On-chain MEME Token Launch Platform Analysis: Innovation and Challenges

The on-chain MEME token launch platform is a decentralized infrastructure in the blockchain space designed to simplify the MEME token creation process. These platforms offer a full range of tools, from token creation to liquidity management, and seamlessly integrate with decentralized exchanges, ensuring transparency and accessibility throughout the issuance process.

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The functionality of the platform

The architectural features of the MEME launch platform are highly compatible with the characteristics of the MEME Token. In particular, the ability of these platforms to quickly establish and organize communities mutually promotes the MEME project's high reliance on community. For this reason, launch platforms focused on MEME have gained wider recognition and usage compared to traditional Token issuance platforms.

The evolution of the MEME launch platform

Rise and Maturity

The on-chain MEME launch platform has redefined the early token distribution model, enabling the rapid permissionless creation of MEME tokens. Unlike traditional platforms focusing on the first decentralized issuance ( IDO ), these launch platforms prioritize speed, convenience, and viral dissemination over due diligence or investment protection mechanisms.

Since mid-2024, Pump.fun has gained significant market attention, although competing platforms such as Moonshot and SunPump also hold a portion of the market share. The issuance of Pump.fun's MEME Token reached a historical high by the end of 2024 and remained active into early 2025.

Changing competitive landscape

By late April 2025, the competitive environment for the on-chain MEME launch platform has changed. LetsBonk(, built on Launchlab), Believe( emphasizing social media integration), and Boop( adopting an innovative fee-sharing mechanism) have rapidly emerged as new entrants, collectively undermining Pump.fun's market dominance.

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Data shows that the market share of Pump.fun fell to a historic low of 56% on May 12, 2025. Its Token graduation rate dropped to 0.82%, significantly lower than emerging competitive platforms. In contrast, the graduation rates of Boopdotfun and LetsBONK.fun reached 4.41% and 1.45%, respectively, demonstrating more outstanding performance.

MEME Token drives on-chain activity recovery

Over the past 30 days, the total market cap of the MEME token has increased by 47%, with a 160% surge in trading volume. Increased activity on launchpads such as Pump.fun and LaunchLab has ignited market speculation and increased retail participation. As of May 20, 2025, on-chain trading volume increased by 17.3% from the beginning of the month, and the MEME sector is considered the main driver of this growth.

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Main Launch Platform Analysis

Pump.fun

Pump.fun has become the largest MEME launch platform in the Solana ecosystem, fully leveraging Solana's low fees and high-speed transaction characteristics. In the 13 months since its launch, the platform has facilitated the creation of over 8 million Tokens.

As an industry pioneer, Pump.fun pioneered an integrated mechanism that combines token issuance with automated liquidity migration. With a no-code interface for non-technical users, the barrier to entry for MEME token creation is significantly lowered. Users only need to provide a name, symbol, and picture to deploy the new token.

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Nan:

The token launch process of Pump.fun is fully automated. The platform adopts a supply and demand-driven joint curve pricing model, excluding the pre-sale phase, which effectively reduces early arbitrage risks.

Initially, Pump.fun collaborated with Raydium. When the Token market value reaches $69,000, it will automatically be listed on Raydium( and inject $12,000 of initial liquidity into PumpSwap). The corresponding LP Tokens will be permanently destroyed to ensure fairness and irreversibility. Developers will also receive a reward of 0.5 SOL upon the Token's graduation.

Change of Partnership:

On March 21, Pump.fun launched its native trading platform PumpSwap, with its graduation Token no longer directing to Raydium, but rather to its own platform. In response, Raydium launched its competitive product LaunchLab on April 16, marking the beginning of direct competition between the two platforms.

LaunchLab

LaunchLab uses a mechanism similar to Pump.fun, employing an automated joint curve model for Token issuance and pricing. Its core issuance process has not introduced fundamental innovation.

Its main competitive advantage lies in its modular architecture, supporting seamless third-party integration and highly customizable issuance configurations, providing developers with greater flexibility.

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Mechanism:

1. Third-party Integration: The core advantage of LaunchLab is its support for third-party platform integration, having established connections with over 10 external platforms. A typical example is LetsBONK.fun, which is a launch platform created by the $BONK community and based on the LaunchLab infrastructure.

2. Highly Customized: LaunchLab offers two different modes:

   • JustSendIt mode: Designed for standardized rapid issuance, minimizing configuration requirements.
   • LaunchLab mode: supports custom parameters, including total token supply, distribution ratio, and lock-up settings, and allows developers to share 10% of LP transaction fees upon graduation

LetsBONK.fun - Third-party Integration Case:

Data shows that LetsBONK.fun facilitates the creation of more than 12,000 tokens per day, with a total issuance of more than 80,000. At its peak, it accounted for 29% of the daily market share. Projects such as $Hosico and $USELESS are the best performing examples of graduation tokens on their platforms.

