Total Suppression Pump.fun, What has LetsBonk done lately?

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On July 7, the "Hundred Regiments Offensive" on Solana's Launchpad finally reached a stage of victory. According to on-chain data, LetsBonk.fun has comprehensively overtaken Pump.fun in three core indicators: market share, trading volume, and token launch quantity. Its current market share has reached 55.22%, while the previously dominant Pump.fun has fallen to 34.86%.

Meanwhile, according to defillama data, LetsBonk.fun's protocol revenue in the past 24 hours has reached $1.04 million, surpassing multiple well-known protocols such as Pump.fun and Sky, and rising to 16th place globally.

In just a week, the on-chain landscape has dramatically changed - what exactly did LetsBonk.fun win?

What Did LetsBonk.fun Win?

LetsBonk.fun's overtaking was not accidental. From mechanism design to founder style, it presents a narrative entirely different from Pump.fun - not about harvesting, but about co-building.

First, from a mechanism perspective, LetsBonk.fun and Pump.fun have fundamental differences. Pump plays the "high fee cash-out" game, cashing out all SOL profits and turning the platform into a short-term player's arena. LetsBonk clearly has a more long-term mindset - 50% of platform fees are used to repurchase and burn $BONK, with another 8% entering strategic reserves and reward mechanisms, establishing a more stable token value closed loop. This makes users not just participants, but co-builders of platform interests.

Second, the founder Tom's "high-intensity online" presence has become a community talking point. Since early June, he has continuously released updates, responded to player feedback, fixed bugs, and pushed features, never absent. On June 4, he publicly announced multiple positive developments for the Bonk ecosystem, including hosting a hackathon, repurchasing $USELESS and $HOSICO, and driving the Bonk community's first emotional reversal.

More notably, Tom pays great attention to the Chinese community - not only frequently using "nihao" in tweets but also seriously learning Chinese culture and actively joining Chinese-language communities. It's less about operation and more about "integration".

The most heartwarming point is that the Bonk ecosystem uses its own funds to express its true belief in the ecosystem. Bonkguy once spent millions of dollars from a public address to buy $USELESS, $IKUN, and other tokens, and chose to remain steadfastly holding even during a period when ecosystem tokens dropped by over 80%, still holding and gaining millions of dollars in profits without cashing out, demonstrating a long-term attitude. This is rare in the increasingly PVP-oriented Solana ecosystem. Such behavior boosts community confidence far more than any official announcement.

Where is Pump.fun Heading?

In the past week, BONK's market value surged from $1 billion to $1.6 billion, with rapid growth. On the other side, Pump.fun is preparing to launch its platform token $PUMP with a $4 billion valuation. This valuation seems not unfounded - after all, Pump contributes nearly $500 million in protocol revenue annually, has about $1 billion in cash reserves, and some tokens might be used for community incentives or airdrops, which logically makes sense.

However, this "reasonable model" is wavering under LetsBonk.fun's strong counterattack.

When a platform with only one-third of your market value comprehensively overtakes you in user activity, token issuance, and protocol revenue, the market naturally asks: Is the $4 billion valuation paying for the future or the past? More and more community users are choosing to "vote with their feet" and stand on the Bonk side. PUMP hasn't even issued tokens, and its valuation has already been pushed to the edge of a cliff.

LetsBonk.fun won the market's choice through "human touch" and real money, but this MEME Launchpad race is far from over. Who can go further ultimately depends on who can leave real value after the hype.