In the bloody world of the Solana ecosystem, Pump.fun once sat on the throne.
This MEME coin launch platform generated $7 million daily at its peak, accumulating $677 million in revenue in just 18 months, effectively draining $1.2 million of "blood" from the Solana ecosystem daily.
However, while it was intoxicated by its capital feast, a blade called LetsBONK was quietly piercing its heart.
This weekend in July 2025, history was rewritten - LetsBONK crushed Pump.fun with 15,600 token launches compared to 11,500, overthrowing its 40.9% dominance with a 49.8% market share, and announcing a new era with 135 graduated tokens.
This is the first time since January 2024 that Pump.fun lost its Solana chain crown, with a bloody coronation playing out in real-time on the blockchain.
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and technical terminology.]- Financial Dead End: Pump.fun's ICO plan exposes its ultimate ambition - completely financializing the platform. According to the leaked plan, its $4 billion valuation is equivalent to a 6x price-to-earnings ratio of 2024 revenue, and the token generation design with full circulation is destined to trigger a selling tsunami. This path of "draining the ecosystem - financial packaging - high-level cash-out" is precisely the destruction game that traditional capital is best at.
- Ecological Survival Path: LetsBONK's hackathon has emerged with real use cases like Delegate.fun, where users achieve complex operations such as airdrops and burns through "delegated wallet + task flow trigger". When Web3 large-scale applications require no-code solutions, the technical value precipitated from the MEME carnival may become Solana's key weapon against Ethereum. Not to mention its policy of 50% revenue buyback of BONK, which is constructing a perpetual token economy.
The pendulum of history has swung. When VC giants declare on podcasts that the "era of valueless tokens is ending", when Solana founder Toly personally endorses BONK, when LetsBONK's daily trading volume surpasses $86 million, we clearly hear the rumbling of the old order's collapse. This is not a simple platform replacement, but the rebirth of crypto spirit - from extraction to symbiosis, from monopoly to co-governance, from financial games to ecological co-construction.
The crypto world has never been a mathematical experiment in a vacuum, but an arena of human nature and capital. Pump.fun proved in 18 months how efficiently a purely interest-driven machine can be built. While LetsBONK revealed in 70 days: when code is injected with faith, when finance returns to the community, the forgotten blockchain original intention still burns fiercely.
At this moment on the Solana chain, the new king holds a blood-stained scepter, with the cold corpse of the old dynasty beneath his feet. And in the blood-colored sunset, a line of code flashes like an oath: If you seek to extract, you will be overthrown.
