加密發電機的興起：Pumpfun如何主導市場和新玩家出現

在過去的幾周中，進入加密貨幣市場的新項目越來越多地使用Launchpads。

In the past few weeks, new projects launching on the crypto market have been using launchpads more and more.

在過去的幾周中，在加密貨幣市場上啟動的新項目越來越多地使用Launchpads。

These platforms, which allow teams to create and distribute their own tokens, have been gaining more and more momentum in recent weeks. They come up nearly every day and keep being brought up in the latest funding round and even E3 blockchain gaming.

這些平台使團隊能夠創建和分發自己的代幣，在最近幾週內越來越多。他們幾乎每天都會出現，並在最新的資金回合甚至E3區塊鏈遊戲中不斷成長。

While Pumpfun has kept its position as the leader in the launchpad category, enabling upward of 200,000 token launches per week, a striking figure that shows the platform’s ability to flawlessly drive new projects to market. The triumph and activity level of Pumpfun have set a high standard for any other platforms looking to persist in or enter this part of the market. Over the past year, the platform has flawlessly maintained itself at the top, with an upward graduation rate that appears to be hitting close to 2%—the kind of number you’d like to hear for a platform that does what Pumpfun does.

儘管Pumpfun一直保持著發射台類別的領導者的地位，但每週的啟動達到200,000個令牌，這是一個驚人的數字，顯示了該平台可以完美地將新項目推向市場的能力。 Pumpfun的勝利和活動水平為希望堅持不懈或進入市場的任何其他平台設定了高標準。在過去的一年中，該平台完美地保持在頂部，向上的畢業率似乎達到了近2％的速度，這是您想听到的一種平台來實現Pumpfun所做的。

However, even with Pumpfun’s continuous success, there has been a marked drop in the overall creation of new tokens. Since January, the creation of tokens has decreased by about 50%, with the creation of new tokens seen in previous months perhaps peaking off. But this decrease in token creation is balanced by a resurgence in the creation of tokens that is now underway. Since the summer of 2024, the creation of tokens has more than doubled, signaling that creating new tokens is more likely now than in 2023. This upturn in token creation can be partly attributed to the number of teams and developers who are now seeking opportunities on the platform, in turn rendering it more competitive.

但是，即使Pumpfun的持續成功，新令牌的整體創建也顯著下降。自1月以來，代幣的創建減少了約50％，隨著前幾個月中看到的新代幣的創建可能會達到頂峰。但是，由於現在正在進行的代幣的創建，代幣創建的減少是平衡的。自2024年夏天以來，代幣的創建增加了一倍以上，這表明現在創建新令牌的可能性比2023年更有可能了。代幣創建的這種上漲可能部分歸因於現在在平台上尋求機會的團隊和開發人員的數量，而這些團隊和開發人員反過來又構成了更具競爭力的派別。

1/ Launchpads have been a hot topic in recent weeks with many new projects launching on the market.@Pumpdotfun's success and dominance of the category over the past year serves as motivation for other teams to compete for a slice of the pie.

1/ Launchpads在最近幾週內一直是一個熱門話題。 @PumpDotFun在過去一年中的成功和統治地位是其他團隊競爭一片餡餅的動力。

So what's happening with launchpads?🧵

那麼發射台發生了什麼？ 🧵🧵

— Blockworks Research (@blockworksres) May 5, 2025

- 2025年5月5日

Emerging Competitors: Raydium, Moonshot, and New Entrants

新興競爭對手：Raydium，Moonshot和新參賽者

Now, Pumpfun is on top, but other platforms aren’t lagging behind. Take LaunchLab, for example. This is a launchpad created by the folks at Raydium, and for how new it is, it already has quite a few recent projects to its name. One of these was the launch of a Bonk token, which—rightly or wrongly—has managed to grab the attention of a larger segment of the crypto market. No sign here of bank token launches subsiding, and where this is headed may not be pretty.

