- Heaven listed 3,865 tokens in one day and reached nearly 15 percent market share.
- Pump.fun reclaimed dominance after top deployers on LetsBonk moved back to the platform.
- LIGHT buybacks retired 2 percent of supply as Solana launchpads face a test of liquidity.
Heaven’s LIGHT token has surged to market capitalization claims above $2 billion, sparking debate over Solana’s expanding memecoin launchpad ecosystem. Reports show inconsistent valuations across data trackers, with figures ranging from the low hundreds of millions to billion-dollar levels depending on methodology. These come forward as some sources calculate fully diluted valuations, while others use circulating supply figures.
Heaven has turned out to be a serious competitor to Pump.fun, and data from public Dune dashboards show the platform ranked second in token launches over the past several days, ahead of Bags, Moonshot, and LetsBonk. On its busiest day this week, Heaven listed 3,865 new tokens, capturing roughly 15% of Solana’s daily launchpad market share.
Heaven’s Growth and Fee Model
The platform differentiates itself by promoting aggressive tokenomics. All fees generated are immediately used for buybacks and burns of LIGHT tokens. This reflexive mechanism states that, with more launches, more fees are collected, and tokens are burned, thus reducing supply.
In the first seven days of operation, Heaven accumulated some $1.4 million in fees. These fees were applied toward buying back LIGHT tokens, effectively retiring almost 2% of the circulating supply. To provide additional protection against front-runners and bot activity, however, the six-second “sniper tax” was also added, which expires in a linearly decreasing manner.
While these measures boosted momentum, LIGHT’s future depends heavily on sustained issuance and trading volume. As of presstime, trading activity remains in the single-digit millions, leaving liquidity as the central challenge for long-term stability.
Pump.fun’s $800M Revenue Milestone
While Heaven gains traction, Pump.fun has surpassed a major milestone. According to Dune Analytics, a pseudonymous analyst @adam_tehc stated that the platform has generated $800,668,932 in fees since launch. Pump.fun collects a 1% swap fee on every transaction, a system that replaced earlier graduation charges when tokens transitioned to Raydium.
Pump spearheaded Solana’s memecoin frenzy last year and remains the leading platform in both revenue and token issuance. Independent trackers show Pump capturing roughly two-thirds of launchpad revenue over the last two weeks and nearly three-quarters of weekly market share.
Let’sBonk is backed by the Bonk memecoin community and briefly overtook Pump in graduated tokens earlier this year after integrating with Raydium’s LaunchLab. However, Pump reclaimed its lead when several top deployers migrated back, as reported by trader @WazzCrypto. This reversal restored Pump’s dominant position even as the competitive landscape widened.
Related: Pump.fun Boosts Token Buybacks as Solana Memecoin Market Shifts
A Shifting Launchpad Ecosystem
The entrance of Heaven, coupled with LetsBonk’s brief surge, suggests Solana’s launchpad market is moving beyond a one-platform monopoly. The question now is whether retail speculation can support multiple large-scale venues or whether liquidity will consolidate back to Pump.
Two indicators will help determine the outcome. First, Heaven’s daily share of token launches relative to Pump and other rivals will reveal whether competitive momentum continues. Second, transparent verification of LIGHT’s buyback and burn records against circulating supply will show whether the “God Flywheel” is structurally sustainable or a momentum-driven phase.
Heaven’s rapid rise has introduced real competition, but Pump.fun remains the anchor of Solana’s launchpad economy. The test ahead lies in whether Solana can support multiple thriving platforms without returning to a concentration risk that favors a single player.
