1/ The trenches have been slowing down on @solana since mid-August. Let’s dive into the metrics on Solana launchpads and see what’s going on.

2/ In mid-August there were ~25K–40K tokens launched per day on @solana launchpads; currently it’s ~10K–13K per day. Graduations show a similar story, dropping from ~150–300/day to ~70/day now.

@solana 3/ While activity has been declining, the launchpad sector has been consolidating. In July and August there were many new launchpads popping up and taking market share from @pumpdotfun, but now Pump accounts for ~90% of all tokens deployed, with competitors losing share.

@solana @pumpdotfun 4/ Launchpad revenue has shown a similar trend to deployments, falling from ~$1.5M–$2.5M/day in mid-August to ~$600K–$800K/day currently, alongside the same platform consolidation.

@solana @pumpdotfun 5/ As Solana launchpad volume falls, BNB has climbed to ~$2M–$4M/day in combined fees. Solana’s decline is about half BNB’s rise—so net, trenches are growing.