現在，PumpFun處於頂峰，但其他平台並沒有落後。以LaunchLab為例。這是由Raydium的人們創建的LaunchPad，對於新的發射台，它已經有了許多最近的項目。其中之一是推出了一個邦克代幣，無論是還是錯誤的，它都設法引起了加密貨幣市場的更大細分市場的關注。這裡沒有銀行代幣的跡象可以放棄，而前進的地方可能並不漂亮。

Moreover, JupiterExchange has taken an interest in Moonshot, which is also in the business of running its own launchpad. But whereas Moonshot has undertaken an almost negligible number of launches—just a few thousand tokens per week—it hasn’t managed to carve out a large business for itself. It seems that Moonshot’s struggle to find launchpad momentum against a backdrop where Pumpfun is the 800-pound gorilla of the space shows just how difficult it is for any new platform to render itself interesting in a now here-today, gone-tomorrow world.

此外，Jupiterexchange對Moonshot感興趣，Moonshot也在運營自己的LaunchPad的業務中。但是，儘管Moonshot進行了幾乎可以忽略的發布（每週幾千個令牌），但尚未設法為自己開展一家大型業務。似乎Moonshot的努力是在Pumpfun是該空間800磅的大猩猩的背景下尋找發射台動力的努力，這表明，在現在的一個現在又消失的莫倫世界中，任何新平台在任何新平台上都變得有趣。

Another platform, Boopdotfun, has entered the scene with a unique approach to incentivizing adoption and is offering creators token airdrops to access its large allocations of tokens. However, to access these tokens, creators must do two things: 1) launch a token (I’ll explain this step later) and 2) hit a certain market cap. Despite the innovative model, Boopdotfun’s activity levels have started to decline.

另一個平台BoopdotFun已採用一種獨特的方法來激勵採用率，並為創建者提供了代幣Airdrops來訪問其大量令牌。但是，要訪問這些令牌，創作者必須做兩件事：1）啟動令牌（我稍後再解釋）和2）達到一定的市值。儘管有創新的模型，但BoopdotFun的活動水平開始下降。

Launchpads on Base and the Future of Token Launches

基礎上的發射台和令牌發布的未來

Base, the layer-2 network from Coinbase, has also seen a burgeoning set of launchpad products, with a plethora of teams exploring novel tokenomics. Platforms like ClankeronBase are moving toward automating the creation and trading of tokens, while social-graph-oriented projects like Zora are immersing themselves in this new world, too. But despite all this activity, token-launch volume on Base is lagging at a level that looks a lot like the calm before a storm, with only dozens to maybe a few hundred tokens being launched each day.

Coinbase的第2層網絡Base還看到了一套新興的Launchpad產品，其中有很多團隊探索新穎的Sokenomics。像Clankeronbase這樣的平台正在朝著自動化代幣的創建和交易，而Zora等面向社會圖形的項目也將自己沉浸在這個新世界中。但是，儘管進行了所有這些活動，但基礎上的令牌發射量仍處於一個看起來很像暴風雨前平靜的水平，每天只能發射數十個令牌。

It is interesting that, even though launchpads are the favored method for new token creation, most of the trading volume being generated within Base from meme coins is still coming from tokens that are not affiliated with any launchpad. Memecoins, which are usually launched in a more informal and decentralized manner, still take the lead in terms of trading volume on the Base network. There is an important distinction here: the launchpad route seems to be preferred for more structured projects, while those who are choosing the less serious route have no trouble generating meme coin trading volume.

有趣的是，即使LaunchPad是新的代幣創建的最喜歡的方法，但Meme Coins在基礎內生成的大多數交易量仍然來自與任何發射台無關的令牌。通常以更非正式和分散的方式推出的成員仍然在基本網絡上的交易量方面保持領先地位。這裡有一個重要的區別：對於更具結構化的項目而言，Launchpad路線似乎是首選的，而那些選擇不太嚴重的路線的途徑毫不費力地產生Meme Coin交易量。

At the same time, Pumpfun does not just influence the launches of new tokens

同時，Pumpfun不僅會影響新令牌的發布