I. Introduction

Pump.fun ignited a meme coin issuance frenzy, drastically lowering the barrier to token creation with one-click deployment. This ease sparked a wave of "coin-minting mania," quickly making Pump.fun the dominant meme launchpad. Competitors emerged fast: Tron’s SunPump gained momentum with heavy backing from Justin Sun, while Binance supported Four.meme on BNB Chain, boosting meme token visibility.
However, Pump.fun’s ongoing sell-off of its earned SOL tokens turned it into the second-largest source of selling pressure on Solana, after FTX/Alameda. Raydium, once generating 41% of swap fees from Pump.fun liquidity, saw revenues drop sharply after Pump.fun launched its own exchange, PumpSwap. In response, Raydium introduced LaunchLab to compete directly. Meanwhile, other platforms like Jupiter and DexScreener’s Moonshot entered the space, with limited traction. Despite the challengers, Pump.fun maintained its lead in token issuance and trading volumes.
Recently, competition has heated up. NFT collector Dingaling launched Boop.fun, the BONK community introduced LetsBonk.fun via LaunchLab, and Believe relaunched. The "token launch" race is now in full swing.
Yet, beneath the hype lie major concerns: worthless tokens flooding the market, KOL-driven manipulation, frequent rug pulls, and unclear regulations. This report explores the current landscape, key players, and possible endgames in the evolving meme launchpad war.

II. Meme Launchpad Mechanism Explained

1. Operational Model
The surge in popularity of one-click token issuance platforms is driven by their ability to radically simplify the process of launching a token. Their model combines “no-code contract deployment” with “instant liquidity trading,” making token creation accessible to virtually anyone.
Issuance Process – No Code Required:
These platforms offer pre-set templates for token contracts and AMM logic. Users only need to input the token name, symbol, and supply—no coding needed. A smart contract and liquidity pool are deployed instantly, and the token becomes immediately tradable. This drastically lowers the barrier from requiring developer expertise to just filling out a form.
Pricing & Trading – Bonding Curve Model:
Instead of presales, IDOs, or initial listings, platforms like Pump.fun use a bonding curve model. Users mint tokens by paying native tokens (e.g. SOL), with prices rising along a preset curve as more tokens are bought. There are no team allocations or private sales—everything is public and market-driven, ensuring a 100% fair launch.
Liquidity Assurance & Rug Pull Protection:
Initial purchases automatically form the token’s liquidity pool, enabling immediate trading. To enhance security, platforms introduce anti-rug mechanisms. For example, once a token on Pump.fun hits a $69,000 market cap, liquidity is migrated to external DEXs like Raydium, and a share of LP tokens is burned. This prevents liquidity withdrawals by creators and builds investor trust.

2. Incentive Models
Beyond basic features, one-click token platforms deploy innovative incentive mechanisms—such as gas subsidies and profit-sharing models—to attract users and creators.
Gas Subsidies – Lowering Entry Costs:
To reduce token creation and trading expenses, platforms offer generous gas fee subsidies. Tron's SunPump lets users pay gas fees in USDT, covering 90% of costs and keeping fees under 1 USDT per transaction. Base’s Clanker enables users to create AI Agents and tokens for free—just mention "@Clanker" and a token name on Farcaster to trigger creation without any gas fee, dramatically lowering participation barriers.
Profit-Sharing – Creator & Community Incentives:
Unlike traditional launchpads that charge high fundraising fees, these platforms share revenues to incentivize participation.
Raydium’s LaunchLab: Charges a 1% fee—25% goes to buy back RAY tokens, while creators earn a 10% share
Believe: Embeds a 2% tax in each token transaction—1% to creators, 0.1% to the “Scout” who discovered the token, and 0.9% to platform ops.
Pump.fun: Initially kept all of its 2% fee, but now redistributes 50% to creators to boost engagement.
These models shift the dynamic from “platform wins, users lose” to a community-driven win-win system—improving both retention and creator loyalty.

3. Meme Launchpads vs. Traditional Launchpads
One-click Meme Launchpads (or MemePads) are fundamentally different from traditional token launch platforms.
Traditional Launchpads (e.g., Binance Launchpad, CoinList) support vetted, high-quality projects. They involve strict due diligence, fundraising rounds, token lockups, KYC, and a focus on regulatory compliance and long-term success.

