BONK Surges Past Pump.fun in Solana Bond Volume – A Game-Changer for Meme Coins?

Solana's meme coin darling BONK just pulled off a stunner—outpacing Pump.fun in bond trading volume. Here's why traders are paying attention.

Move over, 'serious' DeFi. When a dog-themed token flips a dedicated launchpad in bond activity, it's either a sign of frothy markets or a stealth liquidity revolution. Probably both.

Bonds: The new battleground. Solana's ecosystem keeps inventing ways to turn volatility into yield—and BONK's latest move proves even joke assets want in on the action.

Cynical take: Wall Street spends millions building bond desks while a cartoon dog coin casually reinvents fixed income. Never change, crypto.

BONK overtakes Pump.fun in daily bonded tokens

Pump.fun, launched in January 2024, redefined token creation on Solana. Within a year, it had raked in $368 million in revenue—averaging $1.5 million daily—and surpassed $700 million in total revenue by year-end.

Over 11 million tokens were launched via bonding curves, which required SOL to be locked to mint tokens, pushing prices up as bonding increased.

But as the chart below shows, Pump.fun’s daily volume dropped significantly, now averaging around $150 million per day, down from a yearly average of $400 million.

Source: Dune

In contrast, BONK-linked platforms have now overtaken Pump.fun in daily bonded SOL, capturing 53.2% of bonded activity, marking a first in the platform’s history.

This divergence is telling: Are traders beginning to rotate liquidity into more structurally sticky protocols like BONK-linked platforms, signaling a maturation of Solana’s memecoin economy?

SOL lockups signal a move beyond hype cycles

To gauge BONK’s SOL-bonded activity, the most reliable metric is the TVL of Bonk Staked SOL.

On the 6th of July, DeFiLlama data pegged the same at $11.98 million, up from roughly $8 million in early May. That’s a nearly 50% rise in just two months.

Sure, functionally it is similar to Pump.fun’s bonding curve model, where users bond SOL to mint tokens. 

But unlike short-term HYPE cycles, this number actually shows real commitment, SOL that’s being locked into BONK’s ecosystem long term. 

Source: DeFiLlama

So BONK flipping Pump.fun in bonded token volume for the first time ever isn’t some fluke. Instead, it points to a structural shift.

Pump.fun might’ve kickstarted the wave, but BONK’s now pulling in the kind of capital that actually sticks. If this keeps up, BONK could end up leading Solana’s memecoin scene in Q3.