I am used to speaking with data. When I see a project gaining traction, my first reaction is to pull its core metrics on Dune and cross-validate with competitors. Comparing Bonk_fun and Pump.fun, I found that during peak times, Bonk_fun's 24-hour trading volume and new coin issuance indeed surpassed Pump.fun at one point. This is not market sentiment; it is real activity that can be tracked and verified on-chain.
Looking at trading volume alone is not enough; I am more concerned about the underlying logic driving growth and the sustainability of the economic model. The trading activity on the Bonk_fun platform will directly consume $BONK as transaction fees or for burning, thus creating ongoing deflationary pressure on the $$BONK coin itself.
The logical chain is as follows:
1. The Bonk_fun platform attracts users and project parties
2. Platform trading volume and activity increase
3. The burning amount of BONK and usage scenarios increase
4. The deflationary expectations for BONK strengthen, potentially supporting the coin price;
5. The wealth effect and popularity of the BONK ecosystem, in turn, attract more users to enter the Bonk_fun platform.
I checked the recent BONK burning data, and the activity level of the Bonk_fun platform does show a certain positive correlation. This model, where the platform is deeply bound to the token, if successful, will have a stronger moat than a purely tool-based platform.
Of course, good data does not mean there are no risks. I also noticed some discussions in the community regarding the creator reward mechanism, which involves whether the platform's incentives for builders are fair. Data is a lagging reflection of results, while community sentiment and the health of the developer ecosystem are leading indicators. If a platform is only friendly to speculators in the long run and harms genuine builders, then its growth data will ultimately reflect this problem.
Overall, from a data perspective, Bonk_fun's short-term growth is real, and its economic model provides a unique value capture mechanism. However, its long-term value ultimately depends on whether it can balance speculative enthusiasm and ecological construction to build a sustainable system that is fair to all parties. I will continue to monitor its core data, such as user retention rate and developer count, allowing the data to speak for itself.