pump.fun vs Bags vs LetsBonk: Solana launchpads compared

As of 31 August 2026, pump.fun is the default Solana launchpad by a wide margin, Bags is the only real alternative with volume, and LetsBonk is commercially dead. pump.fun held 85.9% of Solana issuance in February 2026 and booked $14.11M in seven-day fees; Bags took $1.51M; LetsBonk's own dashboard shows $2,740 a day.

That last figure is why this comparison exists in the form it does. LetsBonk held roughly 54% of Solana launchpad share in July 2025, and a great many pages ranking for this query were written while that was true. The interesting part of the 2026 answer is not which of the three is biggest — it is that the third one stopped mattering and almost nobody updated.

The comparison table

DefiLlama protocol pages read 31 August 2026 unless otherwise dated. LetsBonk figures are from its own official revenue dashboard, August 2026.

Three columns say "not published". Bags and LetsBonk do not document creation or headline trading fees anywhere reachable, and we would rather show the gap than reprint a figure from a listicle.

pump.fun: the default, with the ratio nobody quotes

pump.fun runs a constant-product AMM across two virtual reserves — a notional SOL balance and a notional token supply — so price moves along a curve with no real liquidity provided up front. When the curve fills, the whole position migrates atomically to PumpSwap, pump.fun's own DEX. Creation costs nothing in SOL; graduation costs roughly 0.015 SOL. The total trading fee is 1.25%, split between creator and protocol.

The exact virtual reserve constants and the current graduation threshold are no longer published in the official documentation, and we will not reprint older constants as though they were current. Reported graduation market caps sit somewhere in the $69K–$100K band.

The scale is genuinely large. On 31 August 2026 pump.fun showed $14.11M in seven-day fees, $45.81M over thirty and $1.201B cumulative, against cumulative DEX volume of $95.766B. It ran a record week of $10.03M in protocol fees for 3–9 August 2026, up 12% week on week, on ecosystem volume of $2.97B split between $751.6M on bonding curves and $2.22B on PumpSwap.

One caution on the word "record", because most coverage got this wrong. The all-time daily fee record is $15.5M, set in January 2025. The August 2026 $10M week is a record only under a revised reporting framework. It is a recovery high, not an all-time high.

Now the number that should sit next to all of those. Of the 11.9 million tokens launched on pump.fun since January 2024, only 18 have ever exceeded a $10M market cap and 96 have exceeded $1M (10 June 2026), against roughly 42,000 launches a day. As a creator, that ratio is the base rate you are launching into, and it is more informative than any fee comparison on this page.

pump.fun also faces multiple US class actions alleging the sale of unregistered securities, plus a separate suit alleging an internal scheme to rig Solana memecoin launches, supported by a whistleblower who produced more than 5,000 messages. None of it has been decided. Full mechanics are in our pump.fun bonding curve, fees and graduation explainer.

Bags: the only real number two, and a genuinely different fee design

Bags is not a pump.fun clone with a smaller feed. Its differentiator is the creator economics: creators earn 1% of every trade, and that fee stream can be split across up to 100 creators, apps or wallets.

That matters for a specific kind of launch. If a token is a collaboration — an artist plus a community account plus the app that surfaced it — every other major Solana venue makes you settle that off-chain and trust each other. Bags settles it in the fee routing. Cumulative trading volume has passed $1B and cumulative fees stood at $63.88M on 31 August 2026, with $1.51M over seven days against $749K of revenue. It is also the first major Solana launchpad to go multichain onto Robinhood Chain, though Solana still accounts for roughly 91% of its fees — optionality for a creator rather than a live reason to choose it.

One data caveat. Bags printed $4,390 in 24-hour fees on 31 August against a seven-day average of about $214K a day. That is almost certainly DefiLlama indexing lag rather than a real collapse, and a good illustration of why single-day launchpad figures should be treated as soft. Our page on the creator-fee launchpad on Solana and Robinhood Chain covers the split mechanism, and how launchpad fee splits actually work explains why a 1% fee routed to creators is a different product from a 1% fee captured by a protocol.

LetsBonk: the largest reversal in the category

LetsBonk is the reason to distrust any Solana launchpad comparison that does not carry a date.

In July 2025 it held around 54% of Solana launchpad share. Its own official revenue dashboard in August 2026 showed monthly revenue of $84,910, a daily average of $2,740, 24-hour volume of $5,410 and 24-hour fees of $380.76. Treasury holdings were 810 SOL plus 16,295 USD1.

The mechanical tell came earlier. On 3 December 2025 the revenue split was restructured: the Buy/Burn mechanism and SBR were removed entirely, replaced by a "Buy for BNKK" allocation at 51%. When a venue whose entire pitch was a burn flywheel removes the burn, that is not a tweak to tokenomics. It is the venue telling you the flywheel stopped spinning.

The honest status is: technically live, commercially dead. You can still deploy there. Almost nobody is trading what gets deployed. The full sequence is in what happened to LetsBonk.

