Pump.fun eyes EVM expansion amid Bonk.fun rivalry

Pump.fun, a Solana-based token launchpad platform, is reportedly set to roll out a range of updates, with a possible expansion into the Ethereum ecosystem.

This move comes as the platform faces mounting competition in the rapidly growing token generation market.

Pump.fun’s new updates?

On July 7, Dumpster DAO, a crypto trading and research platform, reported that new Application Programming Interface (API) documents from Pump.fun suggested several upcoming features.

The API documents reveal endpoints that hint at a subscription model, Stripe webhook integration, order books, and social features such as posts, messaging, and video support.

Dumpster DAO also reported that users may soon be able to set subscription prices and launch their tokens, suggesting a shift toward a more creator-driven ecosystem.

One notable detail is the potential compatibility with Ethereum Virtual Machine (EVM) chains.

According to the DAO:

“The format of the Order schema also indicates that EVM chains could be supported, either via an existing chain or a new one. There is no indication of which chain this would use, but “approvals” are typically used in EVM chains.”

The platform’s new order book feature, also uncovered in the API, will reportedly be handled by the server, though its intended function is still unknown.

Additionally, the documents point to improved moderation tools, indicating a broader focus on platform governance.

Dumpster DAO added:

“Still, most of this is still speculative. There is evidence of other features like enhanced moderation and something called ‘clips,’ but none of this has been publicly announced.”

As of press time, the Pump.fun’s team has yet to respond to CryptoSlate’s request for comment.

Bonk. fun’s competition

These developments come at a critical time for Pump.fun, which now faces increasing competition from Bonk.fun. The rival launchpad, backed by the BONK memecoin community, has recently overtaken Pump.fun in several key metrics.

Data from Delphi Digital shows that Bonk.fun now leads daily token launches, capturing over 50% of the market with more than 16,000 launches in a single day. It also accounts for 64% of Raydium token launches, with daily graduations soaring from 10 to 170 within a month.

Dune Analytics data also showed this switch in dominance. In 24 hours, Pump.fun created around 9,936 tokens, while Bonk.fun, also known as LetsBonk, produced over 21,000. Tokens graduating from Bonk.fun also outpaced Pump.fun by nearly three to one.

Since its January 2024 debut, Pump.fun has led the token launchpad space. But Bonk.fun’s rapid growth, fueled by more substantial incentives and a high-profile BONK buyback and burn program, has challenged its dominance. The platform allocates 50% of its revenue to buy back and burn BONK tokens, with roughly 300,000 SOL now held in a public address.

Crypto analyst Dexter commented on the development, saying that Bonk.fun is the first Solana-based token launchpad to surpass Pump.fun in platform revenue, less than six months after launch. He called the shift “a win for both Bonk and the broader Solana ecosystem.”

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