Comprehensive Analysis of the On-Chain MEME Token Launch Platform

The on-chain MEME Token launch platform is a decentralized platform built on the blockchain, designed to simplify the creation process of MEME tokens. It provides tools for token creation, presale management, and liquidity provision on decentralized exchanges, ensuring transparency and accessibility for users.

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Advantages of Launching the Platform

The structural characteristics of the launch platform are highly compatible with the traits of the MEME Token, especially their ability to quickly establish and mobilize communities, which complements the typical high community reliance of MEME projects. Therefore, launch platforms focused on MEME have gained wider acceptance compared to other types of Token issuance platforms.

The Development History of the MEME Launch Platform

Early Formation and Maturity

The emergence of on-chain MEME launch platforms has reshaped the early token distribution model, enabling the rapid and permissionless creation of MEME tokens. Unlike traditional platforms that focus on Initial Decentralized Offerings (IDOs), these launch platforms prioritize speed, simplicity, and viral distribution over due diligence or investor protection.

Starting from mid-2024, Pump.fun gained significant attention, while other competitors like Moonshot and SunPump only captured a small market share. The issuance of Pump.fun's MEME Token surged, reaching an unprecedented peak by the end of 2024, and remained active into early 2025.

The Rise of New Competitors

By late April 2025, the competitive landscape of the on-chain MEME launch platform began to shift. New platforms such as LetsBonk (built on Launchlab), Believe (emphasizing social media integration), and Boop (adopting an innovative fee-sharing mechanism) quickly gained attention, collectively diminishing the market dominance of Pump.fun.

According to data analysis, Pump.fun's market share fell to a historical low of 56% on May 12, 2025. Its Token graduation rate dropped to just 0.82%, far below emerging competitors. Boopdotfun and LetsBONK.fun had significantly higher graduation rates of 4.41% and 1.45%, respectively.

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MEME Token promotes on-chain activity growth

In the past 30 days, the total market capitalization of MEME Token has increased by 47%, and trading volume has surged by 160%. Platforms like Pump.fun and LaunchLab are becoming increasingly active, igniting speculative sentiment and increasing retail user participation. As of May 20, 2025, on-chain trading volume has grown by 17.3% compared to the beginning of this month, with the MEME sector being regarded as a major contributor to this growth.

Detailed Explanation of Top Projects

Pump.fun

Pump.fun has become the largest MEME launch platform on Solana, fully leveraging Solana's low fees and high-speed transactions. Since its launch, the platform has facilitated the creation of over 8 million tokens in just 13 months.

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Core Mechanism:

On Pump.fun, the Token launch process is fully automated. With a simplified interface, users only need to upload the name, symbol, and image to deploy a new Token. The platform uses a supply-demand driven joint curve pricing model, excluding the pre-sale phase, effectively reducing early arbitrage risks.

Initially, Pump.fun partnered with Raydium. Once the market cap of the token reaches $69,000, the token will be automatically listed on the trading platform and injected with $12,000 of initial liquidity. The corresponding LP tokens will then be permanently destroyed to ensure fairness and irreversibility. The developers will also receive a reward of 0.5 SOL upon graduation.

Change in Partnership:

On March 21, Pump.fun announced the launch of its native AMM DEX—PumpSwap. After this update, the liquidity of the tokens graduating from the Pump.fun platform will no longer be routed to Raydium, but will be redirected to PumpSwap.

In response, Raydium officially launched its Token launch platform LaunchLab on April 16, marking the beginning of direct competition between the two sides.

LaunchLab

LaunchLab adopts a mechanism similar to Pump.fun, using an automated joint curve model for Token issuance and pricing. As a Token launch platform, its core issuance process does not introduce fundamentally new features.

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Main Advantages:

1. Third-party Integration: The core advantage of LaunchLabs lies in its architecture that supports third-party integrations, having collaborated with over 10 third-party platforms. A typical example is LetsBONK.fun, which is a MEME launch platform created by the $BONK community, built on the infrastructure of LaunchLab.

2. Highly customizable: LaunchLab offers two different modes:

   • JustSendIt Mode: Designed for standardized and rapid issuance, allowing users to launch tokens with minimal configuration.
   • LaunchLab Mode: Supports custom parameters, including total token supply, the proportion of tokens allocated to the joint curve, and token lock settings.

LetsBONK.fun Case:

LetsBONK.fun facilitates the creation of approximately 12,000 Tokens daily, with a total issuance of over 80,000 Tokens. At its peak, the platform accounted for 29% of the daily market share. Projects like $Hosico and $USELESS are the best-performing graduate Tokens.

Market Competition:

LaunchLab has a slight advantage in its fee structure, but on May 12, Pump.fun announced that it would share 50% of its revenue with Token creators, effectively offsetting this advantage. This strategic move has brought Pump.fun's market share back up to over 80%, marking a significant turnaround in the competitive landscape.

LaunchLab adopts an active strategy to promote third-party platforms, collectively undermining Pump.fun's market position. However, due to a lack of meaningful product innovation, LaunchLab will struggle to challenge Pump.fun's dominance in the short term.

