相信生态系统正在迅速获得吸引力，从pump.fun中汲取市场份额。

Solana Sol Memecoin Launchpad Space正在见证地震转变，因为相信生态系统是一个强大的挑战者。

The Solana SOL memecoin launchpad scene is heating up, with pump.fun facing increasing competition from the rapidly growing Believe ecosystem.

Solana Sol Memecoin Launchpad场景正在升温，泵的速度正面临着迅速增长的相信生态系统的竞争日益增长的竞争。

As Interest Capital Market (ICM) spawns new tokens and trading opportunities, more capital is flowing into the memecoin launchpad space on Solana.

随着利息资本市场（ICM）产生新的代币和交易机会，更多的资本正在索拉纳（Solana）上的Memecoin Launchpad空间。

This had a mixed impact on platforms like pump.fun and LetsBONK, with validator on-chain activity surging 57% to $3.63 million daily in mid-May 2025, but pump.fun’s weekly fees dropped 27.5% from $18.2 million to $13.2 million between May 5 and May 17.

这对诸如pump..fun和Letsbonk之类的平台有不同的影响，在2025年五月中旬，有验证者的链链活动飙升至57％，至363万美元，但Pump.Fun的每周费用从1820万美元下降到5月5日至5月17日之间的1320万美元，至1320万美元。

This downturn was attributed to the swift rise of Believe, which siphoned activity by offering a differentiated value proposition focused on startup and utility-focused token launches, unlike pump.fun’s memecoin-centric model. Among the tokens launched on May 15, pump.fun claimed a 57% share with 21,700 tokens, followed by LetsBONK at 18% with 6,800 tokens, while Believe had 12.9% with 4,900 tokens.

这种低迷归因于信仰的迅速兴起，这通过提供了一个差异化的价值主张，这些价值主张专注于启动和以公用事业为中心的代币发射，与泵一样。在5月15日推出的代币中，Fump.Fun声称拥有21,700个令牌的57％份额，其次是Letsbonk，为18％，有6,800个令牌，而相信有4,900个令牌为12.9％。

However, looking at the total token market capitalization, which measures the market value of all tokens launched by each platform, the hierarchy shifted dramatically.

但是，查看总代币市值，该总计衡量了每个平台启动的所有代币的市场价值，层次结构发生了巨大变化。

The data revealed that pump.fun held a meager $6.8 million in total token market capitalization, whereas Believe boasted a substantial $200 million, showcasing the significant capital mobilized by the platform’s initiatives.

数据显示，pump.fun的总计市值支付了680万美元，而认为拥有2亿美元的巨额资金，展示了该平台计划动员的大量资本。

This disparity arose from the types of tokens being launched. While pump.fun facilitated the creation of memecoins, which typically started with low capital and high liquidity, Believe had been attracting developers aiming to launch startup and utility-focused tokens.

这种差异源于要启动的代币类型。虽然Pump.Fun促进了通常以低资本和高流动性开始的Memecoins的创建，但人们认为，人们一直在吸引旨在推出初创公司和以公用事业为中心的代币的开发人员。

These tokens, despite being fewer in number, commanded higher initial capital due to the startup and utility projects' inherent value propositions.

由于启动和公用事业项目固有的价值主张，这些令牌尽管数量较少，但仍指挥更高的初始资本。

Moreover, Believe’s unique bonding curve design, which limited early token supply and discouraged speculative sniping, appealed to developers seeking fairer launches, further contributing to the platform’s rapid growth.

此外，Selivel的独特粘合曲线设计限制了早期令牌供应和灰心的投机狙击，吸引了寻求更公平发射的开发商，进一步促进了该平台的快速增长。

This rapid growth of the Believe ecosystem was fueled by the booming popularity of ICM in 2025.

ICM在2025年的蓬勃发展所促进了相信生态系统的快速增长。

With over 200,000 Solana addresses engaging in ICM-related activities daily, the concept of users converting their tweets, posts, or digital engagement into tokens that could be traded was exploding, essentially creating decentralized markets for social capital.

