The Hidden Winners of the Solana Ecosystem: The Beneficiaries Behind the Launch Platform Battle

Despite the recent controversies surrounding the token launch platform on Solana, related activities continue unabated. Amidst this clamor, some behind-the-scenes players have quietly become hidden beneficiaries. They do not engage in narrative battles, do not bet on the price fluctuations of tokens, but instead focus on building infrastructure, providing fuel for this frenzy, and ultimately reaping substantial profits. This article will delve into three projects: Metaplex, Raydium, and Axiom, revealing how they steadily profit in the Solana launch platform war.

Raydium: SDK strategy significantly enhances competitiveness

Raydium quickly responds to market changes. In addition to launching its own token launch platform LaunchLab, it has also introduced several similar platforms through an SDK collaboration model, including LetsBONK.fun, cook.meme, daoszn.fun, and leftcurve.ai. This SDK strategy has significantly enhanced the competitiveness of Raydium LaunchLab among Solana launch platforms, especially the explosive growth of LetsBONK, which has become its key driving force.

According to the data, as of July 9, the number of tokens created on Solana has exceeded 32,000, with nearly 58.3% coming from the LaunchLab SDK. Notably, LetsBONK created over 18,000 tokens in a single day, accounting for 97.5% of the LaunchLab SDK, and the token graduation rate is close to 98.3%.

From the perspective of token market capitalization, although LaunchLab SDK currently accounts for only 9.2% of the market share, its growth rate is remarkable, having increased by about 353.2% over the past month. Among them, LetsBONK contributed 85.5% of the market capitalization of LaunchLab SDK.

In terms of trading volume, LaunchLab SDK accounts for 65.2% of the share, with 99.7% coming from LetsBONK. In terms of revenue, LaunchLab SDK contributed 72% of the share, while LetsBONK accounted for as much as 79.8%.

Overall, driven by the strong momentum of LetsBONK, Raydium LaunchLab has surpassed its competitors in multiple core indicators, significantly enhancing its influence in the Solana MEME ecosystem. It is worth mentioning that Raydium LaunchLab will use 25% of the transaction fees to buy back RAY tokens.

Metaplex: The Biggest Beneficiary of the Minting Craze

As a core open-source protocol on Solana, Metaplex provides developers, creators, and businesses with a comprehensive set of tools and standards for building decentralized applications, having facilitated the creation of over 900 million on-chain assets to date. In the platform launch battle on Solana, Metaplex has become the biggest beneficiary of the minting frenzy.

According to official disclosures, the main source of revenue for Metaplex in the first half of this year was from new assets created through its protocol, including tokens created using Metaplex standards by several well-known launch platforms.

According to data, as of July 10, Metaplex's total revenue reached 35.82 million USD, earning approximately 13.57 million USD in the first half of this year alone. In June alone, over 1 million tokens were created on Solana through Metaplex, and the fees for that protocol reached approximately 1.7 million USD that month.

Metaplex will charge a certain percentage of protocol fees from all newly created tokens and NFTs, of which 50% will be used to repurchase $MPLX and inject it into the DAO. In the first half of this year, Metaplex has repurchased a total of 38.5 million $MPLX tokens, accounting for 3.9% of the total supply, and there will be no further token unlocking plans in the future.

Axiom: The Rise of Trading Bots

As the competitive landscape of the launch platform market continues to evolve, trading robots represented by Axiom are gradually becoming the invisible winners. These efficient user entry points not only optimize the trading experience but also become the core competitive points for various launch platforms vying for traffic and users.

In the trading automation and Bot tools platform, Axiom has long held the top spot. Taking the data from July 9 as an example, on that day, Axiom contributed over 69.6% of the total trading volume of these trading robots, demonstrating strong market penetration.

Axiom has deeply integrated with multiple launch platforms, becoming an important traffic entry point. Data shows that on July 9, Axiom's trading volume on several major launch platforms exceeded 60%, significantly driving the trading activity of various platforms.

Based on the usage of trading bots on the Solana chain, as of July 7, Axiom's trading volume reached $42.505 million, accounting for 72% of the total trading volume, with an average transaction amount of about $2,293, far exceeding competitors; on that day, active users exceeded 17,000, and market share reached 49.1%.

In terms of revenue, Axiom has demonstrated a strong ability to attract capital. Since its launch in January this year, Axiom's cumulative revenue has exceeded $160 million, with an average daily income of about $1.7 million; the number of active users has also approached 287,000, reflecting the market recognition of its products and the potential for user growth.