The venue this comparison usually leaves out

The three-way framing is itself slightly wrong, because the second-largest source of Solana token issuance is not a consumer launchpad at all.

Meteora's Dynamic Bonding Curve held 6.65% of Solana issuance on 8 February 2026 — second only to pump.fun — with $213K in seven-day fees. It almost never appears in comparison articles because there is no Meteora launchpad to sign up for. It is bonding-curve infrastructure that other teams build launchpads on top of, so its share shows up under other brand names. Two more names posted real seven-day fees on 31 August 2026 in the same bracket: o1 Launchpad at $739K and LetsCash at $630K, both with mechanics we could not verify well enough to compare. Our page on the launchpad infrastructure nobody names covers how the DBC is used. Meteora has separately been sued over an alleged pump-and-dump launch.

What this comparison does not tell you

It does not tell you which venue gives your token a better chance, because the base rate is brutal everywhere. Published Solana graduation rates for 2026 range from 0.198% to about 1.4%, and the dispersion is a measurement problem, not a market difference. The 0.198% figure comes from a study of 832,941 mints between 8 May and 10 June 2026 that observed each mint for only about six minutes and explicitly describes itself as a lower bound on the true 24-hour rate; the roughly 1.15% figure reported on 19 February 2026 was described at the time as the highest level in over seven months. A defensible range is around 0.5%–2% depending on window and regime, and any point estimate quoted without a measurement window is close to meaningless. Why so few memecoins graduate works through that methodology.

It does not compare creation costs properly, because two of the three venues do not publish one. Check the interface quote before you deploy. It also leans on DefiLlama, which lags on single days and indexes some venues better than others, so every figure above uses a seven- or thirty-day window where one was available.

And it says nothing about outcomes for individual tokens. The durable finding from the graduation research is behavioural rather than venue-specific: launches advertising a Telegram graduated at 1.485% against 0.166% without — an 8.94× differential — and an initial market cap above the platform default was the strongest single predictor. Neither is a property of pump.fun, Bags or LetsBonk. Venue-by-venue launch and graduation data sits on our analytics hub, based on tokens indexed by Meme Central rather than the whole market.

Which venue suits which situation

If you want the deepest buyer base, the most tooling coverage and the highest chance of anyone seeing your launch at all, that is pump.fun — and the cost is that you are one of roughly 42,000 launches that day, with a graduation rate under 2%.

If the token's economics involve more than one person being paid, Bags is the only one of the three with a documented mechanism for splitting the creator fee across up to 100 recipients, and it is the only one that also deploys to Robinhood Chain.

If you specifically want the LetsBonk ecosystem's audience, understand that you are launching into $5,410 of daily volume as of August 2026.

If you are building on top of a curve rather than launching a single token, Meteora's DBC is the primitive the rest of the market is quietly using.

And if what you actually want is a fixed-supply token with locked liquidity rather than a curve at all — a project token instead of a churn token — none of these three is the right tool. The step-by-step for the curve route is in how to create a memecoin on Solana; the live Solana launch feed shows what is deploying on each venue right now.

Frequently asked questions

Is Bags better than pump.fun?

Neither is better in general. pump.fun has far more buyers — 85.9% of Solana issuance in February 2026 against Bags' much smaller share — and more tooling support. Bags has the better creator-fee design, paying creators 1% of every trade splittable across up to 100 wallets, and it also deploys to Robinhood Chain. Choose on distribution versus fee routing.

Is LetsBonk dead?

Commercially, effectively yes. Its own revenue dashboard showed $84,910 monthly revenue, a $2,740 daily average and $5,410 in 24-hour volume in August 2026, down from roughly 54% of Solana launchpad share in July 2025. The site still functions and tokens can still be deployed. The Buy/Burn mechanism was removed entirely on 3 December 2025.

What are the real pump.fun alternatives on Solana?

Bags is the only alternative with meaningful and independently verifiable volume. Meteora's Dynamic Bonding Curve held 6.65% of Solana issuance in February 2026 but is infrastructure rather than a consumer venue. o1 Launchpad ($739K) and LetsCash ($630K) posted real seven-day fees on 31 August 2026. Heaven posted $0 across 24h, 7d and 30d.

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If you want fixed supply and locked liquidity instead of a curve

All three venues on this page are built for launch-and-churn: a curve, a threshold, a fee stream. If you are launching a project token where the supply is fixed and buyers need to verify liquidity is locked before they trust you, the MintPlus deployer — from TrustSwap, which also builds Meme Central — deploys fixed-supply tokens with liquidity locked through Team Finance at creation, across Ethereum, Robinhood Chain, Polygon, Base and BNB. It gives you no bonding curve, none of pump.fun's launch-day attention, and no reason for anyone to want your token.

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Nothing here is financial, legal or tax advice. Memecoins are extremely high-risk: most lose most of their value, and the majority of tokens launched never reach a decentralised exchange at all. Never spend money you cannot afford to lose entirely. Meme Central does not recommend any specific token. Data described as Meme Central's own reflects tokens indexed by Meme Central and is not whole-market data.