How can Bonk cleverly seize power and maintain its position?

Author: Blockworks Research Compilation: Shenchao TechFlow

@bonk_fun and @pumpdotfun are competing for dominance in the Launchpad. Bonk's rise over the past month has secured its leading position in Solana Launchpad revenue. What else can we discover by analyzing Bonk's growth? Let's delve deeper.

Before Bonkfun, Pumpfun issued a stable 30,000 to 40,000 tokens daily. Since Bonk took over, the total token issuance across platforms has remained relatively stable. However, Bonk's current daily token issuance exceeds 25,000 tokens, while Pump's daily token issuance is below 10,000 tokens.

As the number of tokens increases, the market value of Bonk's tokens also grows. With the continuous expansion of the platform's market share, the number of tokens with a market value exceeding 1 million dollars is also showing an upward trend.

We also found that the tokens with the highest market capitalization issued in the past 7 days mostly come from Bonkfun. The increase in issuance, trading volume, and market capitalization may be accelerating a flywheel effect, with traders favoring Bonk-based tokens due to their outstanding performance.

Interestingly, the proportion of high-frequency traders on the Pumpfun platform is higher than that on Bonk. This may indicate an increase in the presence of professional consumer traders or bots, which is quite interesting considering the overall growth of Bonk in terms of tokens and trading volume.

We also found that more than two-thirds of Bonkfun's trading volume comes from third-party trading applications. Meanwhile, Pump's proportion has decreased from over half to around 30% now.

A few months ago, Pump had a firm grip on the market. But in recent weeks, Raydium and Bonk have taken the token issuance market by storm, challenging Pump's position. With Pump's recent financing and token issuance, we can't help but wonder how the team will respond.