Pump.fun was an early Solana memecoin launchpad (launched Jan 2024). It lets anyone create a token with no code. Since launch, it powered over 2 million tokens and $100M+ revenue. Pump.fun uses a transparent “fair launch” model: no pre-sales or team allocation, just bonding-curve token creation. By mid-2025, however, LetsBONK.fun (Apr 2025) surged past Pump.fun. CoinGecko notes LetsBONK.fun “dethroned Pump.fun” in daily volumes and revenue in July 2025. LetsBONK.fun (Bonk.fun) Overview LetsBONK.fun is a new Solana launchpad built by the BONK community. It launched in April 2025, partnering with Raydium DEX. Every token on LetsBONK.fun is created with Raydium liquidity by default. This means new tokens have an immediate trading pool for better slippage. According to CoinGecko research , LetsBONK.fun’s share of Solana launchpads grew from 13% to 78% in July 2025 . By late July, LetsBONK.fun had overtaken Pump.fun in usage and revenues. Its fees fund BONK buybacks and community projects. In short, LetsBONK.fun offers a very transparent, Raydium-backed system for meme tokens. Volume and Trending Tokens Data show Pump.fun still has huge raw activity. A GeckoTerminal snapshot finds Pump.fun with 4.41 million trades and $264.4M volume in the past 24h. Top Pump.fun tokens include TrollHouse, Vine Coin, Fartcoin, etc. For example, TrollHouse (TROLL) had ~1,050 trades and $113K volume. Vine Coin (VINE) saw ~$6.2M volume with 16K trades. Fartcoin had an eye-popping FDV $989M and ~$5.0M in 24h volume. Other Pump.fun tokens like USEFUL COIN and Moby AI likewise show multi-million-dollar volume. By contrast, GeckoTerminal shows LetsBONK.fun with 92.6K trades and $33.4M volume in 24h. Its top coins include Useless Coin (USELESS) and Hosico Cat. Useless Coin, across its Raydium pools, had ~$13.1M volume and 12.8K trades. Hosico Cat had $2.34M volume with 6.9K trades. In summary, Pump.fun’s tokens have had larger collective volume, but LetsBONK.fun’s leaders such as Useless, Hosico, IKUN, etc. also draw significant attention. Liquidity & Mechanics for Pump.fun and LetsBONK.fun Pump.fun and LetsBONK.fun differ in launch mechanics. Pump.fun uses a bonding curve model. New Pump.fun coins start at $0. When users buy, price steps up. Once a token hits a target market cap, liquidity is graduated into a DEX pool (PumpSwap). In practice, Pump.fun’s interface outlines these steps Each coin is launched “fair” with no presale, buyers pile up on the bonding curve, and at a threshold (e.g. ~$69K market cap) liquidity (~$12K SOL) is deposited on Raydium and then burned. Thus, a Pump.fun token only has external liquidity after this “graduation” point. Many Pump.fun tokens never reach that stage (remaining with 0 SOL locked on the curve). Image: Pump.fun’s how-it-works steps showing the bonding curve launch process. Source: Pump.fun guide By contrast, LetsBONK.fun integrates with Raydium from the outset. Each new coin is paired with SOL (or USDC) liquidity via Raydium LaunchLab, so tokens have a trading pool immediately. This on-chain mechanism helps ensure price transparency. Soladex notes that every LetsBONK.fun launch is “verified, tracked, and visible on-chain,” with Raydium-backed liquidity for smoother trading. Both platforms emphasize on-chain processes (Pump.fun via its bonding-curve contract, LetsBONK via Raydium pools), so all token data is public. Pump.fun and LetsBONK.fun Successful Launches vs. Rugs Which memecoins have “made it” and which failed? On Pump.fun, successful launches tend to be those that graduate the bonding curve and see real trading. For example, Vine Coin and Fartcoin have large FDVs and millions in volume, suggesting holders still engage. In contrast, many Pump.fun creations never traded beyond launch. For instance, a token like Walmart Token (WMC) (born 12h ago) still shows 0% bonded and $0 volume on Pump.fun. This means no one has driven its price above zero or traded it on the curve yet. These tokens effectively remain unlaunched in practice. Rugged projects can arise when creators pull liquidity after graduation. Pump.fun’s guide even warns that creators could still dump after everyone buys, though initial equal launch reduces pre-allocation risks. While on LetsBONK.fun, top tokens like Useless Coin and Hosico Cat have gathered substantial liquidity and trading. Their large volumes and multiple pools suggest active pools with real liquidity, for example, Useless Coin’s USDC pool had ~$13M traded. Because liquidity is open from day one, a rug would require removing locked pool tokens. The BONK ecosystem even uses trade fees to buy and burn BONK, aligning incentives for community gains. Smaller LetsBONK tokens like “bozo the bull” show modest trades at $53K and low liquidity, implying these are low-interest or risky picks. In short, both platforms have big “winners” such as Fartcoin, Vine, Useless, Hosico and many small or zero-volume tokens. The difference is in structure, while Pump.fun’s bonding curve lets volume build slowly, LetsBONK.fun’s Raydium pools create immediate liquidity. Final Thoughts Pump.fun and LetsBONK.fun both democratize Solana token launches, but they have notable contrasts. Pump.fun launched first and at one point led in token count and volume. Its key feature is the bonding-curve fair launch; it helped millions of trades over two years, but was challenged by new players. LetsBONK.fun launched soon after, backing every token with Raydium liquidity. By mid-2025, LetsBONK.fun had surged to about 70–80% of new meme token activity. In the end, both platforms see a mix of hits and flops. Pump.fun remains a “pioneer” (as its branding says) with deep trading history, while LetsBONK.fun has become a high-volume alternative with on-chain BONK integration. Sources: Data are drawn from the Pump.fun and LetsBONK.fun platforms (via GeckoTerminal summaries . Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !