Author: Nancy, PANews
Although Pump.fun's token issuance has sparked controversy, PVP games continue unabated. Behind this noise, some hidden winners neither seize the narrative nor gamble on token prices; they only focus on building the stove, lighting the fire, and then quietly taking chips amidst the traffic. This article will delve into data to analyze Metaplex, Raydium, and Axiom, revealing how they have become stable behind-the-scenes players in the Solana launch platform battle.
Raydium
After Pump.fun launched its own DEX PumpSwap, Raydium quickly responded by launching a token launch platform, LaunchLab, and collaborated 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 the explosive growth of LetsBONK, becoming a key driving force.
In terms of the number of token launches, according to Blockworks tracking data from July 9, the number of tokens created on the Solana Launchpad exceeded 32,000, with nearly 19,000 coming from LaunchLab SDK, accounting for nearly 58.3%. Furthermore, on that day, LetsBONK created over 18,000 tokens, with an impressive 97.5% ratio from LaunchLab SDK, and the token graduation rate was nearly 98.3%.
In terms of token 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 token market capitalization on LaunchLab SDK has been growing rapidly, increasing about 353.2% over the past month. Among them, LetsBONK contributed 85.5% to the LaunchLab SDK market capitalization.
In terms of trading volume, on that day, Solana Launchpad achieved a total trading volume of nearly $190 million, of which approximately $97.207 million came from LaunchLab SDK, accounting for 65.2%, and 99.7% of that trading volume came from LetsBONK.
Additionally, 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 share reached as high as 79.8%.
Overall, driven by the strong momentum of LetsBONK, Raydium LaunchLab has surpassed competitors like Pump.fun in multiple core metrics such as 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 to repurchase 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 recently launched on Binance's Alpha segment, attracting market attention.
In the Solana launch platform battle, Metaplex has become a beneficiary of the minting craze. According to official disclosures from Metaplex, the main revenue source for the first half of this year comes from new assets created through the protocol, including tokens created on platforms like Pump.Fun, Believe, Raydium, LetsBONK, Jupiter Studio, Boop, Meteora, Time.fun, and others that all use the Metaplex standard.
According to DeFiLlama data, as of July 10, Metaplex's revenue reached $35.82 million, earning about $13.57 million in the first half of this year. In June alone, the Solana launchpad created over 1 million tokens through Metaplex, with the protocol's fees reaching about $1.7 million that month.
Metaplex charges a certain percentage of protocol fees from all newly created tokens and NFTs, of which 50% is used to repurchase $MPLX and inject into Metaplex DAO. In the first half of this year, Metaplex has repurchased 38.5 million $MPLX tokens, accounting for 3.9% of the total supply, and there are no further token unlock plans in the future.
Axiom
The competitive landscape of the Launchpad market continues to evolve, with trading bots represented by Axiom gradually winning effortlessly. These efficient user entry points not only optimize the trading experience but also become the core competitive points for various launch platforms vying for traffic and users.
According to Blockworks data, Axiom has long maintained the top spot in trading automation and bot tool platforms. For example, on July 9, the total trading volume of these trading bots reached $92.281 million, with Axiom contributing over 69.6%, demonstrating strong market penetration.
Meanwhile, Axiom has deeply bound with multiple launch platforms, becoming an important traffic entry point. Blockworks data shows that on July 9, Axiom accounted for as much as 63.6% of the trading volume on Pump.fun, with the trading volume shares on LetsBONK and Believe being 74.5% and 67.3% respectively, greatly driving the trading activity across major launch platforms.
According to Dune data on the usage of trading bots on the Solana chain, as of July 7, Axiom's trading volume reached $42.505 million, accounting for 72% of the total trading volume ($59.219 million), with an average transaction value of approximately $2,293, far exceeding competitors like Moonshot and Photon; on that day, active users exceeded 17,000, with a market share of 49.1%.
In terms of revenue, Axiom has demonstrated strong revenue generation capabilities. Token Terminal data shows that since its launch in January this year, Axiom's cumulative revenue has surpassed $160 million, with an average daily revenue of about $1.7 million; the number of active users has also approached 287,000, reflecting its market recognition and user growth potential.