Original Title: Bonk Token Holder Report Q1 2026

Original Author: Blockworks

Original Translation: Jump

Summary

Bonk’s total revenue in Q1 2026 reached $10.44 million, a 45.7% increase quarter-over-quarter, surpassing Q4 2025’s $7.16 million. This rebound was mainly driven by BONKfun, which saw a 78.8% surge in revenue to $7.28 million, as the Solana launch platform activity rebounded from a low in Q4. BONKbot contributed $3.13 million, roughly flat quarter-over-quarter with a 3.1% growth—continuing the trend of the trading terminal demonstrating durable income streams under varying market conditions. Revenue this quarter remains well below the anomalous peak of $55.89 million in Q3 2025 but marks a meaningful turning point in the contraction phase following the peak, indicating that the dual-mode flywheel can recover as ecosystem activity returns.

BONKfun reclaimed its position as the primary revenue contributor, accounting for 69.8% of total revenue, up from 56.9% in Q4 2025, while BONKbot’s share decreased from 42.4% to 30.0%. This structural shift reflects the re-emergence of platform-driven income as the main growth engine, with BONKbot providing a stable baseline. BONKswap ($12.8K) and BONKsol ($8.1K), as infrastructure-level contributors, together account for less than 0.3%. BONKfun captured 6.8% of the bonding curve trading volume on the Solana launch platform in Q1, within the normal baseline range of 5-15%.

Management Commentary

Despite the overall crypto market facing challenges in Q1, BONK’s ecosystem made meaningful progress across every vertical—expanding influence, strengthening token economics, and laying groundwork for future growth.

Bonk Inc. (Nasdaq: BNKK) continued executing its digital asset treasury strategy, adding 145 billion BONK to long-term holdings this quarter and increasing operational capital. As market conditions slowed, BNKK is prepared to accelerate accumulation—supporting BONK’s structural buy-in, which will only strengthen as the company’s revenue streams mature.

BONKfun experienced the cooling effect common to meme coin activity, with its revenue softening along with the broader sector. Nonetheless, the platform’s infrastructure, partnerships, and market position remain intact—when meme coin activity rebounds, BONKfun is ready to quickly regain trading volume. During this quarter, the platform also handled a security incident caused by social engineering attack on an external vendor. No internal staff were affected, but due to delays in restoring access from a third-party domain provider, the resolution timeline was extended—an unfortunate delay that the team has since addressed with the vendor and relevant authorities. All impacted users received compensation equivalent to 110% of their losses. Through partnerships with Graphite Protocol, Raydium, and WLFI, BONKfun remains one of the largest drivers of USD1 stablecoin trading volume on Solana, with a clear focus on regaining and surpassing previous market share when activity resumes.

In collaboration with dYdX, BONKtrade has entered the perpetual DEX space—one of the fastest-growing segments in DeFi. The platform is preparing to launch new markets and plans to expand RWA trading features later this year. Targeted marketing efforts have driven encouraging user growth, and as on-chain perpetual contracts continue to take market share from centralized exchanges, the timing for BONKtrade’s launch is well aligned.

BONKswap completed a major upgrade to its internal routing mechanism, significantly improving execution quality. The next focus is increasing TVL to further boost efficiency and deepen liquidity for new trading pairs generated by BONKfun.

A core feature of BONK is its distributed contributor model—different teams build different protocols, united by a shared commitment to the ecosystem. This structure is intentional, reflecting the project’s decentralized ethos and enabling multiple product lines to advance in parallel. While coordination among independent teams can be challenging, the results are clear: a diversified ecosystem with multiple revenue verticals and an expanding network of partners.

Looking into H2 2026, the macro outlook is compelling. All remaining token inflation has ended. BNKK’s accumulation is ongoing and accelerating. The product portfolio is maturing. The contributor community remains focused on a clear goal: creating lasting value for the BONK brand and token.

BONK has never had a formal management hierarchy—it never will. It is guided by early and core contributors who oversee, direct, and hold the ecosystem accountable. The key focus for the coming year is refining the narrative, unifying stories across verticals, and ensuring BONK cannot be ignored when market attention returns.

