Author: Nancy, PANews

Although Pump.fun's token issuance has sparked controversy, PVP games continue to thrive. Behind this commotion, some hidden winners do not compete for narrative or bet on token prices; they only focus on building the framework and lighting the fire, quietly collecting chips amidst the traffic. This article will delve into Metaplex, Raydium, and Axiom through data analysis, revealing how they have become stable behind-the-scenes players in the Solana launch platform battle.

Raydium

After Pump.fun's 'backstab' launched its own DEX PumpSwap, Raydium responded quickly, launching a token launch platform LaunchLab, and also collaborating through SDK to launch multiple similar platforms, including LetsBONK.fun, cook.meme, daoszn.fun, and leftcurve.ai. This SDK strategy significantly enhanced the competitiveness of Raydium LaunchLab in the Solana launch platform, especially with LetsBONK's explosive growth becoming a key driver.

In terms of the number of token launches, according to Blockworks' tracking data from July 9, the number of tokens created on Solana Launchpad exceeded 32,000, of which nearly 19,000 came from LaunchLab SDK, accounting for nearly 58.3%. Furthermore, LetsBONK created over 18,000 tokens that day, with a proportion of 97.5% from LaunchLab SDK, and the token graduation rate was almost 98.3%.

In terms of market capitalization, as of July 9, the total market capitalization of Solana Launchpad exceeded $4.63 billion, with Pump.fun contributing 85.1% of the share, while LaunchLab SDK accounted for only 9.2%. However, it is worth noting that the market capitalization growth rate of tokens on LaunchLab SDK has been rapid, rising about 353.2% in the past month. Among them, LetsBONK contributed 85.5% of LaunchLab SDK's market capitalization.

In terms of trading volume, Solana Launchpad achieved a total trading volume of nearly $190 million that day, with approximately $97.207 million traded through LaunchLab SDK, accounting for 65.2%, of which 99.7% of the trading volume came from LetsBONK.

In terms of revenue, Solana Launchpad generated approximately $1.909 million in total revenue on July 9, contributing over $1.375 million, accounting for 72%. Among these, LetsBONK's revenue accounted for as much as 79.8%.

In summary, driven by the strong performance of LetsBONK, Raydium LaunchLab has surpassed competitors like Pump.fun in several core metrics, including the number of token launches, trading volume, and platform revenue, significantly enhancing its influence in the Solana MEME ecosystem. Raydium LaunchLab will use 25% of the transaction fees for repurchasing RAY tokens.

Metaplex

As a core open-source protocol on Solana, Metaplex provides developers, creators, and enterprises with a complete set of tools and standards for building decentralized applications, having facilitated the creation of over 900 million on-chain assets to date. Its native token $MPLX has also recently landed on Binance's Alpha section, attracting market attention.

In the Solana launch platform battle, Metaplex has become a beneficiary of the token minting frenzy. According to official disclosures from Metaplex, the primary source of revenue in the first half of this year was from new assets created through the protocol, with platforms such as Pump.Fun, Believe, Raydium, LetsBONK, Jupiter Studio, Boop, Meteora, and Time.fun all using Metaplex standards to create tokens.

According to DeFiLlama data, as of July 10, Metaplex's revenue reached $35.82 million, earning approximately $13.57 million in the first half of this year. In June alone, Solana Launchpad created over 1 million tokens through Metaplex, and the protocol's fees for that month reached approximately $1.7 million.

Metaplex charges a certain percentage of protocol fees from all newly created tokens and NFTs, of which 50% will be used to repurchase $MPLX and inject it into the Metaplex DAO. In the first half of this year, Metaplex has repurchased a total of 38.5 million $MPLX tokens, accounting for 3.9% of the total supply, and there will be no further token unlock plans in the future.

Axiom

The competitive landscape of the Launchpad market continues to evolve, and trading bots represented by Axiom are gradually winning effortlessly. These efficient user entry points not only optimize the trading experience but have also become the core competitive point for various launch platforms vying for traffic and users.

According to Blockworks data, Axiom has long ranked first among trading automation and bot tool platforms. For example, on July 9, the total trading volume of these trading bots reached $92.281 million, of which Axiom contributed over 69.6%, demonstrating strong market penetration.

At the same time, Axiom has deeply bound several launch platforms, becoming an important traffic entry point. Blockworks data shows that on July 9, Axiom's trading volume on Pump.fun accounted for as much as 63.6%, while the trading volume shares for LetsBONK and Believe were 74.5% and 67.3%, respectively, greatly driving the trading activity across major launch platforms.

From the usage of trading bots on the Solana chain, Dune data shows that as of July 7, Axiom's trading volume reached $42.505 million, accounting for 72% of the overall trading volume ($59.219 million), with an average transaction amount of about $2,293, far exceeding competitors like Moonshot and Photon; active users exceeded 17,000 that day, with a market share of 49.1%.

In terms of revenue, Axiom has demonstrated strong capital-raising capabilities. Token Terminal data shows that since its launch in January this year, Axiom's cumulative revenue has exceeded $160 million, with an average daily revenue of about $1.7 million; and the number of active users has approached 287,000, reflecting its market recognition and user growth potential.