On-chain MEME Token Launch Platform Depth Analysis

The on-chain MEME Token launch platform is a decentralized platform built on the blockchain, aimed at simplifying the process of creating MEME tokens. These platforms provide tools for token creation, presale management, and liquidity provision on decentralized exchanges, ensuring transparency and accessibility for users.

Functionality of the platform

The structural advantages of the launch platform are highly compatible with the characteristics of the MEME Token. In particular, their ability to quickly establish and mobilize communities complements the typical high community dependency of the MEME project. Therefore, launch platforms focused on MEME have garnered greater appeal compared to other types of Token issuance platforms.

MEME Launch Platform Development History

The emergence and maturity of the MEME launch platform

The emergence of the on-chain MEME launch platform has reshaped the early Token distribution model, enabling the rapid and permissionless creation of MEME Tokens. Unlike traditional platforms that focus on initial decentralized offerings ( IDO ), these launch platforms prioritize speed, ease of use, and viral distribution over due diligence or investor protection.

Starting in mid-2024, Pump.fun gained significant attention, despite alternatives like Moonshot and SunPump only capturing a small market share. The issuance of Pump.fun's MEME Token surged, reaching an unprecedented peak by the end of 2024, and remained active into early 2025.

The rise of new competitors in the MEME launch platform

By late April 2025, the competitive landscape of the on-chain MEME launch platform began to shift. LetsBonk(, built on Launchlab), and Believe(, which strongly focus on social media integration), as well as Boop(, which adopts a novel fee-sharing mechanism), rapidly gained attention as new entrants. These platforms collectively eroded the previous dominance of Pump.fun.

Pump.fun's market share dropped to a historic low of 56% on May 12, 2025. Its Token graduation rate fell to only 0.82%, far below that of emerging competitors. Boopdotfun and LetsBONK.fun have significantly higher graduation rates of 4.41% and 1.45%, respectively.

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MEME Token drives May on-chain activity rebound

In the past 30 days, the total market capitalization of MEME Tokens has increased by 47%, and trading volume has surged by 160%. The growing activity on MEME launch platforms such as Pump.fun and LaunchLab has ignited speculative sentiment and driven increased participation from retail users. As of May 20, 2025, on-chain trading volume has risen by 17.3% compared to the beginning of this month, with the MEME sector being regarded as a major contributor to this growth.

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Top Projects

Pump.fun

Pump.fun has established itself as the largest MEME launch platform on a certain blockchain, fully utilizing the low fees and fast transaction speeds of that blockchain. Since its launch, the platform has facilitated the creation of over 8 million Tokens in just 13 months.

As a leading platform in the field, Pump.fun has pioneered an integrated mechanism that combines token issuance with automated liquidity migration to decentralized exchanges. Pump.fun lowers the barrier for creating MEME tokens through a no-code interface tailored for non-technical users. With the simplified user interface, users only need to upload a name, symbol, and image to deploy a new token.

Mechanism:

On Pump.fun, the Token launch process is fully automated. The platform uses a supply and demand-driven joint curve pricing model and does not include a pre-sale phase, effectively reducing early arbitrage risk.

In its early stages, Pump.fun collaborated with a certain DEX. Once the Token's market value reaches $69,000, the Token will automatically be redirected to PumpSwap( for listing on a certain DEX) and inject $12,000 of initial liquidity. The corresponding LP tokens will then be permanently destroyed to ensure fairness and irreversibility. Developers will also receive a reward of 0.5 units of the native Token upon graduation.

This mechanism significantly lowers the threshold for the issuance of MEME tokens and facilitates the rapid rise of Pump.fun during the MEME cycle.

Pump.fun and a certain DEX partnership has collapsed:

The migration of trading based on the joint curve to a certain DEX liquidity pool highlights Pump.fun's early reliance on this DEX. Although this model initially appeared to be mutually beneficial, this dynamic has significantly changed with the rise of Pumpswap and Launchlab.

On March 21, Pump.fun announced the launch of its native AMM DEX, PumpSwap. After this update, the liquidity of tokens graduated from the Pump.fun platform will no longer be routed to a certain DEX, but will be redirected to PumpSwap.

In response, a certain DEX officially launched its Token launch platform LaunchLab on April 16. This marks the beginning of direct competition between Pump.fun and the DEX.

LaunchLab

LaunchLab adopts a mechanism similar to Pump.fun, utilizing an automated joint curve model for Token issuance and pricing. As a Token launch platform, its core issuance process does not introduce fundamentally new features.

Its main competitive advantage lies in its modular architecture, which supports seamless third-party integration and highly customizable issuance configurations, providing flexibility for developers seeking customized Token issuance solutions.

Mechanism:

1. Third-party Integration: The core advantage of LaunchLabs lies in its architecture that supports third-party integration. According to its web interface, LaunchLab has integrated with over 10 third-party platforms. A major example is LetsBONK.fun, a MEME launch platform created by the $BONK community, built on the infrastructure of LaunchLab.

