain DEX liquidity pool highlights Pump.fun's early reliance on that DEX. Although 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, PumpSwap. After this update, the liquidity of tokens graduated from the Pump.fun platform will no longer be routed to any DEX but will be redirected to PumpSwap.

In response, the DEX officially launched its Token launch platform LaunchLab on April 16. This marks the beginning of direct competition between Pump.fun and the DEX.

LaunchLab

LaunchLab adopts a mechanism similar to Pump.fun, utilizing an automated joint curve model for Token issuance and pricing. As a Token launch platform, its core issuance process does not introduce fundamentally new features.

Its main competitive advantage lies in its modular architecture, which supports seamless third-party integration and highly customizable issuance configurations, providing flexibility for developers seeking customized token issuance solutions.

mechanism

1. Third-party integration: The core advantage of LaunchLabs lies in its architecture that supports third-party integration. According to its web interface, LaunchLab has integrated with over 10 third-party platforms. A major example is LetsBONK.fun, a MEME launch platform created by the $BONK community, which is built on LaunchLab's infrastructure.

2. Highly customizable: In addition, LaunchLab has further refined its launch framework by providing two different modes:

   • 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.

   • LaunchLab mode: supports customizable parameters, including total token supply, the proportion of tokens allocated to the joint curve, and token lock settings. It is worth noting that under the LaunchLab mode, developers are entitled to 10% of LP trading fees upon token graduation, providing stronger incentives for creating high-quality projects.

LetsBONK.fun - Third-party integration representative

LetsBONK.fun facilitates the creation of over 12,000 Tokens daily, with a total number of issued Tokens exceeding 80,000. At 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.

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LaunchLab vs. Pump.fun

LaunchLab has not introduced any fundamentally new mechanisms, and its fee structure only has slight advantages. However, on May 12, Pump.fun announced that it would share 50% of its revenue with token creators, effectively offsetting LaunchLab's fee advantages. This strategic move has allowed Pump.fun's market share to rebound to over 80%, marking a significant reversal in the competitive landscape.

LaunchLab has adopted an aggressive strategy to promote third-party platforms in order to collectively 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 short term due to a lack of meaningful product innovation.

Believe

Believe, formerly known as Clout, is a SocialFi platform developed by Ben Pasternak, focusing on celebrity token issuance. The project was announced on April 27, 2025. Since its release, it has gained significant attention, with official accounts from a certain blockchain, co-founders of that blockchain, and co-founders of a certain DEX all retweeting it. Since its launch, the Believe platform has facilitated the issuance of over 24,000 tokens, with a peak daily issuance nearing 5,000 and a maximum market share of 13.6%.

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mechanism

The launch of the Believe Token adopts a socially driven issuance model. Through its "X Trigger" mechanism, users are allowed to deploy a Token on a certain public chain simply by tweeting @LaunchACoin and specifying the Token name before X(, which was formerly Twitter). The entire process is executed automatically through back-end services.

The platform uses a dynamic joint curve model, with initially high transaction fees aimed at preventing bots from sniping. As trading volume increases, the fees gradually decrease and stabilize at 2%. This mechanism promotes fair market participation and mitigates early manipulation.

Once the market cap of the Token exceeds $100,000, it will be automatically listed on a certain trading platform. Developers are incentivized by sharing 1% of the total trading fees (2%).

MakeNow.Meme: The Decline of the First X Trigger MEME Launch Platform

As numerous launch platforms replicating the Pump.fun model emerge, Believe stands out due to its introduction of a more innovative launch mechanism. However, it is worth noting that Believe is not the first platform to adopt a token launch model based on X. This honor belongs to MakeNow.Meme, which briefly gained popularity in 2024 and pioneered this approach.

MakeNow is a project that allows users to launch tokens through tweets on X. It employs dynamic joint curves and zero-cost creation, providing a novel and accessible model. However, despite early attention, the project rapidly declined within a week. The main reasons for its fleeting existence can be summarized in two points:

• Lack of Anti-Sniping Mechanism: The platform has not implemented effective anti-bot sniping measures. The delay before the contract address is released allows insiders to purchase low-cost Tokens in advance, resulting in an unfair advantage.

• Lack of ecosystem and community support: MakeNow lacks a dedicated user community or broader ecosystem support.

Believe has gained market recognition by addressing the core flaws of its predecessor. It is built on the foundation of early SocialFi platforms and benefits from the ecosystem support of a certain public chain and a certain DEX. In addition, the use of its dynamic joint curve helps mitigate the bot sniping behavior during the early stages of token trading, enhancing fairness and issuance integrity.

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Boop.Fun

Boop.Fun is a MEME Token launch platform developed by a co-founder of a certain DEX.

mechanism

Boop.Fun integrates the core mechanisms of Pump.fun and Believe, providing two issuance pathways: creating a Token directly through the platform or triggering on-chain deployment by posting a tweet with @beeponboop on X.

The platform's native Token $BOOP is the foundation of its incentive system. Active Token creators receive daily $BOOP airdrops, while holders receive rewards proportionate to their Token holdings, encouraging long-term participation. Furthermore, users who stake $BOOP can participate in daily airdrops and share 60% of the platform's trading fee revenue, thereby establishing a multi-tiered reward structure.

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Reputation Pressure

Recently, the founder of Boop.Fun claimed to have served as the Chief Risk Officer of a certain trading platform (CRO). However, the CEO of that trading platform publicly refuted the existence of such a position and suggested that the founder was fired due to alleged insider trading. Although this matter remains unresolved, the controversy has had a significant impact on the platform: daily active users dropped by 56%, and the issuance of Tokens fell sharply from 10,877 to 1,072------a decrease of 90%. As a result, market performance has become unstable, and the community's trust in Boop.Fun has significantly declined.

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Which is better?

Although Pump.fun remains the leader in the MEME launch platform space, Believe has a relatively competitive advantage among new entrants.

• Pump.fun: The profit-sharing mechanism for creators introduced by Pump.fun