LetsBonk has launched a points-based reward system to win back users and creators

LetsBonk, a Solana memecoin launchpad platform with connections to the dog memecoin, BONK, has introduced a points-based reward system to incentivize creators and traders on its platform. 

This new development is seen by analysts as a bid to reclaim the market share it recently lost to Pump.fun.

In July, LetsBonk surpassed Pump.fun for the first time, gaining as much as over 70% of the market. However, that position swap was short-lived as Pump.fun has overtaken it to retain its dominance in the market.

LetsBonk briefly went from breakout challenger to market leader

LetsBonk was launched in April of this year after a partnership between BONK and Raydium. The platform quickly rose to become the go-to platform for retail traders and memecoin creators seeking to make or benefit from the next viral Solana token.

The market was receptive to the platform thanks to its revenue-sharing mechanism alongside increased liquidity due to its partnership with Raydium.

Another reason users gravitated towards the platform was that the market leader, Pump.fun had caused some resentment among its users, who accused the platform of being extractive with nothing to incentivize users.

By July, it had overtaken Pump.fun in daily revenue and token mints, capturing more than 70% of the Solana meme launchpad market.

However, since early August, the trend has seen a major shift, with Pump.fun staging a major recovery. Market data show that Pump.fun is regaining volume, cutting LetsBonk’s lead in half within weeks.

Pump.fun’s decline and fightback

Pump.fun, once the undisputed leader of Solana’s memecoin economy, saw its revenue collapse from a January peak of $137 million to as low as $17 million in July, according to data from Defillama.

Analysts attributed the decline to oversaturation in memecoin trading, declining novelty, and growing competition from LetsBonk’s rapid-fire launches.

In response, Pump.fun has tried to reinvent its model. The platform announced the “Glass Full Foundation,” a liquidity initiative meant to steady token markets, and rumors began circulating about “Pump Rewards,” a loyalty program to win back its community.

August data indicates a rebound in token graduations and a modest uptick in daily revenue, suggesting that the platform’s user base remains sticky even amid stiff competition.

Points, incentives, and the next stage of competition

LetsBonk’s introduction of a points system shows how incentives have become an important strategy in the fight for user attention.

The reaction to the announcement has been mixed. On Crypto Twitter, some users dismiss the move as a copycat attempt to pre-empt Pump.fun’s rumored rewards, while others see it as a natural next step in the fierce fight for trader attention.

It’s important to note that the Solana memecoin market has been plagued by churn, with investors jumping from one launch to the next, and confidence dented by rug pulls earlier this year. Sustaining long-term engagement will require more than just incentives; it will mean building models that are seen as both fun and trustworthy.

Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.