Solana issue coin war, what are the winning secrets of Metaplex, Raydium, and Axiom?

Author: Nancy, PANews

Despite the controversies surrounding the token issuance by Pump.fun, PVP games continue to thrive. Behind this commotion, some hidden winners do not seize the narrative, do not gamble on coin prices, but are responsible for building the stove, lighting the fire, and then quietly collecting chips in the flow. This article will deeply analyze Metaplex, Raydium, and Axiom from the data perspective, revealing how they have become the stable behind-the-scenes players winning effortlessly in the Solana launch platform battle.

Raydium

After Pump.fun "backstabbed" by launching its own DEX PumpSwap, Raydium responded quickly by not only launching the token launch platform LaunchLab but also by collaborating through SDK to introduce multiple similar platforms, including LetsBONK.fun, cook.meme, daoszn.fun, and leftcurve.ai. This SDK strategy significantly enhanced the competitiveness of Raydium LaunchLab in the Solana launch platform, especially with the explosive growth of LetsBONK, which became a key driving force.

In terms of the number of tokens launched, according to data tracked by Blockworks on July 9, over 32,000 tokens were created on the Solana Launchpad, with nearly 19,000 of them coming from the LaunchLab SDK, accounting for about 58.3%. Furthermore, LetsBONK created over 18,000 tokens on that day, with a proportion from the LaunchLab SDK reaching as high as 97.5%, and the token graduation rate was close to 98.3%.

As of July 9, in terms of market capitalization of tokens, the total market capitalization of the Solana Launchpad exceeded $4.63 billion, with Pump.fun contributing 85.1% of the share, while LaunchLab SDK only accounted for 9.2%. However, it is worth noting that the growth rate of the market capitalization of tokens on LaunchLab SDK is quite fast, having increased by approximately 353.2% over the past month. Among them, LetsBONK contributed 85.5% of the market capitalization of LaunchLab SDK.

In terms of trading volume, the Solana Launchpad achieved a total trading volume of nearly $190 million on that day, of which approximately $97.207 million was traded through the LaunchLab SDK, accounting for 65.2%, and 99.7% of that trading volume came from LetsBONK.

Additionally, in terms of revenue, the Solana Launchpad generated approximately $1.909 million in total revenue on July 9, contributing over $1.375 million, accounting for 72%. Among this, LetsBONK's revenue accounted for as much as 79.8%.

Overall, driven by the strong momentum of LetsBONK, Raydium LaunchLab has surpassed competitors such as Pump.fun in several core metrics, including the number of token launches, trading volume, and platform revenue, significantly enhancing its influence in the Solana MEME ecosystem. Additionally, Raydium LaunchLab will allocate 25% of the transaction fees for repurchasing the RAY token.

Metaplex

As a core open-source protocol on Solana, Metaplex provides developers, creators, and businesses with a complete set of tools and standards for building decentralized applications, facilitating the creation of over 900 million on-chain assets to date. Its native token $MPLX has recently been launched on Binance's Alpha section, attracting market attention.

In the battle of launch platforms on Solana, Metaplex has become a beneficiary of the minting craze. According to official disclosures from Metaplex, the main source of revenue in the first half of this year was new assets created through the protocol, including tokens created by platforms such as Pump.Fun, Believe, Raydium, LetsBONK, Jupiter Studio, Boop, Meteora, and Time.fun, all using the Metaplex standard.

According to DeFiLlama, as of July 10, Metaplex's revenue reached $35.82 million, earning approximately $13.57 million in the first half of this year. In June alone, the Solana launchpad created over 1 million tokens through Metaplex, with the protocol's fees reaching about $1.7 million that month.

Metaplex will charge a certain percentage of protocol fees from all newly created tokens and NFTs, of which 50% will be used to repurchase $MPLX and inject it into the Metaplex DAO. In the first half of this year, Metaplex has repurchased a total of 38.5 million $MPLX tokens, accounting for 3.9% of the total supply, and there will be no further token unlocking plans in the future.

Axiom

The competitive landscape of the Launchpad market continues to evolve, with trading robots represented by Axiom gradually achieving easy wins. These efficient user entry points not only optimize the trading experience but also become the core competition point for various launch platforms in the battle for traffic and users.

According to data from Blockworks, Axiom has long held the top spot in the trading automation and bot tool platform. For example, on July 9, the total trading volume of these trading bots reached $92.281 million, with Axiom contributing over 69.6%, demonstrating strong market penetration.

At the same time, Axiom has deeply integrated with multiple launch platforms, becoming an important traffic entry point. According to Blockworks data, on July 9th, Axiom accounted for as much as 63.6% of the trading volume on Pump.fun, with trading volume shares of 74.5% and 67.3% on LetsBONK and Believe, respectively, significantly boosting the trading activity on various launch platforms.

According to the usage of trading bots on the Solana chain, Dune data shows that as of July 7, Axiom's trading volume reached $42.505 million, accounting for 72% of the total trading volume ($59.219 million), with an average transaction amount of approximately $2,293, far exceeding competing platforms like Moonshot and Photon; on that day, the number of active users exceeded 17,000, and the market share reached 49.1%.

In terms of revenue, Axiom has demonstrated a strong ability to attract funds. According to Token Terminal, since its launch in January this year, Axiom's cumulative revenue has surpassed $160 million, with an average daily income of approximately $1.7 million; and the number of active users has also approached 287,000, reflecting the market recognition of its products and the potential for user growth.