The Meme Coin Craze in the Solana Ecosystem: The Struggle of New and Old Platforms

In the Solana ecosystem, the surge of Meme coins has brought about a new market landscape change. An emerging platform is fiercely competing with a well-established exchange, which not only reflects the shift in market demand but also showcases the rapid innovation in the decentralized finance (DeFi) sector.

The Rise of the New Platform

On March 20, 2025, a new decentralized exchange (DEX) launched on Solana, eliminating the original migration fees and cutting off the liquidity channels with its former partners. This move quickly reshaped the market landscape, with the new platform's daily trading volume hitting new highs, reaching up to $460 million in a single day and even temporarily capturing nearly half of the market share of its original partners. This led to significant drops in the native tokens of the latter on two occasions.

Response of Established Exchanges

Faced with the dual loss of traffic and fee revenue, the original leading platform launched a new launch platform called LaunchLab on April 16. This platform aims to provide project parties and traders with more flexible issuance and liquidity solutions. At the same time, it strengthens its token economy through a token buyback mechanism to solidify its position in the Solana ecosystem.

Features of the New Platform

Since its launch in January 2024, the emerging platform has become the center for the creation of Meme coins within the Solana ecosystem. It has attracted millions of users, and its user-friendly interface and low-threshold token creation process make it the first choice for Meme coin enthusiasts.

The main features of the new platform include:

1. Free and instant token migration: eliminates previous migration fees, and tokens can immediately enter the trading market.

2. Enhanced liquidity: Providing higher liquidity for tokens through proprietary liquidity pools.

3. Creator Revenue Sharing Model: The plan is to allocate a portion of the protocol revenue to token creators to incentivize high-quality projects.

4. Fee Structure: A fee of 0.25% is charged for each transaction, of which 80% is allocated to liquidity providers and 20% belongs to the protocol.

New Initiatives from Established Exchanges

As one of the leading decentralized exchanges in the Solana ecosystem, the established platform is known for its efficient automated market maker (AMM) and liquidity pools. To tackle new challenges, it has launched the LaunchLab platform designed specifically for token issuance.

The main features of LaunchLab include:

1. Customizable bonding curve: Supports multiple curve types, allowing project parties to flexibly adjust issuance strategies.

2. Flexible fee structure: Third-party user interfaces can customize fee rules.

3. Deep liquidity integration: Tokens can immediately access existing AMM liquidity pools.

4. Token buyback mechanism: A portion of the transaction fees is used to repurchase the platform's native coin.

5. Multiple quoted token support: Increases issuance flexibility.

6. Liquidity Locking: Issuers can lock liquidity for a long time to obtain continuous profits.

Comparison Analysis of Two Major Platforms

In terms of user experience, the new platform emphasizes simplicity and efficiency, while LaunchLab focuses more on flexibility and customization. In terms of liquidity and trading, the new platform concentrates token liquidity through its own DEX, while LaunchLab utilizes existing AMM infrastructure to provide instant deep liquidity.

On the revenue model, the new platform plans to implement a creator revenue sharing model, while LaunchLab directly benefits its token holders through a token buyback mechanism. Both platforms place a high value on security and transparency, but they take different approaches to achieve this goal.

Security Recommendations

For users, when choosing a platform, they should consider their own needs and risk preferences. No matter which platform is chosen, users should:

1. Conduct thorough independent research (DYOR).
2. Pay attention to the platform's security updates and audit reports.
3. Use a secure non-custodial wallet to enhance asset security.

Conclusion

The competition between these two platforms not only showcases the internal competition within the Solana DeFi ecosystem but also reflects the rapid evolution of Meme coin issuance and trading infrastructure. In the future, Meme projects on Solana will have more options to make decisions based on the characteristics of different platforms. This competition will not only bring opportunities to developers and investors but will also drive technological innovation and enhance user experience across the entire ecosystem.