每天都有超过200,000个Solana解决与ICM相关活动的地址，用户将其推文，帖子或数字参与转换为可能交易的代币的概念正在爆炸，这基本上是为社会资本创造了分散的市场。

This popularity arose from the explosive growth of memecoin launchpads and the democratization of fundraising, both of which benefitted from the framework of ICM.

这种流行源于Memecoin Launchpads的爆炸性增长和筹款的民主化，这两者都从ICM的框架中受益。

Among the platforms facilitating this new wave of tokenization, Believe stood out with its tweet-to-token model, generating $7.04 million in weekly fees by mid-May 2025 as users created tokens via social media interactions.

在促进这一新的令牌化浪潮的平台中，人们相信其推文到to型模型脱颖而出，到2025年5月中旬，由于用户通过社交媒体互动创建了令牌，到2025年中期，每周收取704万美元。

This synergy with ICM's framework positioned Believe as a leading platform, driving significant capital inflows as it captured the growing interest in social-driven token economics.

与ICM框架定位的这种协同作用将其视为一个领先的平台，这引起了大量资本流入，因为它吸引了人们对社会驱动的代币经济学的兴趣日益增长的兴趣。

However, despite facing this competitive pressure and a decline in weekly on-chain activity, pump.fun remained a dominant force in the memecoin launchpad space.

然而，尽管面临着这种竞争压力和每周链上活动的下降，但泵仍然是Memecoin发射台空间中的主要力量。

This dominance was attributed to the platform’s user-friendly design and established user base, particularly in the memecoin segment.

这种主导地位归因于该平台的用户友好设计和建立的用户群，尤其是在Memecoin细分市场中。

After removing token creation fees in August 2024 and shifting costs to the first buyer, who paid a 0.5 SOL ($80) reward to the developer of a successful token, pump.fun kept its services accessible, which contributed to the launch of 37.8K tokens in a single day in mid-May 2025.

在2024年8月删除了代币的创建费并向第一批买家转移成本，后者向成功的代币的开发商支付了0.5 sol（80美元）的奖励，pump.fun使其服务可访问，这有助于在2025年中期中期的一天中的一天在一天中的一天中启动37.8k代币。

For instance, on May 14, at the peak of activity, of the 37.8K tokens launched, pump.fun claimed 57% with 21,700 tokens, followed by LetsBONK at 18% with 6,800 tokens, and Believe at 13% with 4,900 tokens. But when looking at the tokens that had already graduated, shifting from the launch stage to be fully operational, the hierarchy changed.

例如，5月14日，在活动的高峰时，在37.8k代币中推出了Pump.Fun，占57％，以21,700个令牌为单位，其次是Letsbonk，为18％，有6,800个令牌，并相信4,900个令牌为13％。但是，当查看已经毕业的代币，从发射阶段转移到完全运行时，层次结构发生了变化。

At their peak performance last week, the competitors took nearly 50% of tokens deployed and nearly 60% of graduated tokens.

在上周的最高表现上，竞争对手将近50％部署的令牌和近60％的毕业令牌占据了。

This shift was attributed to the platforms’ competitive edge in specific domains. For example, LetsBONK excelled in graduating tokens, showcasing its ability to guide projects through the launch process successfully. In contrast, Believe's strength lay in deploying new tokens rapidly, highlighted by its swift integration of ICM.

这种转变归因于平台在特定域中的竞争优势。例如，Letsbonk在毕业令牌上表现出色，展示了成功指导项目成功完成启动过程的能力。相比之下，相信它的实力在于迅速部署新的代币，其迅速集成ICM。

This competitive pressure was also evident in recent tweaks by pump.fun to creator rewards, aiming to retain a larger share of the revenue generated by the tokens launched on its platform.

pump.fun对创建者的奖励最近的调整也很明显，旨在保留在其平台上启动的代币产生的收入中的较大份额。

However, despite these adjustments, Believe was siphoning away market share with its innovative approach, including a focus on non-meme

然而，尽管进行了这些调整，但人们认为，通过其创新的方法虹吸了市场份额，包括关注非最佳的市场