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Quick Comparison Table (Live DeFiLlama Fee Data)
| Platform | Daily Fees | Weekly Fees | Chain | Status |
|---|---|---|---|---|
| pump.fun | ~$870K | ~$6.5M | Solana | 🟢 Dominant #1 |
| Bags (bags.fm) | ~$42K | ~$393K | Solana | 🟢 Active #2 |
| BONK.fun (LetsBonk) | ~$18K | ~$130K | Solana | 🟢 Active #3 |
| Raydium LaunchLab | ~$2K | ~$15K | Solana | 🟡 Growing |
| boop.fun | ~$0 | ~$0 | Solana | 🔴 Quiet |
Fee data sourced from DeFiLlama. Updated February 2026.
Pump.fun: The Original and Still the King
What Is Pump.fun?
Pump.fun launched in January 2024 and single-handedly invented the modern memecoin launchpad model on Solana. The concept is elegantly simple: anyone can create a token in under 60 seconds for roughly 0.02 SOL, and that token trades along a bonding curve until it hits a graduation market cap (around $69,000). Once it graduates, the liquidity automatically migrates to Raydium, where anyone can trade it on the open market.
No rug pulls from LP removal (in theory) — the bonding curve mechanism ensures liquidity is locked until graduation. No pre-sales, no team allocations, no VC rounds. Fair launch or nothing.
How It Works
- Pay ~0.02 SOL to deploy your token
- Set a name, ticker, image, and description
- Token starts trading on a bonding curve — early buyers get cheaper prices
- When the token raises ~$69K worth of SOL on the curve, it “graduates”
- Pump.fun deposits the SOL + remaining tokens into a Raydium LP
- The LP is burned — liquidity is permanent
Every buy and sell on the bonding curve incurs a 1% fee, which goes to the Pump.fun protocol. With over $700M in cumulative fees generated and ~$870K per day as of February 2026, Pump.fun is one of the most profitable DeFi protocols ever built.
The Numbers
- Tokens launched: Over 5 million since launch
- Market share: ~95%+ of all Solana memecoin launches
- Daily fees: ~$870K (DeFiLlama, Feb 2026)
- Weekly fees: ~$6.5M
- Graduation rate: Roughly 1–2% of all tokens launched graduate to Raydium
Pros
- Deepest liquidity and traffic — buyers will find your token here first
- Proven model — the bonding curve graduation is understood by the market
- No coding required — anyone with a Phantom wallet can launch in 60 seconds
- Built-in discovery — Pump.fun’s feed shows trending tokens in real time
- Integrations — every major trading bot (Trojan, Bullx, GMGN) supports Pump.fun natively
Cons
- Controversial history — livestreaming features caused significant issues in 2024; multiple high-profile controversies damaged reputation
- Rugs still happen — the mechanism prevents LP rugs but dev token dumps are common
- Airdrop delays — a PUMP token has been teased since launch but not delivered as of early 2026, frustrating early supporters (see our Pump Fun Airdrop Guide)
- Saturated — with 5M+ tokens, standing out is nearly impossible without marketing budget
- No customization — one bonding curve template fits all
Verdict: 9/10
Pump.fun is the default for a reason. If you’re launching a token and want maximum visibility, it’s still where you start. If you’re trading, the liquidity depth can’t be matched. The controversies hurt its brand but not its revenue — ~$870K/day in fees doesn’t lie.
Bags (bags.fm): The Legitimate #2 Challenger
What Is Bags?
Bags — accessible at bags.fm — has quietly emerged as the real #2 memecoin launchpad on Solana by actual fee revenue. With ~$42K/day in fees and ~$393K/week according to DeFiLlama, Bags generates more than double the fee revenue of BONK.fun and is the only platform that has established genuine, consistent traction as a pump.fun alternative.
While it represents roughly 5% of pump.fun’s volume, that’s a meaningful slice of a massive market — and it’s been growing steadily rather than riding hype waves. The Bags team has taken a developer-first, infrastructure-focused approach that sets it apart from the copy-and-tweak competitors.
