Behind the Meme Hype: Which Launchpad is Better?

What is On-chain Meme Launchpad?

On-chain meme launchpads are decentralized platforms built on blockchains, designed to simplify the creation process of meme coins. They provide tools for token creation, presale management, and liquidity on decentralized exchanges (DEXs) like Raydium or PancakeSwap, ensuring transparency and accessibility for users.

Launchpad Functionality:

The structural advantages of launchpads align well with the characteristics of meme tokens. In particular, their ability to rapidly build and mobilise communities complements the high community dependence typical of meme projects. As a result, meme-focused launchpads have gained greater traction compared to other types of token issuance platforms.

Meme Launchpad Chronicle

Emergence and Maturation of Meme Launchpad

The emergence of on-chain meme launchpads has reshaped early-stage token distribution by enabling rapid, permissionless creation of meme coins. Unlike traditional IDO-focused platforms, these launchpads prioritize speed, simplicity, and virality over due diligence or investor protection.

Starting mid-2024, Pump.fun gained notable attention, though even the most competitive alternatives, such as Moonshot and SunPump, captured only a small share. Pump.fun witnessed a surge in meme token launches, reaching an unprecedented peak in late 2024, with sustained activity continuing into early 2025.

Source: https://dune.com/adam_tehc/memecoin-wars 

Rise of New Contenders in Meme Launchpads

By late April 2025, the competitive landscape for on-chain meme launchpads began to shift. New entrants such as LetsBonk (build based on Launchlab), Believe (with a strong focus on social media integration), and Boop (featuring a novel fee-sharing mechanism) rapidly gained traction. These platforms collectively chipped away at Pump.fun’s previously unchallenged dominance.

According to @adam_tehc on Dune Analytics, Pump.fun’s market share declined to an all-time low of 56% on May 12, 2025. Its token graduation rate fell to just 0.82%, significantly lower than that of emerging competitors. Boopdotfun and LetsBONK.fun recorded notably higher graduation rates of 4.41% and 1.45%, respectively.

Meme Tokens Drive May’s On-Chain Activity Rebound

According to data from TokenInsight, the market capitalization of meme tokens has increased by 47% over the past 30 days, while trading volume has surged by 160%. The growing activity on meme launchpad platforms such as Pump.fun and LaunchLab has fueled speculative sentiment and driven increased participation from retail users. As of May 20, 2025, on-chain transaction volume had risen by 17.3% compared to the beginning of the month, with the meme sector identified as the primary contributor to this growth (Data from Defillama).

Source: https://defillama.com/ 

The following sections will detail each major meme launchpad's core features, user dynamics, and economic models.

Top Projects

Pump.fun

Pump.fun has established itself as the largest meme launchpad on Solana, capitalizing on Solana’s low fees and fast transaction speeds. Since its launch, the platform has enabled the creation of over 8 million tokens within just 13 months.

As a leading platform in the sector, Pump.fun has pioneered an integrated mechanism that combines token issuance with automated liquidity migration to decentralized exchanges. Pump.fun lowers the barrier to meme coin creation by offering a no-code interface tailored to non-technical users. Through a streamlined UI, users can deploy a new token by simply uploading a name, symbol, and image.

Mechanism:

On Pump.fun, the token launching process is fully automated. Through a streamlined user interface, users can deploy new tokens by simply uploading a name, symbol, and image. The platform employs a bonding curve pricing model driven by supply and demand, and does not include a pre-sale phase, effectively reducing the risk of early-stage arbitrage.

In its early phase, Pump.fun partnered with Raydium. Once a token’s market capitalization reached $69,000, the token will be automatically listed on Raydium (now redirecte to PumpSwap) and inject $12,000 in initial liquidity. The corresponding LP tokens are then permanently burned to ensure fairness and irreversibility. Developers also receive a 0.5 SOL incentive upon graduation.

This mechanism significantly lowered the barriers to meme token issuance and contributed to Pump.fun’s rapid rise during the meme cycle.

Pump.fun and Raydium Corporation Breakup:

The migration of bonding curve-based transactions to Raydium liquidity pools highlights Pump.fun’s early reliance on Raydium. While this model initially appeared mutually beneficial, the dynamic shifted significantly with the rise of Pumpswap and Launchlab.

On March 21, Pump.fun announced the launch of its native AMM DEX, PumpSwap. Following this update, liquidity for tokens graduating from the Pump.fun platform is no longer routed to Raydium, but instead redirected to PumpSwap.

In response, Raydium officially introduced its token launch platform, LaunchLab, on April 16. This marked the beginning of direct competition between Pump.fun and Raydium.