Competitive Landscape:

Although LaunchLab has a slight advantage in its fee structure, on May 12, Pump.fun announced that it would share 50% of its revenue with Token creators, effectively offsetting this advantage. This strategy has allowed Pump.fun's market share to rebound to over 80%, demonstrating a significant reversal in the competitive landscape.

Although LaunchLab actively promotes third-party platforms to jointly undermine the position of Pump.fun, it is difficult to challenge Pump.fun's dominance in the short term due to a lack of substantial product innovation.

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 quickly gained the attention of Solana officials, co-founder Anatoly Yakovenko, and Jupiter co-founder Meow.

Since its launch, Believe 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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Mechanism:

Believe adopts a socially-driven issuance model, allowing users to trigger token deployment simply by posting tweets with specific tags on social platforms through the "X Trigger" mechanism. The entire process is automatically executed through backend services.

The platform uses a dynamic joint curve model, with a high initial transaction fee to discourage bots from snapping up, which gradually decreases and stabilizes at 2% as the trading volume increases. Tokens are automatically listed on Meteora after their market cap exceeds $100,000, and developers get a share of 1% of the transaction fee.

Innovation and Lessons from the Future:

Believe is not the first to adopt a token launch model triggered by social platforms; this innovation was first introduced by MakeNow.Meme in 2024. However, the latter quickly declined due to a lack of effective anti-sniping mechanisms and ecosystem support.

Believe gained market recognition by addressing the core flaws of its predecessors, thanks to the ecosystem support of Solana and Jupiter, and alleviating the problem of bot rush in the early stages with a dynamic union curve.

Boop.Fun

Boop.Fun is a MEME Token launch platform developed by the user "dingaling".

Mechanism:

Boop.Fun integrates the core mechanisms of Pump.fun and Believe, offering two issuance pathways: direct creation by the platform or on-chain deployment triggered by social tweets.

The platform's native Token $BOOP is the foundation of its incentive system. Active creators receive daily $BOOP airdrops, and Token holders receive rewards proportionally. Users who stake $BOOP can participate in daily airdrops and share 60% of the platform's SOL trading fee revenue, creating a multi-tiered reward structure.

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Trust Crisis:

Recently, the founder claimed to be the chief risk officer of a large trading platform, but this claim was publicly denied by the platform's CEO and implied that he was dismissed on suspicion of insider trading. Although the incident has not been fully clarified, the controversy has had a significant impact on the platform: daily active users have dropped by 56%, the number of tokens issued has plummeted from 10,877 to 1,072 ( a ) by 90%, the market performance has been volatile, and community trust has dropped significantly.

Platform Comparison Analysis

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

Pump.fun: The creator profit-sharing mechanism partially offsets the cost of token issuance and migration, providing creators with stronger incentives and facilitating the launch and maintenance of high-quality tokens.

LaunchLab: Low distribution fees and graduation criteria are attractive to creators, but they also lower the barrier to entry, leading to a proliferation of low-quality projects. A lack of core innovation or differentiation can affect its long-term competitiveness.

• Believe: Built on an innovative Token launch mechanism, it introduces a dynamic coalition curve to suppress early purchase behaviors and sets a higher graduation threshold. These measures address historical issues and enhance user protection. Although transaction fees are higher, they bring net gains in terms of fairness and sustainability.

• BOOP: Provides a highly integrated platform design that is attractive in the short term, but its performance is closely tied to the price of the native Token, increasing internal trading and trust risks. Following recent negative events, the platform's performance has clearly declined.

Conclusion

A successful MEME launch platform must be built on strong mechanisms or technical innovations that effectively address market challenges. Pump.fun has pioneered an integrated mechanism for token issuance and automatic liquidity migration, while Believe has optimized the socially-driven token issuance process. Currently, Pump.fun remains the industry leader, while Believe shows strong growth potential and is expected to capture more market share in the long term.

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Key Challenges Facing the Launch Platform for MEME Token

Currently, the MEME launch platform faces two core challenges:

1. User Protection Mechanism: Due to the low threshold and high-risk characteristics of MEME Token, the platform needs to strengthen the management of project quality and trading fairness. Key measures include team background verification, smart contract auditing, and a reputation scoring system to filter out low-quality projects, as well as anti-bot mechanisms such as address whitelisting, KYC, and transaction speed limits.

2. Multi-chain Deployment Capability: Most platforms are limited to a single blockchain, restricting scalability and user coverage. Expanding to a multi-chain architecture can enhance accessibility and cost-effectiveness, but it also brings technical challenges such as cross-chain security, data consistency, and fragmentation of user experience. Solutions include integrating cross-chain protocols and adopting modular blockchain frameworks while ensuring wallet support and interface uniformity.

In the future, launchpads that can address the above challenges and introduce innovative mechanisms to reshape user incentives will stand out from the ever-evolving on-chain launch ecosystem.