Financial Data

Revenue Performance

Bonk’s revenue derives from programmatic fees related to BONK activities, including 0.3% swap fees on BONKfun, 1% swap fees on BONKbot, and small fees from its exchange products BONKswap and BONKsol.

In Q1 2026, Bonk recorded $10.43 million in total revenue, up 46% from $7.16 million in Q4 2025. This rebound broke a two-quarter contraction since the anomalous peak of $55.89 million in Q3 2025, driven by the rebound in Solana launch platform activity that lifted BONKfun from its post-peak lows. January contributed $6.28 million (60% of total)—reflecting the concentrated early-quarter platform activity—followed by a slowdown in February ($1.85 million) and March ($2.31 million). This quarter marks the first positive turn since the peak in Q3 2025, though revenue remains 81% below that extraordinary high and 66% below the $30.89 million generated solely by BONKbot in Q4 2024.

Changes in Revenue Composition

The revenue structure shifted back to BONKfun dominance, accounting for 69.8% of total revenue, up from 56.9% in Q4 2025. This reversal reflects the faster rebound of the launch platform compared to terminal growth, highlighting BONK’s sensitivity to speculative cycles. BONKbot’s 30.0% share (down from 42.4%) is a result of BONKfun’s outsized growth rate rather than terminal deterioration; BONKbot achieved modest absolute growth.

BONKswap and BONKsol remain infrastructure products, with minimal direct revenue contribution. BONKswap’s revenue declined 68.2%, reflecting reduced trading activity, while BONKsol’s income depends on staking yield mechanisms rather than fee capture.

Compared to the broader Solana ecosystem, BONK’s 46% quarter-over-quarter revenue growth outpaced the overall application layer recovery. The Q1 2026 performance indicates that BONK’s multi-product model can capture excess gains as ecosystem activity accelerates, reinforcing its position as Solana’s leading revenue-generating community protocol.

Buybacks and Token Burn

BONK holder value accumulation is achieved through a fee redirect burn mechanism and a governance-mandated 51% fee reallocation to Bonk Inc. (BNKK) treasury, authorized in December 2025. Q1 2026 was the first full quarter where both mechanisms operated at scale, with the 51% reallocation alone enabling approximately $3.71 million worth of BNKK DAT purchases from BONKfun fees. With launch platform revenue at $7.28 million, this new allocation provided a 5.1x multiplier over the previous 10% allocation (~$728K).

During this quarter, 89 burn events destroyed approximately 472.7 million BONK tokens, actively reducing circulating supply through direct mechanisms. The absolute burn amount was moderate, consistent with the fee base flowing through the burn pipeline at current revenue levels. Monthly distribution was uneven: January contributed 58 million, February 9 million, and March a surge to 406 million, reflecting end-of-quarter burn executions. Total supply decreased by about 12.0 trillion BONK tokens by quarter’s end, roughly 12% of the genesis supply of 1 quadrillion BONK, eliminated via fee-based burns and governance-driven burns.

As of quarter-end, 3.05% of BONK supply had been removed from circulation via buybacks or BNKK.

Institutional Products

Exchange-Traded Products (ETPs)

Osprey Investments continues managing the Osprey Bonk Trust (ticker: OBNK), which offers institutional custody and BONK holdings access. As of quarter-end, OBNK held approximately $13 million in BONK assets. The trust charges a 2.5% annual management fee and requires a minimum investment of $10,000, serving as a primary institutional custody vehicle.

In addition to BONK, Bitcoin Capital AG’s Bonk ETP (ticker: BONK) is the main European ETP providing BONK exposure. As of quarter-end, it managed about $1 million in BONK assets. This ETP charges a 1.5% annual management fee and is traded on SIX Swiss Exchange.

Digital Asset Treasury (DATs)

Bonk Inc. (BNKK), a Nasdaq-listed treasury tool launched in October 2025, continues operations. As previously noted, BNKK’s core function is programmatic BONK accumulation via fee sharing. Following December 2025 governance vote, 51% of BONKfun platform fees flow into BNKK DAT for BONK buybacks.

