Unlocking Success: Metaplex, Raydium, and Axiom’s Secrets in Solana’s Coin War
Unveiling the Unsung Heroes of the Solana Launch Platform Battle: Metaplex, Raydium, and Axiom
Introduction to the Solana Ecosystem
In the dynamic landscape of cryptocurrency, the recent token launch of Pump.fun has stirred up considerable debate. However, amidst the clamor, certain players have emerged as pivotal forces in the Solana launch platform arena. These entities—Metaplex, Raydium, and Axiom—are not vying for headlines or speculating on token values; instead, they focus on infrastructure development and quietly reaping the benefits of increased user engagement.
Raydium: A Strategic Response to Competition
Following the unexpected launch of PumpSwap by Pump.fun, Raydium swiftly adapted its strategy. The platform not only introduced LaunchLab, a new token launch platform, but also collaborated with various projects through its SDK, including LetsBONK.fun, cook.meme, daoszn.fun, and leftcurve.ai. This SDK initiative has significantly bolstered Raydium’s competitive edge, particularly with the rapid success of LetsBONK, which has become a major contributor to Raydium’s growth.
As of July 9, data from Blockworks indicates that over 32,000 tokens have been launched on Solana, with nearly 19,000 originating from LaunchLab SDK—accounting for approximately 58.3% of the total. Notably, LetsBONK alone was responsible for over 18,000 tokens, representing an astounding 97.5% of LaunchLab SDK’s output, with a graduation rate nearing 98.3%.
In terms of market capitalization, the total value of tokens on Solana Launchpad surpassed $4.63 billion, with Pump.fun contributing a staggering 85.1%. However, LaunchLab SDK’s market value has surged by about 353.2% in the past month, with LetsBONK accounting for 85.5% of this growth.
On the trading front, Solana Launchpad recorded nearly $190 million in transaction volume on that day, with LaunchLab SDK facilitating approximately $97.207 million—65.2% of the total. An impressive 99.7% of this volume was attributed to LetsBONK. Revenue figures also reflect Raydium’s success, with Launchpad generating around $1.909 million, of which more than $1.375 million (72%) came from LetsBONK.
Overall, Raydium LaunchLab has outperformed competitors like Pump.fun across key metrics, including token launches, transaction volume, and revenue, solidifying its position within the Solana MEME ecosystem.
Metaplex: The Backbone of Token Creation
Metaplex stands as a foundational open-source protocol within the Solana network, equipping developers, creators, and enterprises with essential tools for building decentralized applications. To date, it has enabled the creation of over 900 million on-chain assets. Recently, its native token, $MPLX, gained attention after being featured in Binance’s Alpha section.
In the ongoing token creation frenzy, Metaplex has emerged as a significant beneficiary. According to official reports, its primary revenue source in the first half of the year stemmed from new assets generated through its protocol, including those from platforms like Pump.Fun, Believe, Raydium, and LetsBONK.
Data from DeFiLlama reveals that Metaplex’s revenue reached $35.82 million by July 10, with approximately $13.57 million earned in the first half of the year. Notably, June alone saw over 1 million tokens created via Metaplex, generating around $1.7 million in fees.
Metaplex retains a portion of the protocol fees from all new tokens and NFTs created, with 50% allocated for repurchasing $MPLX and reinvesting it into the Metaplex DAO. In the first half of this year, Metaplex repurchased 38.5 million $MPLX tokens, representing 3.9% of its total supply, with no further token unlock plans anticipated.
Axiom: Revolutionizing Trading Automation
As the competitive landscape of launch platforms evolves, Axiom has emerged as a leader in trading automation. This innovative user interface not only enhances the trading experience but has also become a critical factor in attracting traffic and users to various launch platforms.
Data from Blockworks indicates that Axiom consistently ranks at the forefront of trading automation and bot tools. On July 9, Axiom accounted for over 69.6% of the total transaction volume generated by trading robots, which reached $92.281 million that day.
Moreover, Axiom has established strong partnerships with numerous launch platforms, becoming a vital traffic source. On the same day, Axiom’s transaction volume on Pump.fun was a remarkable 63.6%, while it contributed 74.5% and 67.3% to LetsBONK and Believe, respectively, significantly enhancing transaction activity across these platforms.
According to Dune data, as of July 7, Axiom’s transaction volume hit $42.505 million, making up 72% of the total transaction volume of $59.219 million, with an average transaction amount of approximately $2,293. The platform boasted over 17,000 active users that day, capturing a market share of 49.1%.
In terms of revenue, Axiom has demonstrated impressive financial performance. Token Terminal data indicates that since its launch in January, Axiom’s cumulative revenue has exceeded $160 million, averaging about $1.7 million daily, while its active user base has approached 287,000, highlighting the market’s recognition of its offerings and potential for future growth.
Conclusion
In the competitive arena of Solana’s launch platforms, Metaplex, Raydium, and Axiom have emerged as key players, each contributing uniquely to the ecosystem’s growth. Their strategic initiatives and focus on infrastructure development have positioned them as the unsung heroes of this digital landscape, quietly shaping the future of token launches and trading experiences.
