加密发电机的兴起：Pumpfun如何主导市场和新玩家出现

在过去的几周中，进入加密货币市场的新项目越来越多地使用Launchpads。

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

在过去的几周中，在加密货币市场上启动的新项目越来越多地使用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.

这些平台使团队能够创建和分发自己的代币，在最近几周内越来越多。他们几乎每天都会出现，并在最新的资金回合甚至E3区块链游戏中不断成长。

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.

尽管Pumpfun一直保持着发射台类别的领导者的地位，但每周的启动达到200,000个令牌，这是一个惊人的数字，显示了该平台可以完美地将新项目推向市场的能力。 Pumpfun的胜利和活动水平为希望坚持不懈或进入市场的任何其他平台设定了高标准。在过去的一年中，该平台完美地保持在顶部，向上的毕业率似乎达到了近2％的速度，这是您想听到的一种平台来实现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的持续成功，新令牌的整体创建也显着下降。自1月以来，代币的创建减少了约50％，随着前几个月中看到的新代币的创建可能会达到顶峰。但是，由于现在正在进行的代币的创建，代币创建的减少是平衡的。自2024年夏天以来，代币的创建增加了一倍以上，这表明现在创建新令牌的可能性比2023年更有可能了。代币创建的这种上涨可能部分归因于现在在平台上寻求机会的团队和开发人员的数量，而这些团队和开发人员反过来又构成了更具竞争力的派别。

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在最近几周内一直是一个热门话题。@PumpDotFun在过去一年中的成功和统治地位是其他团队竞争一片馅饼的动力。

So what's happening with launchpads?🧵

那么发射台发生了什么？🧵🧵

— Blockworks Research (@blockworksres) May 5, 2025

- 2025年5月5日

Emerging Competitors: Raydium, Moonshot, and New Entrants

新兴竞争对手：Raydium，Moonshot和新参赛者

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.

现在，PumpFun处于顶峰，但其他平台并没有落后。以LaunchLab为例。这是由Raydium的人们创建的LaunchPad，对于新的发射台，它已经有了许多最近的项目。其中之一是推出了一个邦克代币，无论是还是错误的，它都设法引起了加密货币市场的更大细分市场的关注。这里没有银行代币的迹象可以放弃，而前进的地方可能并不漂亮。

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对Moonshot感兴趣，Moonshot也在运营自己的LaunchPad的业务中。但是，尽管Moonshot进行了几乎可以忽略的发布（每周几千个令牌），但尚未设法为自己开展一家大型业务。似乎Moonshot的努力是在Pumpfun是该空间800磅的大猩猩的背景下寻找发射台动力的努力，这表明，在现在的一个现在又消失的莫伦世界中，任何新平台在任何新平台上都变得有趣。

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.

另一个平台BoopdotFun已采用一种独特的方法来激励采用率，并为创建者提供了代币Airdrops来访问其大量令牌。但是，要访问这些令牌，创作者必须做两件事：1）启动令牌（我稍后再解释）和2）达到一定的市值。尽管有创新的模型，但BoopdotFun的活动水平开始下降。

Launchpads on Base and the Future of Token Launches

基础上的发射台和令牌发布的未来

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层网络Base还看到了一套新兴的Launchpad产品，其中有很多团队探索新颖的Sokenomics。像Clankeronbase这样的平台正在朝着自动化代币的创建和交易，而Zora等面向社会图形的项目也将自己沉浸在这个新世界中。但是，尽管进行了所有这些活动，但基础上的令牌发射量仍处于一个看起来很像暴风雨前平静的水平，每天只能发射数十个令牌。

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是新的代币创建的最喜欢的方法，但Meme Coins在基础内生成的大多数交易量仍然来自与任何发射台无关的令牌。通常以更非正式和分散的方式推出的成员仍然在基本网络上的交易量方面保持领先地位。这里有一个重要的区别：对于更具结构化的项目而言，Launchpad路线似乎是首选的，而那些选择不太严重的路线的途径毫不费力地产生Meme Coin交易量。

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

同时，Pumpfun不仅会影响新令牌的发布