The Solana Launchpad wars are more interesting than you think. Here's what's going on (and why @pumpdotfun is still king): 1. @RaydiumProtocol does not have distribution. They were getting it from Pump before Pump decided to launch their own DEX (rugging Raydium in the process). 2. So what does Raydium do? They create their own launch pad. But again. Raydium doesn't have distribution. 3. Where do they get distribution? Call up their friends over at @bonk_inu 4. Bonk creates an interface to Raydium infra. Spins up a narrative as the "community first" launchpad. + Raydium gives Bonk 500,000 RAY to share with new creators on Let's Bonk as an incentive to come over from Pump. 5. Boom. Let's Bonk captures market share seemingly overnight. But did they? No. 100% of fees generated on Let's Bonk's interface accrue to the *infrastructure.* That means it goes to Raydium (not Bonk). [data companies are misreporting this as Let's Bonk revenue] 6. Raydium gets revenue. Bonk gets a narrative. --- But guess what? It's not going to last. Why? Incentive programs do not create durable advantages over competition. Great products do. This is all a defensive move by Raydium (due to lack of distribution) that was kicked off by Pump creating its own DEX. Pump is ultimately calling the shots here. Pump has the distribution. Pump has the full stack (interface, mobile app, bonding curve, DEX). Pump has the war chest. And let's not forget that pump did almost as much revenue as the entire Solana network over the last year. Yet PUMP trades at a 98.6% discount to Solana. --- That's why we're sharing a memo on PUMP with readers of @the_defi_report later this week. If you'd like to have the latest research hit your inbox when it's published, you can sign up below 👇