The Battle of Coin Issuing Platforms in the Solana Ecosystem: Rising Newcomers Challenge Established Platforms

Recently, the landscape of coin issuing platforms within the Solana ecosystem is quietly changing. An emerging platform called LetsBONK.fun is gradually replacing the status of traditional coin issuing platforms, attracting the attention of more and more users. What story lies behind this transformation? Let's explore the reasons for this "platform shift" together.

Established Platform: From Glory to Controversy

In the past year, a well-known issue coin platform has dominated the Solana ecosystem. Its simple operating process attracted a large number of creators and investors, and it used to launch tens of thousands of Meme projects daily, bringing substantial profits to the platform.

However, over time, the problems of the platform gradually became apparent:

• The platform's cumulative revenue exceeds $700 million, but user benefits are limited.
• Data shows that less than 5% of users can earn over $1000.
• The platform failed to effectively support project growth or contribute to the ecosystem.
• The valuation reached 4 billion USD when announcing the issuance of the platform coin, causing controversy.

In short, although this platform is making a fortune, users have become "running tools". Recently, related addresses of the platform sold 112,000 SOL, worth approximately 16.89 million dollars, further exacerbating the dissatisfaction within the community.

Emerging Platforms: Co-Building Philosophy Wins Favor

In April 2025, a new issue coin platform led by the Meme coin community was launched. This platform attracted widespread attention as soon as it was released:

• On the first day, it attracted 800,000 participants and issued 2,700 coins.
• The trading volume exceeded 300 million USD within 24 hours.
• So far, over 180,000 coins have been issued, far exceeding similar platforms.

The biggest feature of this new platform is that it returns income to the ecosystem, embodying the true spirit of "co-construction."

For example, based on the on-chain allocation data as of July 7, 2025 (total revenue 68,768 SOL):

• 30% allocated to BONK holders
• 30% used for repurchasing BONK
• 20% allocated to the project party
• 10% for ecological construction
• 10% as platform income

Support Project Growth: From Concept to Action

The new platform not only verbally supports project development but also takes practical actions. Taking a certain project as an example:

• The platform directly purchases the project's tokens from the market to establish a project reserve fund.
• Use this funding to assist the project in applying for listing on mainstream exchanges.
• According to statistics, this initiative has invested over 600,000 US dollars.

This substantial support in the Meme coin sector is unprecedented. Unlike established platforms that focus solely on making profits, new platforms are taking concrete actions to promote projects to a larger stage, earning the trust and support of users.

Data Description Everything

By July 2025, the new platform has surpassed the old platform in several key metrics:

• Token issuance: 15,600 vs 11,500
• Market share: 51% vs 39.9%
• The number of popular projects, active users, and daily trading volume are all fully leading.

These achievements are not just the result of hype, but are products of a new platform that organically combines community, functionality, and narrative.

Behind User Choices

The reason users favor new platforms is primarily because they convey a new concept:

1. Users are not the objects being harvested; they are co-builders of the ecosystem.
2. The project is not a short-term speculative tool, but an entity with potential for long-term development.
3. Participation is not just about "dreaming", but also about "doing things".

This also explains why so many users are flocking to this platform. They are not just here to issue a coin, but to find a space where they can "participate long-term and develop deeply."

In the Solana ecosystem, this competition among issuing coin platforms not only reflects the changing needs of users but also signals that the entire industry may develop towards a healthier and more sustainable direction.