Solana News Today: Graphite Protocol Surges 160% on BONK Collaboration

Graphite Protocol (GP), a rising altcoin, has seen a significant surge in value this week, with its price increasing by 160%. This impressive performance is closely tied to its collaboration with BONK, a popular meme coin. The BONK Fun platform, which has experienced a substantial increase in activity, has been a key driver of this growth. The platform's fees are distributed in a way that benefits both BONK and GP, with 50% of the fees allocated to buying and burning BONK, 7.6% to buying and burning GP, and 8% to BONK strategic reserves and rewards.

Kadense Pengu, a prominent figure in the BONK ecosystem, highlighted the platform's fee distribution, noting that the increased activity has led to a significant amount of SOL being collected in just 24 hours. This portion is directly used for buybacks and burns of GP, which has a smaller market cap compared to BONK. According to Connorr, another crypto analyst, these GP buybacks have over 5x the relative impact compared to BONK, making GP a quiet winner in the current market trend.

Graphite Protocol is more than just a token riding the BONK wave; it is a multi-chain infrastructure project designed for creators, founders, and teams looking to launch blockchain projects without deep technical skills. The project is multi-chain ready, working across Solana, Ethereum, and Polygon, with plans for further expansion. It offers both no-code tools for beginners and advanced features for developers, providing real utility within the ecosystem. The GP token is used to pay for tools and features, and if someone pays in SOL, ETH, or MATIC instead, Graphite uses those fees to buy and burn GP, creating constant demand. The maximum supply of GP is capped at 150 million, supporting its deflationary structure.

Graphite's tokenomics are designed to benefit holders directly. Every time a project is launched or a feature is used, GP gets bought from the open market and then burned, reducing supply and creating upward pressure on the price. The team behind Graphite is also building on-chain casino games, new sub-brands, and more creator-focused features that funnel activity and fees back into GP. With BONK drawing in massive traffic and GP getting a piece of that revenue, Graphite Protocol may be one of the most under-the-radar plays in the market right now. As BONK Fun's revenue continues to climb, so does the burn rate for GP, indicating a potential for further price appreciation.