LaunchLab

LaunchLab adopts a mechanism broadly similar to that of Pump.fun, utilizing an automated bonding curve model for token issuance and pricing. As a token launch platform, it does not introduce fundamentally novel features in its core issuance process.

Its primary competitive advantage lies in its modular architecture, which enables seamless third-party integration and supports highly customizable issuance configurations—offering flexibility for developers seeking tailored token launch solutions.

Mechanism

1. Third-party integration:

LaunchLabs's core strength lies in its architecture supports third-party integration. According to its web interface, LaunchLab has already integrated with over 10 third-party platforms. A prime example is LetsBONK.fun, a meme launchpad created by the $BONK community, built on LaunchLab’s infrastructure.

Source: https://raydium.io/launchpad/?platform=FfYek5vEz23cMkWsdJwG2oa6EphsvXSHrGpdALN4g6W1 

2. High Customization

In addition, LaunchLab introduces additional refinements to its launching framework by offering two distinct modes:

• JustSendIt Mode: Designed for standardized and rapid issuance, this mode enables users to launch tokens with minimal configuration, catering to casual or first-time creators.
• LaunchLab Mode: Supports customized parameters, including total token supply, the portion of tokens allocated to the bonding curve, and token lock settings.Notably, in LaunchLab mode, developers are entitled to receive 10% of the LP transaction fees upon token graduation, providing a stronger incentive for high-quality project creation.

LetsBONK.fun - Third-party integration representative

According to @oladee, LetsBONK.fun has facilitated the creation of over 12,000 tokens per day, with the total number of launched tokens exceeding 80,000. At its peak, the platform captured 29% of the daily market share. Projects such as $Hosico and $USELESS represent top-performing tokens among those that have successfully graduated.

Source: https://dune.com/oladee/lets-bonk 

LaunchLab vs Pump.fun:

LaunchLab did not introduce any fundamentally new mechanisms and held only a slight advantage in the fee structure. However, on May 12, Pump.fun announced a 50% revenue share for token creators, effectively neutralising LaunchLab’s fee advantage. This strategic move drove Pump.fun’s market share back above 80%, marking a significant reversal in the competitive landscape.

LaunchLab has adopted a strategy of aggressively promoting third-party platforms to collectively erode Pump.fun’s market position. While this approach has led to some revenue pressure on Pump.fun, the absence of meaningful product innovation makes it unlikely for LaunchLab to challenge the dominant position of Pump.fun in the short term.

Believe

Believe was formerly known as Clout - a SocialFi platform developed by Ben Pasternak that focuses on celebrity token issuance. The project was announced on April 27, 2025. It received notable visibility once upon launch, with reposts from the official Solana account, Solana co-founder Anatoly Yakovenko (Toly), and Jupiter co-founder Meow. Since its launch, the Believe platform has facilitated the issuance of over 24,000 tokens, with a peak daily issuance of nearly 5,000 tokensand a maximum market share of 13.6% (data from @kunal).

Source: https://dune.com/kunal/launchacoin 

Mechenism

Believe's Token Launch adopts a social-driven issuance model through its “X Trigger” mechanism, allowing users to deploy tokens on the Solana blockchain by simply posting on X (formerly Twitter) with @LaunchACoin and specifying the token name. The entire process is executed automatically via backend services.

The platform employs a dynamic bonding curve model, with initially high transaction fees designed to deter sniping bots. As trading volume increases, the fee gradually decreases and stabilizes at 2%. This mechanism promotes fair market participation and mitigates early-stage manipulation.

Once a token’s market capitalization exceeds $100,000, it is automatically listed on the Meteora trading platform. Developers are incentivized through a 1% share of the total 2% transaction fee.

MakeNow.Meme: First X Trigger Meme launchpad Demise

Amid the emergence of numerous launchpads replicating Pump.fun’s model, Believe stands out for introducing a more innovative launch mechanism. However, it is important to note that Believe is not the first platform to adopt the X-based token launch model. That distinction belongs to MakeNow.Meme, which gained brief popularity in 2024 and pioneered this approach.

MakeNow was a project that enabled users to launch tokens via tweets on the X. It featured a dynamic bonding curve and zero-cost creation, offering a novel and accessible model. However, despite early interest, the project declined rapidly within a week. The main reasons for its short-lived traction can be summarised in two key points:

Lack of Anti-Sniping Mechanisms: The platform did not implement effective measures against Snipers. A delay before the contract address is posted allows insiders to buy low-cost tokens in advance, creating unfair advantages.

Absence of Ecosystem and Community Support: MakeNow lacked a dedicated user community or broader ecosystem backing.

