Is the pie
getting bigger?

What the pie contains

Decoded token initialisations on Pump.fun (create and create_v2), Raydium LaunchLab (three initialisation variants) and Meteora DBC (SPL and Token-2022 variants) establish launch origins. Every mint keeps its earliest initialisation. The universe includes inactive and failed economic launches, not just survivors. It is a broad launch-token proxy, not a semantic classification of every Solana meme. Platforms outside these programmes, StonkFun’s earlier direct-pool launches, unindexed venues and centralised exchanges are outside this trading universe.

StonkFun uses its verified LaunchLab fee-wallet identity. BONK.fun uses the meme, tech and balanced platform configurations published in its own application. Bags, Believe and Moonshot Create use verified launch signers; Jupiter Studio uses its configuration marker. Other LaunchLab and Other Meteora DBC retain all remaining configurations, including unnamed and newly created ones. Self-declared platform names are not trusted as ownership evidence. These buckets update without waiting for a directory listing. New named platforms from public catalogues enter the financial directory daily and keep attribution pending until verified.

Following activity after graduation

Launch origins are joined to both sides of every indexed Solana DEX swap. If both tokens have a launch origin, that swap leg belongs to the more recently launched token; mint address order resolves equal timestamps. This avoids counting the same leg in two platform totals. The measure is turnover in a platform’s launched tokens, wherever indexed trading occurs, not proof of which website routed a trade. Dune records each hop of a multi-pool route separately, so totals measure gross pool turnover, not unique end-user orders or net capital flows.

Only positive, finite USD valuations enter priced turnover. The chart and table show that priced portion, with priced/total swap counts. Missing quotes are not valued at zero. Market share and growth can change when pricing coverage changes, particularly for custom quote assets. The all-Solana DEX benchmark uses the same priced-leg convention but includes stablecoins and non-meme assets; it is not added to the launch-token total.

Wallets, weeks and growth

Active wallets are distinct trader_id addresses across each entire Monday-to-Sunday UTC week, including swaps without USD valuations. Daily unique counts are never summed into weekly counts. The market total deduplicates wallets across all tracked origins; individual platform reach can overlap. Addresses are not people, and bots, arbitrage and wash trading are not removed. Reach changes describe participation, not verified migration or new users.

Only completed weeks inside recorded coverage enter comparisons. The latest unfinished week is shown separately through the latest covered day. Growth compares the same defined origin programmes in consecutive complete weeks; a zero prior value has no finite percentage. Newly discovered names do not enlarge the underlying programme universe. Source indexing and pricing backfills may still revise history.

Refresh and financial data

Launches and discovery refresh daily. Turnover and weekly wallets refresh after each week closes, with a preceding week rechecked for late indexing. Historical data stays on file. Public financial feeds and token quotes refresh hourly. The page checks for a new published snapshot each minute while visible. Failed sources retain original timestamps and coverage. Financial revenue is reported by DefiLlama, with Solana-specific breakdowns; token quotes and circulating caps come from CoinGecko. Buyback allocations, holder distributions and observed purchases remain identified by their source methodology.

Dune trade definitions ↗ · StonkFun attribution and revenue methodology ↗