BONK flips Pump.fun in Solana bond volume – Here’s why it matters

• BONK has overtaken Pump.enjoyable in each day bonded Solana tokens.
• Is that this the start of a much bigger shift in the place capital flows on-chain?

Solana’s [SOL] memecoin ecosystem is gaining severe traction, accounting for 20% of the overall $54 billion memecoin market cap, with $11 billion in mixed worth. 

Certain, Pump.enjoyable has taken the highlight with its explosive launch cycles. However beneath the floor, the info factors to a deeper structural shift.

Bonk [BONK], typically ignored within the “hype”, is quietly tightening its grip on the ecosystem.

So, is BONK quietly changing into the spine of Solana’s meme economic system, whereas everybody else chases fast pumps?

BONK overtakes Pump.enjoyable in each day bonded tokens

Pump.enjoyable, launched in January 2024, redefined token creation on Solana. Inside a yr, it had raked in $368 million in income—averaging $1.5 million each day—and surpassed $700 million in complete income by year-end.

Over 11 million tokens have been launched through bonding curves, which required SOL to be locked to mint tokens, pushing costs up as bonding elevated.

However because the chart beneath reveals, Pump.enjoyable’s each day quantity dropped considerably, now averaging round $150 million per day, down from a yearly common of $400 million.

Supply: Dune

In distinction, BONK-linked platforms have now overtaken Pump.enjoyable in each day bonded SOL, capturing 53.2% of bonded exercise, marking a primary within the platform’s historical past.

This divergence is telling: Are merchants starting to rotate liquidity into extra structurally sticky protocols like BONK-linked platforms, signaling a maturation of Solana’s memecoin economic system?

SOL lockups sign a transfer past hype cycles

To gauge BONK’s SOL-bonded activity, essentially the most dependable metric is the TVL of Bonk Staked SOL.

On the sixth of July, DeFiLlama information pegged the identical at $11.98 million, up from roughly $8 million in early Might. That’s a virtually 50% rise in simply two months.

Certain, functionally it’s much like Pump.enjoyable’s bonding curve mannequin, the place customers bond SOL to mint tokens. 

However not like short-term hype cycles, this quantity truly reveals actual dedication, SOL that’s being locked into BONK’s ecosystem long run. 

Supply: DeFiLlama

So BONK flipping Pump.enjoyable in bonded token quantity for the primary time ever isn’t some fluke. As a substitute, it factors to a structural shift.

Pump.enjoyable would possibly’ve kickstarted the wave, however BONK’s now pulling within the form of capital that truly sticks. If this retains up, BONK might find yourself main Solana’s memecoin scene in Q3.