AI Agent Launchpads are emerging as niche players. For example, Virtuals launched “Genesis,” a platform for fundraising AI agent startups using $VIRTUAL tokens. Similarly, a16z introduced auto.fun on April 17 to streamline AI agent deployment.

Meme Launchpads take a radically open approach—no audits, no barriers, and anonymous token launches. Anyone can create and trade a token instantly. These platforms reflect crypto’s permissionless, trustless ethos but also bring a surge of low-quality tokens, scams, and regulatory challenges.

In short: Traditional Launchpads are like investment banks launching IPOs—curated, secure, and compliance-first. MemePads, on the other hand, are experimental arenas or crypto casinos where thousands of tokens go live at once—some moon, most flop, and scams are part of the landscape.

III. Industry Status: Data Insights and Market Landscape

1. On-chain Data Insights: Token Issuance, User Profiles, and Capital Flows

Source: https://dune.com/adam_tehc/memecoin-wars
Market Trends and Impact
Token Issuance Trends: Daily token launches on Solana surged from mid-2024, peaking in October with over 36,000 tokens launched in a single day, mostly via Pump.fun. Although issuance remained high afterward, it gradually declined—cooling notably by early 2025. This signals the end of the explosive growth phase, with the market entering a more rational stage. Still, thousands of tokens are launched daily, showing the long-tail endurance of these platforms.

User Demographics:

Pump.fun initially attracted speculative Solana-native traders chasing 100x returns.
LaunchLab drew DeFi veterans due to its Raydium affiliation, gaining stable daily active users post-launch.
Believe appealed to Web2 entrepreneurs and KOLs by integrating social media-driven issuance, fostering a creator- and influencer-focused user base.
Boop.fun targeted NFT collectors and communities.

Token Market Behavior: Most Meme tokens experience extreme pump-and-dump cycles—spiking rapidly at launch, then crashing to near-zero. Around 99% of tokens are short-term speculation plays; few retain lasting value.
On-Chain Activity: The Meme token boom had major on-chain effects. Solana faced severe network congestion due to a flood of micro-transactions during peak periods. In early 2025, it hit a record $55 million in weekly fee revenue. As Pump.fun activity cooled, revenues sharply fell, exposing Solana’s dependence on Meme-driven activity.

2. Market Landscape: Dominant Leader and Rising Contenders

Source: https://dune.com/adam_tehc/memecoin-wars
According to Dune data, Pump.fun initially controlled nearly 100% of daily token issuance on Solana. Platforms like Moonshot and SunPump saw brief success in 2024 but quickly faded. By April 2025, competitors grew fast, cutting Pump.fun’s market share to about 57% by May 12. By May 21, Pump.fun bounced back to around 80%, while LetsBonk, Believe, LaunchLab, and Boop shared the remaining 20%, signaling a more diverse market.
The end of monopoly and rise of competition: Pump.fun’s dominance has weakened as platforms like LetsBonk, LaunchLab, and Believe challenge it. This shift shows a maturing market that offers users and creators more choices. Users are moving toward platforms with better returns and experiences.
Increased platform differentiation: Platforms keep innovating to stand out. New features include cross-chain token issuance, NFT integration, and oracle-based pricing models. Competition for users has heated up—LaunchLab attracts Pump.fun users with lower fees and bonuses; Believe offers social media token issuance and rewards for creative communities; Pump.fun itself softened its approach by sharing profits with creators to keep them.
Multi-chain growth and ecosystem rivalry: What started on Solana now spans multiple blockchains. Projects like SunPump on Tron, Genesis Launches on Base, and others on ICP and Avalanche compete for user activity and transaction volume. Meme token issuance draws newcomers more effectively than traditional DeFi apps, encouraging regular blockchain use.
Narrative and cultural competition: Platform identity and community culture have become key competitive factors. Pump.fun highlights freedom; LaunchLab focuses on fairness and tech; Boop.fun builds celebrity appeal through its founder Dingaling; Believe stresses trust and real-world value. Competition now goes beyond features and price, emphasizing deeper community connection and culture.

