- BONK has overtaken Pump.enjoyable in every day bonded Solana tokens.
- Is that this the start of a much bigger shift in the place capital flows on-chain?
Solana’s [SOL] memecoin ecosystem is gaining severe traction, accounting for 20% of the overall $54 billion memecoin market cap, with $11 billion in mixed worth.
Certain, Pump.enjoyable has taken the highlight with its explosive launch cycles. However beneath the floor, the information factors to a deeper structural shift.
Bonk [BONK], typically missed within the “hype”, is quietly tightening its grip on the ecosystem.
So, is BONK quietly turning into the spine of Solana’s meme economic system, whereas everybody else chases fast pumps?
BONK overtakes Pump.enjoyable in every day bonded tokens
Pump.enjoyable, launched in January 2024, redefined token creation on Solana. Inside a 12 months, it had raked in $368 million in income—averaging $1.5 million every day—and surpassed $700 million in complete income by year-end.
Over 11 million tokens had been launched by way of bonding curves, which required SOL to be locked to mint tokens, pushing costs up as bonding elevated.
However because the chart under reveals, Pump.enjoyable’s every day quantity dropped considerably, now averaging round $150 million per day, down from a yearly common of $400 million.
Supply: Dune
In distinction, BONK-linked platforms have now overtaken Pump.enjoyable in every day bonded SOL, capturing 53.2% of bonded exercise, marking a primary within the platform’s historical past.
This divergence is telling: Are merchants starting to rotate liquidity into extra structurally sticky protocols like BONK-linked platforms, signaling a maturation of Solana’s memecoin economic system?
SOL lockups sign a transfer past hype cycles
To gauge BONK’s SOL-bonded exercise, probably the most dependable metric is the TVL of Bonk Staked SOL.
On the sixth of July, DeFiLlama knowledge pegged the identical at $11.98 million, up from roughly $8 million in early Could. That’s an almost 50% rise in simply two months.
Certain, functionally it’s much like Pump.enjoyable’s bonding curve mannequin, the place customers bond SOL to mint tokens.
However in contrast to short-term hype cycles, this quantity really reveals actual dedication, SOL that’s being locked into BONK’s ecosystem long run.
Supply: DeFiLlama
So BONK flipping Pump.enjoyable in bonded token quantity for the primary time ever isn’t some fluke. As an alternative, it factors to a structural shift.
Pump.enjoyable may’ve kickstarted the wave, however BONK’s now pulling within the sort of capital that truly sticks. If this retains up, BONK might find yourself main Solana’s memecoin scene in Q3.
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