How Bags Is Different
The core technical differentiator is Bags’ use of Meteora’s Dynamic Bonding Curve (DBC) infrastructure and DAMM v2 (Meteora’s concentrated liquidity AMM) for post-graduation trading. This is meaningfully different from pump.fun’s custom bonding curve:
- More capital-efficient curves — Meteora’s DBC provides better price discovery and tighter spreads during the bonding phase
- Superior post-graduation liquidity — tokens graduate into DAMM v2 concentrated liquidity positions, not a basic Raydium AMM pool, giving traders better execution
- Built-in fee sharing — Bags has a native fee-splitting system where creators can share trading fees with up to 100 fee claimers (streamers, partners, referrers) identified by Twitter, GitHub, or Kick usernames
- Developer API — a full REST API and TypeScript SDK for launching tokens programmatically, making Bags the go-to choice for bots, agents, and automated memecoin strategies
How It Works
- Launch a token on bags.fm — similar ~0.02 SOL fee structure
- Configure fee sharing: split trading fees with partners, streamers, or anyone with a linked social account
- Token trades on a Meteora DBC bonding curve
- On graduation, liquidity migrates to a DAMM v2 concentrated pool — better than a basic AMM
- Fee claimers receive their share of all trading fees automatically
The fee-sharing mechanic is genuinely innovative. A creator can launch a token and have a portion of all future trading fees automatically route to a content creator who promoted it, an influencer partner, or a DAO treasury — all configured at launch and enforced on-chain.
The Numbers
- Daily fees: ~$41.7K (DeFiLlama, Feb 2026)
- Weekly fees: ~$393K — #2 on Solana, ahead of BONK.fun
- Infrastructure: Meteora DBC + DAMM v2
- Fee claimers per launch: Up to 100 (via Twitter, GitHub, Kick)
- API: Full REST API + TypeScript SDK available at dev.bags.fm
Pros
- Proven #2 by real data — not hype; DeFiLlama shows consistent fee revenue that puts it clearly ahead of every other pump.fun competitor
- Superior post-graduation liquidity — DAMM v2 concentrated liquidity gives traders better execution than basic AMM pools
- Native fee sharing — split fees with up to 100 partners on-chain; powerful for influencer-led launches and protocol revenue models
- Developer-friendly — full API and SDK for programmatic token launches; best option for builders and bots
- Meteora infrastructure — battle-tested DBC curves, not a one-size-fits-all fixed model
Cons
- Lower brand recognition — Bags doesn’t have pump.fun’s viral name; retail discovery is harder
- Smaller audience — ~5% of pump.fun’s volume means fewer organic eyeballs on new launches
- More complex setup — fee sharing configuration adds steps that casual creators may find confusing
- No native token/airdrop — no announced BAGS token airdrop as of Feb 2026 (could change)
Verdict: 8/10
Bags is the real deal. If you’re a developer or serious creator who wants fee-sharing mechanics, better post-graduation liquidity, or a programmable launch pipeline, Bags is the most technically sophisticated launchpad on Solana. For retail degens just wanting to launch quickly, pump.fun’s traffic advantage is still hard to beat — but Bags is worth watching as it continues to close the gap.
BONK.fun (LetsBonk): The BONK Community’s Answer
What Is LetsBonk?
LetsBonk — reachable at letsbonk.fun (which redirects to bonk.fun) — is a memecoin launchpad backed by and built for the BONK ecosystem. It’s #3 by actual fee revenue at ~$18K/day according to DeFiLlama, making it a genuine (if distant) third option in the Solana launchpad space.
Think of it as Pump.fun but with BONK as the quote currency instead of SOL, and a deflationary twist: when a token graduates, a portion of the BONK used is permanently burned, reducing the total supply of BONK. This creates a compelling flywheel for BONK holders — more token launches on LetsBonk = more BONK burned = more scarce supply.
How It Works
The mechanics mirror Pump.fun closely:
- Pay a small SOL fee (~0.01 SOL) to deploy your token
- Your token trades on a bonding curve priced in BONK
- Buyers need BONK to buy in (or use SOL which gets auto-swapped)
- At graduation, BONK is burned, remaining supply + SOL migrates to LP
- Token trades freely on open DEXs
The BONK burn rate on graduation makes this deflationary for BONK over time. As LetsBonk has grown, the total BONK burned through graduations has become a meaningful metric tracked by the community.
The Numbers
- Daily fees: ~$17.8K (DeFiLlama, Feb 2026) — #3 on Solana
- Launched: Mid-2024 as a direct Pump.fun competitor
- BONK burned: Hundreds of billions of BONK burned through graduated tokens
- Fee structure: ~1% on trades, portion goes to BONK burn
Pros
- BONK alignment — holding BONK and using LetsBonk is a synergistic strategy; your holdings get more scarce with every graduation
- Deflationary mechanics — every graduation is provably good for BONK supply
- Community backing — BONK has one of Solana’s strongest communities; visibility for new tokens is real
- Slightly lower launch cost than Pump.fun
- Clean UI — the interface is well-designed and competitive with Pump.fun
Cons
- BONK friction — buyers need BONK exposure, which adds a step for pure SOL traders
- Lower liquidity than Bags — despite being more well-known by brand, LetsBonk actually generates less fee revenue than Bags (bags.fm)
- Smaller audience — fewer eyeballs = slower price discovery for new tokens
- BONK price volatility — if BONK dumps, the entire quote currency weakens
Verdict: 7/10
LetsBonk is the smart choice if you’re already a BONK believer. For pure memecoin traders, the extra BONK step adds friction. For BONK bulls who want to support the ecosystem while farming new tokens, it’s excellent. Check out our Bonk Bot Review for the best way to trade BONK-paired tokens automatically.
