3
Key takeaways
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One-click minting, bonding-curve “graduation” and locked LPs concentrated liquidity, pushing Pump.fun’s share to 75%-80% at its peak.
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Launches and fees are cyclical. After plunging 80% from January highs, activity snapped back by late August.
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Rivals (LetsBonk, HeavenDEX, Raydium LaunchLab) can flip share in the short term with fees or incentives, but network effects often pull activity back.
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Security incidents and US class-action litigation (including RICO claims) are the biggest overhangs on durability.
Pump.fun is a Solana-native…