Believe

Believe (formerly known as Clout) is a SocialFi platform developed by Ben Pasternak, focusing on celebrity Token issuance. The project was announced on April 27, 2025, and immediately gained significant attention from important figures including the official Solana account, co-founder Anatoly Yakovenko, and Jupiter co-founder Meow. Since its launch, the platform has facilitated the issuance of over 24,000 Tokens, with a peak daily issuance close to 5,000 and a maximum market share of 13.6%.

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Innovative Mechanism:

Believe adopts a socially-driven issuance model, allowing users to deploy tokens on the Solana blockchain by simply posting tweets in a specific format and specifying the token name on social platforms through the "X Trigger" mechanism. The entire process is automatically executed by backend services.

The platform uses a dynamic joint curve model, with initially high transaction fees aimed at preventing bots from sniping. As trading volume increases, the fees gradually decrease and stabilize at 2%. Once the market value of the Token exceeds $100,000, it will automatically be listed on the Meteora trading platform. Developers are incentivized by sharing 1% of the transaction fees.

Lessons from the senior MakeNow.Meme:

It is worth noting that Believe is not the first platform to adopt a social media-based Token launch model. MakeNow.Meme briefly gained popularity in 2024 and pioneered this approach, but it quickly declined due to a lack of anti-speculation mechanisms and ecosystem support.

Believe has gained market recognition by addressing these core issues. It benefits from strong ecosystem support, and the use of dynamic joint curves effectively mitigates the bot sniping behavior in the early trading phase, enhancing fairness and the integrity of the issuance.

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Boop.Fun

Boop.Fun is a MEME Token launch platform developed by experienced blockchain practitioner Dingaling.

Core Mechanism:

Boop.Fun integrates the core functions of Pump.fun and Believe, offering two issuance methods: creating Tokens directly through the platform or triggering on-chain deployment by posting tweets in a specific format on social media.

The platform's native token $BOOP is the foundation of its incentive system. Creators of active tokens receive daily $BOOP airdrops, while holders receive rewards proportionate to their token holdings. Additionally, users who stake $BOOP can participate in daily airdrops and share 60% of the platform's SOL trading fee revenue, establishing a multi-tiered reward structure.

Credibility Crisis:

Recently, the founder of Boop.Fun claimed to have served as the Chief Risk Officer (CRO) of a certain trading platform, but this statement was publicly denied by the platform's CEO, who hinted that the founder was dismissed due to alleged insider trading. Although the situation has not been fully clarified, this controversy has had a significant impact on the platform: daily active users dropped by 56%, and the token issuance decreased sharply from 10,877 to 1,072 — a 90% drop. Market performance has become unstable, and community trust has significantly declined.

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Platform Comparison Analysis

Although Pump.fun remains the leader in the MEME launch platform space, Believe has shown a strong competitive advantage among new entrants:

• Pump.fun: The introduced creator profit-sharing mechanism partially offsets the costs of token issuance and migration, providing creators with stronger incentives to maintain high-quality tokens.

• LaunchLab: While low issuance fees, low graduation standards, and zero migration costs are attractive to creators, they also lower the entry barrier, leading to an influx of low-quality projects that harm the overall project quality. The lack of core innovation or differentiation makes it difficult to maintain long-term competitiveness.

• Believe: Built on an innovative Token launch mechanism, it introduces a dynamic joint curve to prevent early bot sniping, while setting a higher graduation threshold. Although the transaction fees are relatively high, its design brings significant benefits in terms of fairness and sustainability.

• BOOP: Provides a highly integrated platform design, and its Token distribution model is attractive in the short term. However, the platform's performance is closely related to the price of the native Token $BOOP, increasing internal trading and trust risks. Recent negative PR events have significantly weakened its market performance.

Conclusion

A successful MEME launch platform must be built on a strong mechanism or technological innovation that can effectively address current market challenges. Pump.fun has pioneered an integrated mechanism for token issuance and automatic liquidity migration, while Believe has optimized the simplified issuance process driven by social media. Currently, Pump.fun remains the leader in the field, but Believe shows strong growth momentum and has the potential to gain more market share in the long run.

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Key Challenges Facing the Industry

The MEME launch platform is currently facing two fundamental challenges:

1. User Protection Mechanism: Due to the inherent low threshold and high-risk nature of MEME tokens, the platform needs to reduce user losses through project quality screening and ensuring trading fairness. This requires the implementation of project background verification, smart contract audits, and a reputation scoring system, as well as anti-manipulation measures such as address whitelisting, KYC procedures, and trading rate limits.

2. Multi-chain Deployment Capability: Most platforms are still limited to a single blockchain, restricting scalability and user reach. Expanding to a multi-chain architecture can achieve broader accessibility and cost optimization, but also brings technical challenges such as cross-chain security, data consistency, and fragmentation of user experience. An effective multi-chain expansion strategy is crucial for the long-term development of the MEME Token ecosystem.

In the future, platforms that can solve these core issues and introduce innovative mechanisms to reshape user and developer incentives are expected to stand out in the continuously evolving on-chain MEME launch space.