泵。

在過去的一年中，Solana上的M​​eme Coin發行平台的發射台市場經歷了爆炸性的增長，並迅速形成了競爭激烈的格局。

Author: BUBBLE

作者：泡沫

Over the past year, the Launchpad market of Meme coin issuance platforms on Solana has experienced explosive growth and quickly formed a fiercely competitive landscape. Among them, Pump.fun, as the earliest emerging platform, can be regarded as a catalyst for the prosperity of Solana's "on-chain casino". The platform allows any user to issue tokens without any threshold, adopts binding curve pricing, and creates a fair issuance model without pre-sales and team shares.

在過去的一年中，Solana上的M​​eme Coin發行平台的發射台市場經歷了爆炸性的增長，並迅速形成了競爭激烈的格局。其中，作為最早的新興平台，泵。該平台允許任何用戶在沒有任何門檻的情況下發布令牌，採用綁定曲線定價，並創建一個沒有預售和團隊共享的公平發行模型。

With the advantages of Solana's low cost and high-speed transactions, Pump.fun set off a meme coin craze in 2024. In just 13 months, platform users issued more than 8 million tokens. At the peak on October 24, 2024, more than 36,000 tokens were issued in a single day, with an average of 25 new tokens being created every minute. This unprecedented scale of token creation made Pump.fun monopolize the market for a time, and also made Solana known as the largest "casino" on the chain. However, Pump.fun's success also brought hidden worries. On the one hand, a large number of low-quality projects emerged, with a graduation rate of less than 1%, and most tokens were short-lived. On the other hand, the platform was profitable but users generally lost money. Statistics show that nearly 90% of users lost their principal or made less than $100 in meme coin transactions, while the platform earned about $98 million in just 6 months.

憑藉Solana的低成本和高速交易的優勢，Pump.Fun在2024年引發了模因硬幣熱潮。在短短13個月內，平台用戶發布了超過800萬個令牌。在2024年10月24日的峰值上，一天內發行了36,000多個令牌，每分鐘平均創建25個新令牌。這種史無前例的代幣創建規模使泵造成了泵。但是，Pump.Fun的成功也帶來了隱藏的擔憂。一方面，出現了大量的低質量項目，畢業率不到1％，大多數令牌都是短暫的。另一方面，該平台是有利可圖的，但用戶通常損失了錢。統計數據表明，將近90％的用戶失去了本金或不到100美元的模因硬幣交易，而該平台在短短6個月內就賺了約9800萬美元。

As of the end of 2024, Pump.fun's official revenue has accumulated to more than 223 million U.S. dollars (about 1.15 million SOL), and it continues to cash out the SOL it has earned. In just one and a half years, the platform fee account sold about 3.403 million SOL (about 629 million U.S. dollars), becoming the second largest source of selling pressure after FTX/Alameda, an early investor in Solana. Such a huge outflow of funds has aroused the community's concerns about the sustainability and ecological impact of the platform.

截至2024年底，Pump.Fun的官方收入已累積到超過2.23億美元（約115萬美元），並且繼續兌現了它賺取的SOL。在短短一年半的時間裡，該平台費用帳戶售出了約340.3萬輛（約6.29億美元），成為僅次於Solana的早期投資者FTX/Alameda的第二大銷售壓力來源。如此龐大的資金流出引起了社區對平台的可持續性和生態影響的關注。

Faced with the situation where Pump.fun is the only one, market participants acted quickly, and the entire Meme Launchpad track entered a white-hot competition. In the Solana ecosystem, Raydium, a long-established decentralized trading platform, launched LaunchLab to compete with Pump.fun; the popular meme coin BONK opened the LetsBonk.fun launch pad; and the on-chain aggregator Jupiter also tried to launch similar services. Among them, LaunchLab is the main competitor to Pump.fun. Its on-chain Degen strategy and Slashdot-style topics have attracted the attention of a large number of users.

面對泵的情況，市場參與者迅速採取行動，整個MEME Launchpad曲目都參加了白熱比賽。在Solana生態系統中，長期以來的分散交易平台Raydium推出了LaunchLab與Pump.Fun競爭；流行的Meme Coin Bonk打開了Letsbonk.Fun發射台；鏈匯合木星還試圖啟動類似的服務。其中，LaunchLab是pump.fun的主要競爭對手。它的鏈脫登策略和Slashdot風格的主題引起了許多用戶的關注。

Pump.fun Challenge

泵挑戰賽

A pioneer of the one-click launch platform for meme coins, Pump.fun has established a basic operating model. Users only need to fill in basic information such as the token name and symbol, and can automatically deploy the token contract and establish a trading pool without programming skills, which greatly reduces the threshold for issuing coins. The platform adopts a variety of binding curve pricing models to balance the initial price and market demand. The issued tokens can be traded immediately in the platform's AMM pool without the need to inject liquidity in advance.

pump.Fun是模因硬幣的單擊發布平台的先驅，已建立了基本的操作模型。用戶只需要填寫基本信息，例如令牌名稱和符號，並且可以自動部署令牌合同並在沒有編程技能的情況下建立交易池，從而大大降低了發行硬幣的門檻。該平台採用各種綁定曲線定價模型來平衡初始價格和市場需求。發行的代幣可以立即在平台的AMM池中交易，而無需事先註入流動性。

The platform innovatively introduces an LP share destruction mechanism. When a new coin reaches a certain market value threshold, it will automatically inject part of the liquidity into the Raydium trading pool and destroy the corresponding LP tokens, ensuring that the project party cannot withdraw from the pool and run away, thereby improving liquidity security.

該平台創新引入了LP共享破壞機制。當新硬幣達到一定的市場價值閾值時，它將自動將一部分流動性注入Raydium Trading池並銷毀相應的LP代幣，以確保項目方無法退出池並逃跑，從而提高流動性安全性。

With the experience of "no code to issue coins, instant transactions", Pump.fun quickly became popular in 2024, giving rise to a large number of creative meme tokens, some of which have increased by 100 times or even 1,000 times, attracting many speculators. The platform has become one of the most profitable on-chain applications in 2024 by extracting transaction fees.

憑藉“無需發行硬幣的代碼，即時交易”的經驗，pump.fun在2024年很快變得流行，引起了大量的創意模因令牌，其中一些增加了100次甚至1000次，吸引了許多投機者。該平台通過提取交易費用已成為2024年最有利可圖的鏈上應用程序之一。

However, as it developed, Pump.fun's problems gradually emerged: less than 1% of the more than 8 million issued tokens successfully "graduated" into the external liquidity pool; user benefits were severely polarized, forming a zero-sum game; the platform cashed in the handling fees and continued to sell SOL, causing selling pressure on the Solana network; the completely anonymous and audit-free model was in line with the spirit of encryption, but it brought regulatory and trust issues. As a result, Pump.fun's growth slowed down in early 2025, and its daily trading volume fell from a peak of US$544 million in January to US$270 million in February, a drop of nearly 50%.

但是，隨著它的發展，泵浦的問題逐漸出現：在超過800萬發行的代幣中，不到1％成功地“畢業”到外部流動性庫中；用戶利益嚴重兩極化，形成零和遊戲。該平台兌現了處理費，並繼續出售SOL，從而在Solana網絡上造成了銷售壓力；完全匿名且無審核的模型符合加密精神，但帶來了監管和信任問題。結果，Pump.Fun的增長在2025年初放緩，其日常交易量從1月份的5.44億美元的峰值下降到2月的2.7億美元，下降了近50％。

LaunchPad Round-up: LaunchLab,

Launchpad綜述：LaunchLab，