IV. Mainstream Platforms: Comparative Analysis and Case Studies

With the rise of Meme and AI Agent concepts, several major platforms have emerged in one-click token issuance. The space is led by Pump.fun, alongside strong competitors like Raydium LaunchLab, LetsBonk.fun, Believe, and Boop.fun.

1. Pump.fun

Pump.fun pioneered the "one-click issuance + bonding curve" model, leveraging Solana’s low fees. It allows anyone to issue and trade tokens instantly, with no audits or barriers. Tokens first trade on internal AMM pools, then move to external DEX pools (starting on Raydium, later shifting to PumpSwap) once reaching about $69,000 market cap. The platform charges a 2% transaction fee and secures liquidity through LP token locks and burning.
In 2024, Pump.fun dominated the market, accounting for over 98% of daily token issuance at its peak. On October 24 alone, more than 36,000 tokens were created, cementing Solana’s reputation as the biggest blockchain “casino.” However, less than 1% of these tokens survived past early speculation, causing widespread user losses despite Pump.fun’s profitability.

2. LaunchLab

Launched by Solana-based DEX Raydium in March 2025, LaunchLab was created to compete with Pump.fun after PumpSwap impacted Raydium’s revenue. It closely follows Pump.fun’s one-click issuance and bonding curve approach but adds key improvements:
Flexible pricing curves: Supports linear, exponential, and logarithmic curves for more creator options
Lower fees: Charges just 1%, half of Pump.fun’s fee, with no extra migration costs (unlike Pump.fun’s prior 6 SOL migration fee).
Lower migration threshold: Requires only 85 SOL (~$11,000) to move tokens to Raydium’s external pools, much easier than Pump.fun’s fixed $69,000 cap. Also offers a minimal 30 SOL issuance option.
Creator revenue sharing: Gives creators up to 10% of transaction fees after token graduation.
Ecosystem integration: Allocates 25% of fees to buy back Raydium’s native token (RAY), boosting incentives and ecosystem ties.

Source: https://raydium.io/launchpad
Leveraging Raydium’s strong reputation and deep liquidity, LaunchLab attracted many projects away from Pump.fun. Data shows fast user growth, with around 14 LaunchLab-based platforms now active, together capturing about 10% of Solana’s daily token issuance.

3. LetsBonk.fun

LetsBonk.fun, built by the BONK meme coin community using LaunchLab’s tech, focuses on BONK-related token launches. It follows LaunchLab’s model—85 SOL graduation threshold and 1% fees—but adds a community-focused interface and BONK branding.
At launch, LetsBonk.fun quickly captured 17–20% of daily token issuance, at times even surpassing Pump.fun. This highlighted the strength of community-driven platforms. BONK’s meme identity helped attract early users, though long-term sustainability is still uncertain. For now, LetsBonk.fun serves as a community-focused complement to LaunchLab’s broader ecosystem

4. Believe

Founded by young Australian entrepreneur Ben Pasternak, Believe evolved from the earlier social token platform Clout. Relaunched in April 2025, it shifted its focus from influencers ("Believe in Someone") to ideas ("Believe in Something"), promoting meaningful creativity over celebrity hype.

Source: https://x.com/launchcoin/
Believe stands out for its social media-based token creation: users can tweet token names to @launchcoin on X (formerly Twitter), triggering automatic contract deployment using Meteora’s bonding curves. It also introduced a “B-point” system, where creators unlock their share of transaction fees after reaching a certain level of popularity—similar to Kickstarter’s all-or-nothing model.
The platform charges a 2% transaction tax, split between creators (1%), scouts (0.1%), and operations (0.9%), encouraging both creation and early support. Despite some criticism over founder token sales and price manipulation, Believe has generated significant activity, distributing around $9.5 million to creators.

5. Boop.fun

Created by NFT collector Dingaling, Boop.fun follows Pump.fun’s model but adds a 5% “developer tax,” which is redistributed to holders of its native token to boost ecosystem growth.
Backed by Dingaling’s reputation, the platform built a loyal niche community. While its daily token issuance share remains modest at 1–2%, it sees slightly higher graduation rates than Pump.fun—highlighting a focused community approach with limited scalability.

