StonkFun is a Solana launchpad that lets anyone price a new token in almost any asset, from tokenized stocks and project tokens to SOL, stablecoins or its own STONK token. Launches run on Raydium's LaunchLab bonding curve and graduate into Raydium pools.
When StonkFun moved its launches onto Raydium's LaunchLab on Sep 5, revenue went from $38K a day to $1.40M a day in the following week and peaked at $2.48M on Sep 11. As the chart below shows, it took ~32% of revenue across the 13 launchpads tracked from Sep 6 to 28, second only to Pump's ~42%, and even briefly out-earned Pump on Sep 11.
The initial differentiator was the quote asset. On Pump almost everything was priced in SOL. On StonkFun, 39% of last week's launches were priced in tokenized stocks, ETFs or pre-IPO names. Pump added a similar feature within a week, adding Custom Pairs on Sep 9, yet it has taken only 21% of stock-paired launchpad trading on Solana since.
The other draw was the reward drop. Most StonkFun launches carry a 1% or 3% transfer tax that is paid out to holders in the quote asset several times a day, so holding a meme paired with NVDAx drips tokenized Nvidia into your wallet. Around $80M has been paid out through Sep 28. However, Pump's Holder Rewards, live Sep 12, now does the same from trading fees.
Revenue has been fading much like Pons's did. The chart below indexes each launchpad's daily revenue to its own peak day (Pons Sep 5, StonkFun Sep 11) and the curves sit almost on top of each other: 17 days out StonkFun was at 22% of peak, Pons was at 20% at the same point and is 11% today.
That highlights how cyclical launchpad revenue is, especially when competing with an established player like Pump. Notably, 68% of StonkFun's revenue comes from tokens under a day old, and the last three days averaged $537K.
However, valuation still prices STONK as a short-term fade. To build confidence in the token, about 60% of revenue buys and burns STONK, with nearly 19% of the supply already gone and the current pace annualizing to almost 100% of market cap.
As the final chart shows, STONK trades at ~0.6x trailing 30-day sales at ~$200M market cap, against 4.0x for PUMP and a 12.4x median for DeFi comps.
The gap can be explained from several angles. The market does not see current launchpad activity in aggregate as sustainable, and StonkFun is just three weeks into its initial spike. Pump also has over two years of history and owns its own trading front ends and DEX. Even so, the bar is low. If StonkFun can hold its share and keep the buybacks running, the market will likely have to rerate it above 0.6x sales.
— Sam
Sunrise-listed assets have grown from under $20M in weekly spot volume at the start of 2026 to nearly $980M today across more than 80 assets, showing Solana’s onchain market is getting both bigger and broader.
Crypto's premier institutional event is arriving in Asia this October 7.
Join us for a day of top-tier conversations and networking and hear CEO & Founder voices from the top protocols in the space.
So I am guessing @Collector_Crypt isn't the Coinbase partner since it has fully retraced the move or we just got another entry.
If this is indeed a partnership with @Collector_Crypt, it is huge. Coinbase has 7.6M monthly transacting users, far beyond CC’s current reach. If just 1% spend $2K once a month, below CC’s current ASPU, that would add $152M in monthly volume, a 55% increase from August.
Favorite panel of the conference so far. Had a blast chatting tokenized equities and the distribution with @valgui , @CarolineDPham and @JohannKerbrat . Banger year for KBW.
Tokenization goes mainstream 📈 @Official_Upbit @moonpay @xStocksFi @RobinhoodCrypto @Blockworks
Looks like the bottom could be in for solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx At a ~$241M market cap, today’s reported buyback pace annualizes to 83% of that valuation. Will be a great play if activity even just holds from here @LaunchOnSF
solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx generated $574K in revenue on September 28 versus Pump’s $2.32M, taking roughly 20% of their combined revenue. However, across September 6 to 28, STONK’s share was 42% Relative to STONK’s market cap, that revenue still looks
Day 3 of 30 building w the Blockworks API. I've often wondered what type of news event impacts price the most. Prompt: "using the blockworks api build a scoreboard of what actually moves crypto prices. take verified monitoring developments from the past year for the top 300 Show more
recent research
Research
Every distributed system inherits the physical limitations, or advantages, of the network it runs on. Physics-bound systems can optimize their execution layers, compress their state, and parallelize their runtime, and still lose time they cannot recover to the speed of light through fiber and the routing decisions of carriers that are not optimized for consensus. The public internet routes traffic by least cost, not best performance. For a system where the order and timing of messages determine who earns and who loses, that is a structural tax and a measurable networking design flaw for traders.
/