Author: Nancy, PANews
Despite the controversies surrounding Pump.fun's token issuance, PVP games continue. Behind this noise, some discreet winners do not compete for the narrative, do not gamble on coin prices, only responsible for building the stove, igniting, and then quietly taking away the chips in the traffic. This article will delve into the data to analyze Metaplex, Raydium, and Axiom, revealing how they have become the stable winners behind the scenes in the Solana token issuance platform battle.
Raydium
After Pump.fun's 'backstab' launch of its own DEX PumpSwap, Raydium responded quickly, not only launching the token issuance platform LaunchLab but also collaborating through SDK to launch several similar platforms, including LetsBONK.fun, cook.meme, daoszn.fun, and leftcurve.ai. This SDK strategy significantly enhanced Raydium LaunchLab's competitiveness among token issuance platforms on Solana, especially with LetsBONK's explosive growth as a key driver.
In terms of the number of tokens issued, according to data tracked by Blockworks on July 9, the number of tokens created on Solana Launchpad exceeded 32,000, with nearly 19,000 coming from LaunchLab SDK, accounting for nearly 58.3%. Furthermore, LetsBONK created over 18,000 tokens on that day, with a proportion of 97.5% from LaunchLab SDK, and the token graduation rate was close to 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 token market capitalization on LaunchLab SDK has grown rapidly, increasing by approximately 353.2% in the past month, with LetsBONK contributing 85.5% of the LaunchLab SDK market capitalization.
In terms of trading volume, on that day Solana Launchpad achieved a total trading volume of nearly $189 million, with approximately $97.207 million traded through LaunchLab SDK, accounting for 65.2%, and 99.7% of the 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 this, LetsBONK's revenue accounted for as high as 79.8%.
Overall, driven by the strong performance of LetsBONK, Raydium LaunchLab has surpassed competitors like Pump.fun in multiple core indicators such as the number of token issuances, 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 the token RAY.
Metaplex
As a core open-source protocol on Solana, Metaplex provides developers, creators, and businesses 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 was also recently listed on Binance Alpha, attracting market attention.
In the Solana token issuance platform battle, Metaplex has become a beneficiary of the token creation boom. According to official disclosures from Metaplex, the main source of income in the first half of this year comes from new assets created through the protocol, with platforms such as Pump.Fun, Believe, Raydium, LetsBONK, Jupiter Studio, Boop, Meteora, Time.fun, etc. all using Metaplex standards to create tokens.
DeFiLlama data shows that 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, Solana Launchpad created over 1 million tokens through Metaplex, with protocol fees amounting to approximately $1.7 million that month.
Metaplex will charge a certain percentage of protocol fees from all newly created tokens and NFTs, of which 50% will be used to repurchase $MPLX and injected into Metaplex DAO. In the first half of this year, Metaplex has accumulated repurchases 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 becoming stable winners. These highly efficient user entry points not only optimize the trading experience but also become the core competition point for various token issuance platforms vying for traffic and users.
According to Blockworks data, Axiom has long held the top position in trading automation and bot tool platforms. Taking July 9 as an example, 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 multiple token issuance platforms, becoming an important traffic entrance. Blockworks data shows that on July 9, Axiom accounted for a staggering 63.6% of the trading volume on Pump.fun, with trading volume proportions of 74.5% and 67.3% on LetsBONK and Believe, respectively, significantly driving the trading activity of various token issuance 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 total trading volume ($59.219 million), with an average transaction amount of about $2,293, far exceeding competing platforms like Moonshot and Photon; on that day, active users exceeded 1.7%.
In terms of revenue, Axiom has shown strong capital-raising ability. Token Terminal data shows that since its launch in January this year, Axiom's cumulative revenue has surpassed $160 million, with a daily average revenue of about $1.7 million; and the number of active users has also approached 287,000, reflecting the market recognition of its products and user growth potential.
(The above content is excerpted and reproduced with permission from partner PANews, original link)
"In the Solana token issuance battle, what secret winning strategies do Metaplex, Raydium, and Axiom have?" This article was first published on (Blockcast).
