Pump.fun Surpasses Letsbonk in Token Launches and Graduations

Generated by AI AgentCoin World
Thursday, Aug 7, 2025 5:08 pm ET1min read
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Aime RobotAime Summary

- Solana-based launchpads like Pump.fun and Letsbonk compete in "launchpad wars," with Pump.fun recently launching 23,900 tokens vs. 3,954 on Letsbonk.

- High graduation rates (151 for Pump.fun vs. 51 for Letsbonk) are seen as signals for degens but lack long-term sustainability due to market volatility.

- Metrics like daily active addresses are easily manipulated via wallet creation, raising doubts about their real-world relevance in memecoin ecosystems.

- Experts warn that topline data creates "illusion of success," emphasizing the need for nuanced analysis to avoid misleading conclusions about market health.

The ongoing "launchpad wars" in the cryptocurrency space have drawn attention as platforms compete for dominance in the rapidly evolving memecoin landscape. Solana-based launchpads, such as Pump.fun and Letsbonk, have been at the center of this competition, with recent data showing shifts in market share. On a recent day, Pump.fun saw the launch of 23,900 tokens, significantly outpacing the 3,954 tokens launched on Letsbonk [1]. In terms of graduation rates, Pump reported 151 tokens graduating, while Jup Studio and Letsbonk recorded 64 and 51, respectively [1].

These metrics, while seemingly indicative of success, raise questions about their real-world relevance. Sebastian L., founder of Mesa—a marketing agency for token launchpads—argues that such data can serve as a useful signal for degens in the memecoin "trenches," who see high graduation rates as a potential indicator of where the next winning token might emerge [1]. However, the sustainability of these numbers is questionable, as they are inherently time-sensitive and unlikely to persist beyond a few days or weeks.

The nature of the memecoin space exacerbates the issue. The ease of creating new wallets and the inherent incentives to manipulate airdrops mean that many metrics—like daily active addresses—carry little meaningful insight [1]. As former

Uber
growth executive Andrew Chen notes in The Cold Start Problem, topline vanity metrics can create an illusion of success while masking the nuances necessary for real growth [1].

In the case of Pump.fun, its recent resurgence has reignited interest in the broader "launchpad wars." Some observers refer to Pump’s current position as a "Schelling Point fairy dust," a temporary edge that may not last [1]. The volatility of the market means that this advantage could shift rapidly in favor of another launchpad next week.

The debate around these metrics underscores a broader issue in the crypto industry: the challenge of separating meaningful insights from noise. As platforms like Pump.fun and Letsbonk jostle for dominance, the data they produce must be scrutinized carefully to avoid drawing misleading conclusions about long-term success or market health [1].

Source: [1] Making sense of 'launchpad wars' data (https://blockworks.co/news/making-sense-of-launchpad-wars-data)