Gate Research Institute: In-depth Analysis of the Traffic War between Letsbonk.fun and Pump.fun

Summary

• Product design: Pump.fun's token page is more informative, in addition to the basic buying and selling functions and candlestick charts, it also designs story backgrounds and message boards, so that users can have a deeper interaction with the token project team. In order to accelerate the promotion of tokens by the project team, Pump.fun has built a live broadcast channel as a bridge between the project team and users, further enhancing the interaction between the two parties. In contrast, Letsbonk.fun is still in its early stages, complex interactions have not yet been developed, product features are simpler, and the overall user experience and interactivity are weak.

• Meme Narratives: The narratives of the Pump.fun platform can be divided into four main categories: AI Meme, Zoo Meme, Art Meme, and AI Agent, with relatively rich narratives. The Meme narratives of the Letsbonk.fun platform are still primarily based on traditional zoo narratives, with less involvement in AI, art, and celebrities.

• Trading Mechanism and Liquidity: In terms of trading models, the Bonding Curve model used by Pump.fun has now become a common paradigm for one-click token issuance platforms, and Letsbonk.fun has also adopted this model. The top ten holders of multiple hundred-fold tokens on the Pump.fun platform include the market maker Wintermute, while there are no market maker addresses in the mainstream Memecoin holdings on the Letsbonk.fun platform. From the perspective of institutional capital, Pump.fun still has a clear advantage over Letsbonk.fun.

• Community operations and social media public opinion: In terms of social media public opinion, Letsbonk.fun occupies a relatively advantageous position. In January 2025, the on-chain address of Pump.fun transferred 90,000 SOL to the centralized exchange Kraken again and sold the SOL on the exchange. At the launch of the Letsbonk.fun platform, an incentive program for Memecoin project parties was announced, along with a $10,000 incentive program launched jointly with BonkAI.

• Summary: Letsbonk.fun has become the biggest challenger to Pump.fun, and the two have different resource endowments in the chain of Memecoin issuance. Pump.fun Driven by technology and capital, and through strong code strength, the threshold for the project party to issue coins has been lowered. It's a top-down strategic thinking. The Letsbonk.fun team's BONK token itself has become one of the iconic memecoins on the Solana chain, and the team has rich experience in community operations, so it has created a one-click coin issuance platform from the bottom up, which is a typical bottom-up strategic thinking.

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