Raydium LaunchLab: The Builder’s Launchpad
What Is Raydium LaunchLab?
Raydium LaunchLab is Raydium’s official answer to Pump.fun — but instead of targeting retail memecoin creators directly, it’s designed as infrastructure for other projects to build their own launchpads on top of.
Think of LaunchLab less as a single platform and more as a launchpad engine. When Football.fun launched (see our Football.fun Review), it ran on Raydium LaunchLab. Third-party teams can white-label the LaunchLab infrastructure, customizing the bonding curve parameters, quote currencies, graduation thresholds, and fee splits.
For retail users, you can still go directly to raydium.io/launchpad to create tokens — but LaunchLab’s real power is what it enables builders to create. At ~$2K/day in fees, it’s #4 in the market but growing as more projects build on top of it.
How It Works
LaunchLab uses the same core bonding curve → graduation → LP lock model, but with key differences:
- Customizable bonding curves — builders can choose the curve shape (not limited to one fixed model)
- Any quote token — SOL, USDC, RAY, or custom tokens can be the quote currency
- Configurable graduation — the market cap threshold for graduation is adjustable
- Fee routing to RAY — protocol fees feed into RAY buybacks, making LaunchLab bullish for RAY holders
- White-label — any team can build their own branded launchpad on the infrastructure
The Numbers
- Daily fees: ~$1–2K (DeFiLlama, Feb 2026) — #4, growing
- Launched: Q3 2024
- Notable deployments: Football.fun, multiple other themed launchpads
- Fee: Varies by deployment; typically 0.25–1% trade fees
- RAY buybacks: Portion of all LaunchLab fees go to RAY token buybacks
Pros
- Maximum flexibility — the most customizable launchpad tech on Solana
- RAY ecosystem benefit — using LaunchLab is bullish for RAY holders
- Multiple quote currencies — tokens can trade against SOL, USDC, or custom tokens
- Battle-tested infrastructure — Raydium has processed more DEX volume than almost any Solana protocol
- Builder-friendly — SDK available for teams that want to build on top
- No single point of failure — decentralized across multiple front-ends
Cons
- Complexity — retail users need to navigate to specific front-ends; there’s no single “launchlab.com”
- Fragmented liquidity — volume split across multiple LaunchLab deployments instead of one platform
- Less brand recognition — “LaunchLab” doesn’t have Pump.fun’s viral name recognition
- Discovery is hard — no unified trending feed across all LaunchLab deployments
Verdict: 8/10
If you’re building a protocol or themed launchpad, LaunchLab is the obvious choice — it gives you everything you need without building from scratch. For retail traders, it’s most relevant when a LaunchLab-powered project like Football.fun has interesting token launches. For pure memecoin degens, Pump.fun’s unified interface is still easier.
Heaven: Currently Inactive ⚠️
What Was Heaven?
Heaven positioned itself as a creator-first launchpad with anti-sniper protections, better analytics, and optional token vesting — a thoughtful differentiation from Pump.fun’s raw speed-first approach. On paper, the pitch was compelling.
In practice: Heaven is currently showing ~$0/day in fees on DeFiLlama, which means it’s effectively inactive. There’s little to no meaningful creator or trading activity on the platform as of February 2026.
This is a cautionary tale in the launchpad space — good ideas don’t automatically translate to user traction, and without a critical mass of traders, even the best feature set can’t sustain a platform. We’re leaving this section here for historical context, but if you’re making a practical decision right now, Heaven is not a viable option.
Verdict: ⚠️ Currently Inactive
Avoid for now. If Heaven relaunches with new funding or a redesigned approach, we’ll update this section. For the anti-sniper and creator analytics features that Heaven promised, keep an eye on whether pump.fun or Bags adds similar tooling — both have the traffic to make those features meaningful.
Boop.fun: The Social Launchpad (Currently Quiet)
What Is Boop.fun?
Boop.fun takes a fundamentally different approach to memecoin launching: it’s as much a social platform as it is a launchpad. Think Pump.fun with a Twitter-like social layer baked in. Creators and traders get profiles, tokens have comment threads, there are reactions, follower counts, and a feed optimized for social signals rather than just raw volume.
The platform launched its own native token, BOOP, which had an active airdrop campaign rewarding early platform participants.