At the end of Q1 2026, the NAV of BNKK was approximately $14.3 million, down from $18.5 million at the start of the quarter, primarily due to BONK token price depreciation. BNKK is the first Nasdaq-listed treasury with BONK as its main strategic holding, establishing institutional legitimacy by enabling community-controlled governance via BonkDAO—distinct from top-down corporate treasuries. This programmatic demand channel operates independently of retail market sentiment.

Revenue Drivers

BONKbot (Trading Terminal)

In Q1 2026, BONKbot generated $3.11 million in revenue, up 3.1% quarter-over-quarter from $3.04 million in Q4 2025. The nearly flat growth masks intra-quarter dynamics: January produced $1.64 million (52% of quarterly total), followed by a contraction to $903K in February and further slowdown to $593K in March. The monthly decline aligns with the slowdown in Solana meme coin trading activity during the contraction period, but even at its lows, the absolute revenue base remained above $500K per month—evidence of BONKbot’s durable user base persisting under different market conditions. Accounting for 30.0% of total revenue, BONKbot briefly dominated the share after BONKfun’s post-peak lows (42.4%) in Q4 2025, but has since reverted to a smaller revenue role. This return is not a competitive issue; it reflects the re-emergence of launch platform activity, which disproportionately boosts BONKfun.

Trading Volume and User Activity

In Q1 2026, BONKbot’s average daily trading volume was approximately 27,900 trades, with a total of 2.51 million trades for the quarter. This is an increase from the roughly 20,000 daily average in Q4 2025, indicating that the trading terminal attracted additional user activity during the rebound in launch platform activity. The durable user base that persisted through the contraction in Q4 is a positive sign of expansion rather than mere maintenance, supporting terminal stickiness. In the competitive landscape, Axiom maintained about 148,000 daily trades as the dominant terminal, while Phantom handled around 30,600 daily trades. BONKbot’s 28k daily trades represent a niche share within terminal activity, consistent with its positioning as an ecosystem-integrated terminal that differentiates itself through destruction mechanisms rather than scale.

Per-Trade Revenue Dynamics

BONKbot’s per-trade economics continue to reflect industry-wide fee compression. The average revenue per trade in Q1 was about $1.25, slightly below the Q4 average of approximately $1.75. After a 55% compression from Q3 to Q4, the stability of per-trade revenue suggests that fee levels may be approaching a sustainable baseline for the terminal category, though ongoing monitoring remains necessary. The destruction mechanism remains a structural differentiator.

BONKbot remains the only trading terminal on Solana that permanently reduces supply with every trade. With quarterly revenue of $3.13 million, the fee redirect burn pipeline continues to convert a portion of each trade into token removal from circulation. While the absolute burn volume at current revenue levels is moderate, its importance lies in its compound nature: regardless of market conditions, each executed trade increases the total supply reduction, creating a value accrual path that competitors cannot replicate.

BONKfun (Token Launch Platform)

Recovery from Post-Peak Low

In Q1 2026, BONKfun generated $7.28 million in revenue, a 78.8% quarter-over-quarter increase, surpassing Q4 2025’s $4.07 million. This rebound was driven by the first positive shift since the anomalous peak of $48.62 million in Q3 2025, fueled by a surge in Solana bonding curve activity in January. January alone contributed $4.63 million (63.6% of the quarter’s total), followed by a slowdown to $940K in February and a partial rebound to $1.71 million in March. The pattern within the quarter aligns with the broader Solana launch platform market, where enthusiasm around new token launches, driven by speculation, normalized after the peak.

Looking back, Q4 2025 represented the low point following the sharp contraction from the Q3 meme cycle peak, during which BONKfun briefly captured over 78% of Solana launch platform bonding curve trading volume. The rebound to $7.28 million in Q1 2026 positions BONKfun’s revenue between the Q4 low and the early Q2 2025 level of $17.21 million.

51% Fee Reallocation: Structural Demand in Action

As previously mentioned, the December 2025 governance vote redirected 51% of BONKfun fees to BNKK DAT for BONK buybacks, marking the first full quarter of operation. With BONKfun revenue at $7.28 million, this reallocation generated approximately $3.71 million in programmatic BONK purchase capacity. This new demand channel now operates as a durable, non-discretionary buyer pipeline, directly scaling with launch platform activity.