2. Highly Customizable: In addition, LaunchLab further enhances its launch framework by providing two different modes:

   • JustSendIt mode: Designed for standardization and rapid issuance, this mode allows users to launch tokens with minimal configuration, catering to casual or first-time creators.

   • LaunchLab mode: supports customizable parameters, including total token supply, the proportion of tokens allocated to the joint curve, and token lock settings. It is worth noting that under the LaunchLab mode, developers are entitled to 10% of LP trading fees upon the graduation of the token, providing stronger incentives for the creation of high-quality projects.

LetsBONK.fun - Third-party integration representation:

LetsBONK.fun facilitates the creation of over 12,000 Tokens daily, with a total issuance of more than 80,000 Tokens. At its peak, the platform accounted for 29% of the daily market share. Projects such as $Hosico and $USELESS are among the best-performing Tokens that have successfully graduated.

LaunchLab vs. Pump.fun:

LaunchLab has not introduced any fundamentally new mechanisms, and only has a slight advantage in the fee structure. However, on May 12, Pump.fun announced that it would share 50% of its revenue with token creators, effectively offsetting LaunchLab's fee advantage. This strategic move has allowed Pump.fun's market share to rebound to over 80%, marking a significant reversal in the competitive landscape.

LaunchLab has adopted an aggressive strategy to promote third-party platforms in order to jointly undermine Pump.fun's market position. Although this approach has put some revenue pressure on Pump.fun, due to the lack of meaningful product innovation, LaunchLab is unlikely to challenge Pump.fun's dominance in the short term.

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Believe

Believe, originally named Clout, is a SocialFi platform developed by Ben Pasternak, focusing on celebrity Token issuance. The project was announced on April 27, 2025. Upon its release, it garnered significant attention, being shared by an official blockchain account, a co-founder of the blockchain, and a co-founder of a DEX. Since its launch, the Believe platform has facilitated the issuance of over 24,000 Tokens, with a daily issuance peak close to 5,000, and a maximum market share reaching 13.6%.

Mechanism:

The Token launch of Believe adopts a socially driven issuance model, allowing users to deploy a Token on a certain blockchain simply by tweeting with @LaunchACoin and specifying the Token name before X(, which was formerly known as Twitter). The entire process is executed automatically through back-end services.

The platform uses a dynamic joint curve model, with initially high transaction fees aimed at preventing bots from sniping. As trading volume increases, the fees gradually decrease and stabilize at 2%. This mechanism promotes fair market participation and mitigates early manipulation.

Once the market cap of the Token exceeds $100,000, it will be automatically listed on a certain platform. Developers are incentivized by sharing 1% of the total trading fees (2%).

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MakeNow.Meme: The Decline of the First X Trigger MEME Launching Platform:

As numerous launch platforms replicating the Pump.fun model emerge, Believe stands out due to its introduction of a more innovative launch mechanism. However, it is worth noting that Believe is not the first platform to adopt the X-based Token launch model. This honor belongs to MakeNow.Meme, which briefly gained popularity in 2024 and pioneered this approach.

MakeNow is a project that allows users to launch tokens through tweets on X. It employs dynamic joint curves and zero-cost creation, offering a novel and easily accessible model. However, despite early attention, the project quickly declined within a week. The main reasons for its fleeting moment can be summarized in two points:

• Lack of anti-bot buying mechanism: The platform has not implemented effective anti-bot buying measures. The delay before the contract address is released allows insiders to purchase low-cost Tokens in advance, resulting in an unfair advantage.

• Lack of ecosystem and community support: MakeNow lacks a dedicated user community or broader ecosystem support.

Believe gained market recognition by addressing the core flaws of its predecessor. It is built on the foundation of early SocialFi platforms and benefits from the ecosystem support of a certain blockchain and a certain DEX. Additionally, the use of its dynamic joint curve helps to mitigate the bot sniping behavior during the early stages of token trading, enhancing fairness and the integrity of the issuance.

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Boop.Fun

Boop.Fun is a MEME Token launch platform developed by Dingaling, a co-founder of a certain DEX.

Mechanism:

Boop.Fun integrates the core mechanisms of Pump.fun and Believe, providing two issuance methods: creating a Token directly through the platform or triggering on-chain deployment by tweeting with @beeponboop on X.

The platform's native Token $BOOP is the foundation of its incentive system. Active Token creators receive daily $BOOP airdrops, while holders receive rewards proportionate to their Token holdings, encouraging long-term participation. Additionally, users who stake $BOOP can participate in daily airdrops and share 60% of the platform's native Token trading fee revenue, thereby establishing a multi-tiered reward structure.

Reputation Pressure:

Recently, the founder of Boop.Fun claimed to have served as the Chief Risk Officer of a certain trading platform (CRO). However, the CEO of that trading platform publicly refuted the existence of such a position and suggested that the founder was fired for suspected insider trading. Although this matter has not been resolved, the controversy has had a significant impact on the platform: daily active users dropped by 56%, and the token issuance plummeted from 10,877 to 1,072------a decrease of 90%. As a result, market performance has become unstable, and community trust in Boop.Fun has significantly declined.

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Platform Comparison

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