Believe gained market recognition by addressing the core shortcomings of its predecessors. It builds on the foundation of an earlier SocialFi platform and benefits from ecosystem support by Solana and Jupiter. In addition, its use of a dynamic bonding curve helps mitigate sniping behaviour during the early stages of token trading, improving fairness and launch integrity.

Boop.Fun

Boop.Fun is a meme token launchpad developed by Dingaling, a co-founder of PancakeSwap.

Mechanism

Boop.Fun integrates the core mechanisms of Pump.fun and Believe, offering two issuance pathways: direct token creation via the platform or on-chain deployment triggered by posting on X with @beeponboop.

The platform’s native token, $BOOP, serves as the foundation of its incentive system. Creators of active tokens receive daily $BOOP airdrops, while holders are rewarded proportionally based on their token holdings, encouraging long-term engagement. Additionally, users who stake $BOOP can participate in daily airdrops and share 60% of the platform’s SOL transaction fee revenue, establishing a multi-tiered reward structure.

Reputational Pressure

Recently, BOOP.fun’s founder, known as "dingaling," claimed to have served as Binance’s Chief Risk Officer (CRO). However, Binance CEO CZ publicly refuted the existence of this role and suggested that the founder was dismissed due to alleged insider trading. Although the matter remains unresolved, the controversy has significantly impacted the platform: daily active users declined by 56%, and token issuance volume dropped sharply from 10,877 to 1,072—a 90% decrease. Consequently, market performance became volatile, and community trust in BOOP.fun weakened notably.

Which One is Better?

While Pump.fun remains the dominant player in the meme launchpad space, among the newer entrants, Believe holds a relatively competitive advantage.

Pump.fun: The introduction of creator profit sharing by Pump.fun has partially offset the costs associated with token issuance and migration. Additionally, this mechanism provides stronger incentives for creators to launch and maintain higher-quality tokens.

LaunchLab: While low launch fees, low graduation standards and zero-migration fees may appear attractive to creators, they also lower the entry barrier to a point where "scam" or "pump-and-dump" projects can proliferate. This undermines overall project quality. In the absence of core innovation or differentiation, the platform may face challenges in sustaining long-term growth and competitiveness.

Believe: Building on a new token launch mechanism, Believe introduces a dynamic bonding curve to deter early sniping activity, while also setting a higher graduation threshold. These measures address key issues observed in MakeNow.Meme and enhance user protection. Although trading fees are relatively high, the platform’s design trade-offs offer a net benefit in terms of fairness and sustainability.

BOOP: Boop.Fun offers a highly integrated platform design, and its token distribution model presents short-term appeal. However, the platform’s performance is closely tied to the price performance of its native token $BOOP, which increases exposure to risks such as insider trading and erosion of community trust. These concerns have been amplified amid recent negative publicity, during which the platform's overall performance has noticeably declined.

Conclusion

For a meme launchpad to achieve long-term viability, it must be built upon a robust core mechanism or technological innovation that effectively addresses prevailing market challenges. For example, PumpFun has pioneered an integrated mechanism that combines token issuance with automated liquidity migration to decentralized exchanges. And Believe has optimized the simple token issuance process driven by social media. Pump.fun remains the leading platform in the meme launchpad sector, while Believe has demonstrated strong growth momentum and shows potential to capture additional market share over the long term.

Key Challenges Facing Meme Token Launch Platforms

Currently, meme launchpads face two fundamental challenges:

1. User Protection Mechanisms: Due to the inherently low entry barrier and high-risk nature of meme tokens, platforms must mitigate user losses by addressing project quality and transaction fairness. This requires implementing robust project screening, such as team background verification, smart contract audits, and reputation scoring systems, to filter out fraudulent or low-quality projects. In addition, anti-bot mechanisms like address whitelisting, KYC procedures, and transaction rate limiting are essential to ensure fair access and prevent manipulation during initial token sales.

2. Multi-Chain Deployment Capability: Most platforms remain confined to a single blockchain, limiting scalability and user reach. Expanding to a multi-chain architecture enables broader accessibility and cost optimization, but introduces technical hurdles such as cross-chain security, data consistency, and user experience fragmentation. Solutions include integrating cross-chain protocols (e.g., LayerZero, Axelar) and adopting modular blockchain frameworks, while ensuring unified wallet support and seamless interfaces. Effective multi-chain expansion will be critical to the long-term growth of the meme token ecosystem.

Looking ahead, future meme launchpads that are able to address the core challenges outlined above, or introduce innovative mechanisms that reshape user and developer incentives, may also emerge as noteworthy players in the evolving on-chain launch landscape.