The Hidden Winners of the Solana Coin Issuance Craze: The Success Path of Metaplex, Raydium, and Axiom

Recently, the competition among token issuance platforms in the Solana ecosystem has become increasingly intense. Behind this commotion, some low-profile participants are quietly profiting. They do not compete for narrative dominance, nor do they bet on a single token price, but instead focus on building infrastructure to provide essential support for the entire ecosystem. This article will delve into the three projects Metaplex, Raydium, and Axiom, revealing how they have become stable beneficiaries in the Solana launch platform battle.

Raydium: SDK Strategies Support Market Share

Raydium quickly adapted to market changes and launched its own token issuance platform, LaunchLab. More importantly, it supported the birth of several similar platforms, such as LetsBONK.fun and cook.meme, through an SDK collaboration strategy. This move significantly enhanced Raydium's competitiveness in the Solana launch platform market.

According to the latest data, nearly 60% of the tokens created on the Solana Launchpad come from the LaunchLab SDK. Among them, LetsBONK stands out particularly, accounting for the vast majority of tokens created by the LaunchLab SDK, with a "graduation rate" close to 100%.

In terms of trading volume, the LaunchLab SDK contributed 65.2% of the total trading volume of the Solana Launchpad, with the vast majority coming from LetsBONK. In terms of revenue, the LaunchLab SDK accounted for 72% of the total revenue of the Solana Launchpad, with LetsBONK again contributing the major part.

It is worth noting that Raydium uses 25% of the transaction fees to buy back its native token RAY, a mechanism that helps to enhance the value of RAY.

Metaplex: Providing Infrastructure for the Ecosystem

As a core open-source protocol of the Solana ecosystem, Metaplex provides developers, creators, and businesses with a complete set of tools and standards for building decentralized applications. So far, Metaplex has facilitated the creation of over 900 million on-chain assets.

In the current wave of token issuance, Metaplex has become one of the biggest beneficiaries. Many well-known launch platforms, including Pump.Fun, Believe, Raydium, etc., have created coins using the Metaplex standard.

Data shows that in the first half of this year alone, Metaplex achieved approximately $13.57 million in revenue. In June alone, the number of tokens created through the protocol exceeded 1 million, bringing about $1.7 million in revenue to Metaplex.

Metaplex has adopted an aggressive token economics strategy: charging a certain percentage of protocol fees from all newly created tokens and NFTs, with 50% of that used to repurchase $MPLX and inject it into the Metaplex DAO. In the first half of this year, Metaplex has cumulatively repurchased 38.5 million $MPLX tokens, accounting for 3.9% of the total supply.

Axiom: The Leader in Trading Automation

In this competition for launch platforms, trading robots represented by Axiom are gradually becoming the invisible winners. These tools not only optimize the user trading experience but also become the key factor in the competition for traffic and users among various launch platforms.

Data shows that Axiom has maintained a leading position in the trading automation and Bot tools platform for a long time. On one day's statistics, Axiom contributed nearly 70% of the total trading volume of such platforms, demonstrating strong market penetration.

Axiom has established deep collaborations with multiple launch platforms, becoming an important traffic entry point. Among the major launch platforms, Axiom's trading volume generally accounts for over 60%, greatly enhancing the trading activity of each platform.

From the usage of trading bots on the Solana chain, Axiom occupies over 70% of the market share, with nearly 20,000 daily active users, far surpassing its competitors. Since its launch in January of this year, Axiom has accumulated $160 million in revenue, with an average daily revenue of about $1.7 million and nearly 290,000 active users, fully reflecting its market recognition and growth potential.

Overall, during the Solana coin issuance boom, Metaplex, Raydium, and Axiom successfully gained stable profits in this competition through their unique strategies and advantages, demonstrating the important value of being infrastructure providers.