泵。

在过去的一年中，Solana上的M​​eme Coin发行平台的发射台市场经历了爆炸性的增长，并迅速形成了竞争激烈的格局。

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.

在过去的一年中，Solana上的M​​eme Coin发行平台的发射台市场经历了爆炸性的增长，并迅速形成了竞争激烈的格局。其中，作为最早的新兴平台，泵。该平台允许任何用户在没有任何门槛的情况下发布令牌，采用绑定曲线定价，并创建一个没有预售和团队共享的公平发行模型。

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.

凭借Solana的低成本和高速交易的优势，Pump.Fun在2024年引发了模因硬币热潮。在短短13个月内，平台用户发布了超过800万个令牌。在2024年10月24日的峰值上，一天内发行了36,000多个令牌，每分钟平均创建25个新令牌。这种史无前例的代币创建规模使泵造成了泵。但是，Pump.Fun的成功也带来了隐藏的担忧。一方面，出现了大量的低质量项目，毕业率不到1％，大多数令牌都是短暂的。另一方面，该平台是有利可图的，但用户通常损失了钱。统计数据表明，将近90％的用户失去了本金或不到100美元的模因硬币交易，而该平台在短短6个月内就赚了约9800万美元。

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的官方收入已累积到超过2.23亿美元（约115万美元），并且继续兑现了它赚取的SOL。在短短一年半的时间里，该平台费用帐户售出了约340.3万辆（约6.29亿美元），成为仅次于Solana的早期投资者FTX/Alameda的第二大销售压力来源。如此庞大的资金流出引起了社区对平台的可持续性和生态影响的关注。

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.

面对泵的情况，市场参与者迅速采取行动，整个MEME Launchpad曲目都参加了白热比赛。在Solana生态系统中，长期以来的分散交易平台Raydium推出了LaunchLab与Pump.Fun竞争；流行的Meme Coin Bonk打开了Letsbonk.Fun发射台；链汇合木星还试图启动类似的服务。其中，LaunchLab是pump.fun的主要竞争对手。它的链脱登策略和Slashdot风格的主题引起了许多用户的关注。

Pump.fun Challenge

泵挑战赛

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是模因硬币的单击发布平台的先驱，已建立了基本的操作模型。用户只需要填写基本信息，例如令牌名称和符号，并且可以自动部署令牌合同并在没有编程技能的情况下建立交易池，从而大大降低了发行硬币的门槛。该平台采用各种绑定曲线定价模型来平衡初始价格和市场需求。发行的代币可以立即在平台的AMM池中交易，而无需事先注入流动性。

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.

该平台创新引入了LP共享破坏机制。当新硬币达到一定的市场价值阈值时，它将自动将一部分流动性注入Raydium Trading池并销毁相应的LP代币，以确保项目方无法退出池并逃跑，从而提高流动性安全性。

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.

凭借“无需发行硬币的代码，即时交易”的经验，pump.fun在2024年很快变得流行，引起了大量的创意模因令牌，其中一些增加了100次甚至1000次，吸引了许多投机者。该平台通过提取交易费用已成为2024年最有利可图的链上应用程序之一。

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，随着它的发展，泵浦的问题逐渐出现：在超过800万发行的代币中，不到1％成功地“毕业”到外部流动性库中；用户利益严重两极化，形成零和游戏；该平台兑现了处理费，并继续出售SOL，从而在Solana网络上造成了销售压力；完全匿名且无审核的模型符合加密精神，但带来了监管和信任问题。结果，Pump.Fun的增长在2025年初放缓，其日常交易量从1月份的5.44亿美元的峰值下降到2月的2.7亿美元，下降了近50％。

LaunchPad Round-up: LaunchLab,

Launchpad综述：LaunchLab，