The Battle of Solana Ecosystem Meme Coin Launch Platforms: The Competition Between PumpSwap and LaunchLab

The meme coin craze in the Solana ecosystem has sparked new market competition. Pump.fun, which once worked closely with a certain trading platform, has now become a competitor. On March 20, 2025, Pump.fun launched its own decentralized exchange, PumpSwap, eliminating the original migration fees and cutting off the liquidity channel with a certain trading platform. This move quickly changed the market landscape, with PumpSwap's daily trading volume hitting new highs, reaching a maximum daily transaction volume of 460 million USD, and at one point capturing nearly half of a certain trading platform's market share, leading to a significant drop in its native coin twice.

Faced with the dual loss of traffic and transaction fee dividends, a certain trading platform launched the LaunchLab platform on April 16. This platform aims to provide project parties and traders with more flexible issuance and liquidity solutions, while reinforcing its economic model through token buybacks to consolidate its position in the Solana ecosystem and respond directly to the challenges posed by Pump.fun.

Pump.fun and PumpSwap

Since its launch in January 2024, Pump.fun has become the core platform for meme coin creation in the Solana ecosystem, attracting millions of users. Its user-friendly interface and low-threshold token creation process make it the preferred choice for meme coin enthusiasts. However, early tokens on Pump.fun need to be migrated to a trading platform for trading after reaching 85sol, a process that is not only time-consuming but also incurs a migration fee of 6 SOL, becoming a major pain point for user experience.

To address these issues, Pump.fun has launched PumpSwap, a native DEX based on Solana, with the core goal of optimizing the token migration process and enhancing liquidity. The main features of PumpSwap include:

1. Free and instant token migration: The migration fee of 6 SOL has been waived, and the tokens can immediately enter the trading market after completing the bonding curve.

2. Enhanced liquidity: By utilizing its own liquidity pool, Pump.fun tokens are provided with higher liquidity, reducing reliance on external DEX.

3. Creator Revenue Sharing Model: The plan is to allocate a portion of the protocol's revenue to token creators in order to incentivize high-quality projects.

4. Fee Structure: A fee of 0.25% is charged for each transaction, of which 80% is allocated to liquidity providers and 20% belongs to the protocol.

A Certain Trading Platform and LaunchLab

A certain trading platform is one of the main decentralized exchanges in the Solana ecosystem, known for its efficient automated market maker (AMM) and liquidity pools. As the primary destination for the migration of the Pump.fun token, the platform has long benefited from the craze of meme coin trading. However, the launch of PumpSwap has disrupted this partnership, forcing it to reassess its strategy.

To regain dominance in the Meme coin market, a certain trading platform has launched LaunchLab, a platform specifically designed for token issuance. LaunchLab aims to attract project parties through flexible issuance mechanisms and deep liquidity, with its main features including:

1. Customizable bonding curve: Supports linear, exponential, and logarithmic curves, allowing project teams to adjust token issuance strategies based on market demand.

2. Flexible fee structure: Third-party user interfaces can customize fee rules, enhancing developer autonomy.

3. Deep liquidity integration: Tokens can be immediately accessed to the platform's AMM liquidity pool, ensuring efficient trading without additional fees.

4. Token buyback mechanism: 25% of the transaction fees are used to buy back the platform's native coin, enhancing the coin economy.

5. Multiple quotation coins support: Supports multiple quotation coins, enhancing flexibility.

6. Liquidity Locking: Through the locking mechanism, issuers can lock liquidity for a long time to obtain continuous returns.

Comparison Analysis of PumpSwap and LaunchLab

1. User Experience: PumpSwap emphasizes simplicity and efficiency, and its free and instantaneous token migration process greatly lowers the entry barrier for meme coin creators and traders. LaunchLab focuses more on flexibility and customization, emphasizing ecological synergy and a closed-loop token economy, suitable for diverse projects, balancing institutional and community needs, and paying attention to long-term ecological construction for project parties.

2. Liquidity and Trading: PumpSwap centralizes the liquidity of Pump.fun tokens through its own DEX, ensuring trading efficiency within the ecosystem. LaunchLab utilizes existing AMM infrastructure to provide instant deep liquidity, making it particularly suitable for projects that require large-scale transactions.

3. Revenue Model: The income sharing model of PumpSwap's creators (not fully implemented yet) aims to incentivize high-quality projects through protocol revenue, enhancing the symbiotic relationship between the platform and its users. LaunchLab's token buyback mechanism directly benefits platform token holders and may promote the long-term stability of token prices.

4. Security and Transparency: Both places place a high emphasis on security. PumpSwap has completed multiple rounds of audits and plans to open source its code, demonstrating a commitment to transparency. LaunchLab benefits from its platform's mature infrastructure and reputation as a core platform in the Solana ecosystem.

Security Recommendations

For users, the choice between PumpSwap and LaunchLab depends on their specific needs and risk preferences.

PumpSwap is suitable for users who wish to launch and trade meme coins quickly and at low cost. Its free migration and multiple audits provide a higher level of security, but users should pay attention to the progress of its open-source plan.

LaunchLab is more suitable for project parties that require customized issuance models and deep liquidity. Its platform's mature security practices and bug bounty program provide a solid foundation, but users should carefully review the token parameters to avoid risks.

No matter which platform you choose, we recommend that users take the following security measures:

• Do Your Own Research (DYOR): Carefully check the token page and project background before investing or trading.
• Pay attention to security updates: Regularly check the platform's security announcements and audit reports.
• Use a secure wallet: It is recommended to use a non-custodial wallet specifically designed for Solana to enhance asset security.

Conclusion

The direct confrontation between PumpSwap and LaunchLab is not only a microcosm of internal competition within Solana DeFi but also represents the rapid evolution of the issuance and trading infrastructure for Meme coins. In the future, Meme projects on Solana will no longer rely on a single issuance channel but will make dynamic choices based on platform tools, fee structures, and liquidity support.

Pump.fun excels in issuance efficiency and community enthusiasm, while a certain trading platform bets on the richness of tools and long-term mechanism construction. Both attempt to become the preferred platform for Meme projects, and both are deeply exploring "liquidity migration + fee redistribution." For developers and speculators, this is a bonanza period; for the platform, it is a life-and-death gamble. Regardless of the outcome, this competition itself will bring more technological iterations and user dividends to the entire ecosystem.