Source: https://dune.com/adam_tehc/memecoin-wars

V. Issues and Challenges: The Risks Behind the Hype

One-click token issuance has made instant coin creation possible—but it also brings major risks. While it unlocks creativity, it also fuels speculation, scams, and long-term damage to the crypto ecosystem.
Worthless tokens and blockchain waste
The low barrier to entry allows anyone to create tokens, leading to a flood of “air tokens” with no real value. Less than 1% of tokens graduate successfully; the rest are speculative or scam projects. This wastes user funds and clutters blockchains with “digital junk,” creating long-term strain on network resources.
KOL manipulation and bot-driven trading
With no identity checks or audits, bad actors thrive. Influencers and whales often launch tokens to exploit followers. Market makers use bots to monitor launches, inflate prices, and sell off quickly—leaving ordinary users at a disadvantage and often with losses.
Rug pulls and hidden risks
Even with liquidity locking, scams persist. Creators may hoard tokens to dump later or exploit contract loopholes to steal funds. Fake tokens and phishing sites also target users during hype cycles, taking advantage of low vigilance.
Regulatory uncertainty
These platforms operate in a legal grey zone, essentially enabling unregulated ICOs. So far, decentralization and anonymity have helped them avoid scrutiny—but major investor losses or public pressure could trigger regulatory crackdowns. For now, users have little protection or legal recourse if things go wrong.
VI. Future Prospects: Sustainability and Industry Direction for One-Click Token Platforms
The long-term success of one-click token issuance platforms hinges on four key areas: market rationality, tech innovation, narrative evolution, and governance maturity.

1. Market Shift: From Hype to Value

The meme-fueled gold rush is cooling. As fast profits fade, platforms must pivot toward sustainable models—serving real projects, not just speculative plays. Survival depends on filtering out scams and supporting quality launches. The future belongs to platforms that build long-term ecosystems, not just ride hype waves.

2. Next-Gen Tools: From Meme Coins to Innovation Hubs

These platforms are becoming launchpads for real innovation. Key directions include:
Cross-chain deployment and abstraction layers for smoother, wider access
Smarter contracts with built-in DAOs, governance tools, or token utilities
Identity + reputation systems, like auto-NFTs for creators or verified social IDs

This evolution transforms token platforms from meme generators into Web3 incubators—potentially attracting serious builders.

3. New Web3 Startup Model: Token-First Entrepreneurship

The traditional path—whitepapers, VCs, MVPs—is no longer the only way. Now, anyone can launch a token, gauge interest instantly, and fundraise from the community.
Token holders become early users, backers, and evangelists. It’s a decentralized alternative to VC and Kickstarter models—lowering the barrier to entrepreneurship in Web3.

4. Balancing Compliance and Decentralization

For long-term trust and resilience, platforms must balance freedom with safeguards:
DAO-based moderation to flag scams or low-quality token
Voluntary identity verification, building trust without central control
Real-time monitoring and security audits to detect manipulation early
By adopting such balanced measures, platforms can ensure user security, regulatory resilience, and sustainability.

Conclusion
The Pump.fun era of one-click tokens kickstarted a wave of experimentation. Now, the space is maturing—from chaotic casino to creative lab. Future winners won’t be the cheapest—they’ll be the most trusted, useful, and community-driven.
When any good idea can test itself through tokenization, Web3 innovation becomes truly borderless.

About Us

Hotcoin Research is your trusted source for professional crypto insights and strategic analysis. Our three-pillar framework—trend analysis, value discovery, and real-time tracking—integrates deep research, multi-angle project evaluation, and continuous market monitoring.
We deliver timely, actionable insights tailored to investors of all levels through our biweekly Hot Coin Selection Live Strategy Sessions and daily Blockchain Headlines.
Backed by advanced analytics and a robust industry network, we equip newcomers with foundational knowledge and support institutional players in identifying high-potential opportunities. At Hotcoin Research, we help you stay ahead in the fast-evolving world of Web3, turning data into confident decisions.

Risk Disclaimer

The cryptocurrency market is highly volatile and subject to rapid changes. All investments carry risk. We strongly encourage investors to stay informed, assess market dynamics carefully, and implement sound risk management strategies to protect their assets.

Connect with Us
🌐 Website: https://lite.hotcoingex.cc/r/Hotcoinresearch
𝕏: x.com/HotcoinAcademy
📩 Email: labs@hotcoin.com