Who will dominate the Solana chain casino? Analyze the evolution of Meme token launch pad and ecological game

Reprinted from panewslab
05/14/2025·1MAuthor: samoyedscribes
Compiled by: TechFlow
Comparison of token launch platforms on Solana, translated by Shenchao TechFlow (original image from @samoyedccribes and SIGNUM CAPITAL)
A brief history of token launch platforms
Token launch pads have become a mature field in the crypto ecosystem, providing projects with a structured avenue to raise funds and initiate liquidity. Prior to the rapid rise of Pump.fun, this field was dominated by protocols that were more suitable for initial decentralized exchange issuances (IDOs). Protocols such as CoinList, PinkSale Finance and Fjord Foundry are the first choices to launch projects on blockchains such as Ethereum and Binance Smart Chain (BSC). These launch pads usually serve mature agreements with dedicated builders and usually operate in a more selective environment where investors often need to go through a whitelist to participate in specific fundraising activities. These barriers to entry make them less accessible to smaller protocols and less formal projects such as meme coins or experimental tokens.
Why is Pump.fun so influential?
The emergence of Pump.fun is praised by some as Solana’s king-maker because it plays a major role in promoting the chain’s dominance. Launched on Solana, Pump.fun leverages blockchain’s low-cost and high-speed transactions to revolutionize token issuance. Unlike its predecessors, Pump.fun introduced a standardized mechanism to destroy liquidity pool (LP) tokens at startup to ensure liquidity cannot be pulled away - a feature that provides additional trust for retail participants, although the platform also failed to completely avoid manipulation from some insiders.
The number of tokens created by Pump.fun since its inception
What really has influence in Pump.fun is its decentralized approach. It allows anyone, not just a mature agreement, to raise funds and initiate liquidity in a fair way. As of now, more than 10 million tokens have been launched on Pump.fun. This accessibility makes Pump.fun a hotbed of the Solana meme coin frenzy, leading to Solana being called the "on-chain casino". Other chains tried to take the title away, but none of them succeeded. Pump.fun's model is the first to allow new token issuance to spread on an unprecedented scale.
However, is this net positive or negative for the crypto space? On the one hand, Pump.fun lowers the barrier to entry and promotes creativity and experimentation. On the other hand, it also opens the floodgates for low-quality projects and large-scale liquidity extraction events. Some people believe this is harmful to the long-term health of the ecosystem. Time will tell, because the market will correct itself at the right time.
Makenow.meme—the earliest iteration
The number of tokens created since the establishment of Makenow.meme
After Pump.fun's success, Makenow.meme emerged as an early competitor, aiming to further advance this concept by integrating directly with platforms such as X. The idea is to let users create tokens directly by tagging Makenow.meme on X, thus making token issuance a seamless, user-friendly experience. In theory, this looks like a promising decentralized application for the masses, combining social media with crypto innovation. However, despite the potential advantages, Makenow.meme has encountered difficulties in finding product market fit (PMF). The adoption of the platform is not ideal, resulting in a rapid reduction in user activities after they are launched. Despite the novel concept, there is a lack of the execution and incentives needed to drive mainstream adoption.
Pump.fun The recovery of competitors
Pump.fun's dominance did not last long. A critical moment came when Pump.fun decided to migrate its "graduate" token (token that meets a certain market capitalization threshold) from Raydium to its own Pumpswap decentralized exchange (DEX). The move sparked a wave of competition, which Raydium responded to launch its own token launcher LaunchLab. In addition, Believe launched a product similar to Makenow.meme that allows users to issue tokens on X, while Bonk also launched its own launch pad, the LaunchLab technology stack based on Raydium. Recently, Boop entered the market under the leadership of Dingaling (the founder of Pancakeswap, LooksRare, etc.).
Boop, the most promising newcomer
Boop stands out for its innovative approach and “interesting” Ponzi economics. Boop introduced a fee-sharing mechanism, a feature that addresses a major point in Pump.fun: the lack of incentives for token creators and early adopters. Boop also adopts an active user guidance strategy to attract users. It is worth mentioning that some core DeFi users have obtained $BOOP airdrops, but there is a condition. They must issue tokens, market, and call on others to buy tokens that they have airdropped. In addition, Boop provides fee sharing, airdrops and other incentives for token deployers, $BOOP holders and holders of recently “graduated” tokens. Although still in its early stages, Boop’s dynamic incentive structure and willingness to rethink the possibility of launch pads may foster a loyal and engaged user base over time.
Summary and thoughts
Thanks @jeff_w1098 for your contribution on X
There is no doubt that the token launcher space on Solana is becoming increasingly saturated. The ability to fork protocols is a basic feature of blockchain and does not have a negative impact in nature. However, the surge in nearly the same products may dampen innovation because they offer very little differentiation, resulting in a crowded market with dispersed user attention and liquidity.
Instead, the crypto space should encourage projects like Boop, under Dingaling, to iterate the design of existing products. By introducing novel incentive structures and rethinking user guidance, Boop shows that there is still room for innovation in this field. As the market grows, the key to success is to strike a balance between accessibility and sustainability, ensuring that the token launcher not only empowers creators but also promotes a healthier and more resilient crypto ecosystem.