Current status: DeFiLlama shows ~$0/day in fees for boop.fun as of February 2026. The platform has gone quiet — whether this is a temporary lull or a more permanent trend is unclear, but the trading activity that drove the initial buzz has largely dried up.
How It Works
- Create a profile (wallet-connected, with optional username and bio)
- Launch a token with the familiar ~0.02 SOL fee
- Token page shows comments, creator reputation score, and follower count
- Trading mechanics follow the standard bonding curve model
- Social engagement (comments, reactions, follows) earns BOOP points toward airdrop eligibility
Pros
- Innovative social model — the concept of following successful launchers and seeing community reaction before committing is genuinely useful signal
- Creator reputation system — serial ruggers get visible bad reputation; creates accountability
- Fun UX — genuinely more enjoyable to use than Pump.fun’s raw feed
- BOOP airdrop — if you participated early, rewards may still be claimable (see our Boop.fun Airdrop Guide)
Cons
- Currently inactive — ~$0/day in fees means essentially no real trading happening right now
- Gameable social metrics — reputation systems can be farmed/gamed by motivated actors
- BOOP airdrop uncertainty — with low platform activity, future airdrop criteria and timing is unclear
- Social features can distract — comment sections attract shillers more than signal
Verdict: 5/10 (Currently)
Boop.fun had a promising early run but is currently quiet. If you farmed BOOP points early, check your eligibility. If you’re deciding where to launch or trade today, the lack of activity makes it a hard recommend. Watch for signs of a revival — the social model is good, and it could come back if BOOP token momentum returns. Read our Boop.fun Airdrop Guide to check where you stand.
Which Launchpad Should You Use? (By Use Case)
🚀 You Want to Launch a Memecoin
First choice: Pump.fun. The traffic advantage is overwhelming. Even mediocre tokens get eyes on Pump.fun. No other platform comes close for raw discovery.
Second choice: Bags (bags.fm) if you want to split fees with partners or influencers, need programmatic launch via API, or want better post-graduation liquidity through Meteora DAMM v2.
Third choice: LaunchLab if you’re building a project/brand and want a white-labeled experience.
📈 You Want to Trade New Tokens Early
First choice: Pump.fun. The bonding curve tokens with the most liquidity and the most volume are here. Every trading bot supports it natively.
Tools to use alongside: Axiom Pro, Ape Pro by Jupiter, Trojan Bot
Second choice: Bags (bags.fm) for tokens that graduated to Meteora DAMM v2 — the concentrated liquidity often gives better execution than Raydium basic pools.
Third choice: LetsBonk if you’re already holding BONK and want to play in the BONK ecosystem.
🌾 You Want to Farm Airdrops
Best live option: Pump.fun. While the PUMP token has been slow to materialize, early and consistent users are presumably being tracked. Our Pump Fun Airdrop Guide covers what we know.
Check your Boop.fun position if you farmed early — see our Boop.fun Airdrop Guide. Activity is low now but if you accumulated points, it may still pay off.
🏗️ You’re Building a Protocol That Needs a Token Launch
First choice: Raydium LaunchLab. Hands-down. The flexibility, the SDK, the customizable curves — it’s the primary choice for builders who need to white-label. Check out how Football.fun did it in our Football.fun Review & Setup Guide.
Second choice: Bags API. If you need a REST API + TypeScript SDK for fully programmatic token launches with on-chain fee sharing, bags.fm’s developer portal (dev.bags.fm) offers a compelling alternative.
The Bottom Line
The memecoin launchpad landscape on Solana has matured significantly. Pump.fun remains dominant through sheer momentum, but the fee data reveals a clearer picture than brand perception alone:
- Pump.fun = maximum liquidity and traffic, best for almost everyone — ~$870K/day in fees, undisputed #1
- Bags (bags.fm) = genuine #2 at ~$42K/day; best for developers, fee-sharing launches, and better post-graduation liquidity
- BONK.fun (LetsBonk) = #3 at ~$18K/day; best for BONK believers and the deflationary flywheel
- Raydium LaunchLab = #4 and growing; best infrastructure for builders and white-label launchpads
- boop.fun = currently quiet (~$0/day); great social model but low activity right now
- Heaven = currently inactive (~$0/day); skip for now
The smart play in 2026? Launch on Pump.fun for visibility, use Bags if you need fee sharing or developer tools, and watch LaunchLab deployments for quality protocol launches. There’s no rule that says you have to pick just one.
Before you dive in, make sure you have the right setup: How to Create a Solana Wallet, understand the basics in our What are Solana Memecoins Guide, and use one of the top trading platforms — Axiom Pro or Ape Pro — to actually execute trades efficiently.
Good luck out there. The memecoin market rewards speed, research, and knowing which arena you’re fighting in.