At an annualized rate based on January’s BONKfun revenue (~$55.6 million), the 51% reallocation would generate about $28.4 million in annual programmatic demand. At a more conservative rate in March (~$20.5 million annualized), the figure is around $10.5 million. Under the Q1 2026 BONKfun run rate (~$29.1 million annualized), the 51% reallocation implies approximately $14.9 million in annual BNKK DAT purchase capacity—an explicit, scalable demand foundation that grows with launch platform activity. If the Solana bonding curve market recovers to historical levels, this mechanism’s importance will increase.

Supporting Infrastructure

BONKswap

BONKswap generated $12.8K in revenue in Q1, down 68.2% from $40.2K in Q4 2025. Its value lies in its role as an ecosystem connector rather than direct fee generation. It maintains BONK liquidity on aggregator interfaces, supporting cross-product flywheels that connect BONKfun launches, BONKbot trading, and secondary market access.

BONKsol (Liquidity Staking)

BONKsol generated $8.1K in revenue in Q1, reflecting its yield accumulation design rather than fee capture. The BONKsol-to-SOL exchange rate increased from 1.154 at the start of the quarter to 1.169 at quarter’s end, maintaining a stable annualized yield of 7-8%. The steady appreciation confirms that the staking mechanism functions as intended during price fluctuations throughout the quarter.

Protocol Analysis

BONKbot Trading Activity

In Q1 2026, BONKbot routed approximately $219 million in total trading volume, with $117 million in January, $62 million in February, and $40 million in March. The decline within the quarter reflects the slowdown in Solana meme coin trading after the January peak. Daily routed volume ranged from under $1 million on the quietest days in March to over $6 million during the active January period. In context, Q4 2025 saw about $186 million in total BONKbot trading volume, so despite only a 3.1% revenue increase, the throughput grew roughly 18%. The divergence between volume growth and revenue indicates ongoing fee compression, with the terminal processing significantly more trades to generate comparable fee income.

Routing Volume by Destination

Pump’s AMM remains the primary execution venue, handling $158 million (72% of categorized volume), followed by Meteora with $38 million (17%) and Raydium with $23 million (11%). Orca captured a small share of $12.8k. The routing distribution reflects Solana’s underlying liquidity landscape: Pump’s integrated AMM (PumpSwap) captures most meme coin trading flow, Raydium handles BONKfun graduates’ tokens, and Meteora serves as a secondary liquidity venue. The cross-product flywheel between BONKfun launches and Raydium routing is visible in the data. The elevated BONKfun activity in January corresponded with higher Raydium routing share on BONKbot, as newly graduated tokens migrated from bonding curves to Raydium pools for secondary trading. This structural relationship confirms that BONKfun activity directly generates downstream trading volume for BONKbot via graduation pathways.

Routing Volume by Token Source

Tokens originating from Pump account for $174 million (79%) of BONKbot’s categorized trading volume, BAGS-origin tokens contribute $17.7 million (8%), and BONKfun-origin tokens contribute $12.7 million (6%). About $33.4 million (15.2%) of volume occurs on bonding curves, with the rest in secondary market trading post-graduation. The 6% share of BONKfun-origin tokens in categorized volume underestimates the cross-product relationships. BONKfun tokens generate incremental Raydium routing volume after graduation, and BONKfun’s overall economic footprint in BONKbot exceeds direct token classification. Nonetheless, Pump tokens remain the dominant source of trading volume, reinforcing BONKbot’s role as a cross-ecosystem execution layer that captures Solana meme coin activity regardless of which launch platform token originated.

BONKfun Launch Platform Activity

Bonding Curve Trading Volume

BONKfun bonding curve trading volume totaled approximately $692 million in Q1 2026, with $460 million in January, $93 million in February, and $138 million in March. January’s concentration reflects the surge in early-quarter Solana launch platform activity, with daily trading volume exceeding $30 million at peak, then slowing to $1-5 million in February and rebounding to $3-10 million in March. The broader Solana bonding curve market processed $10.16 billion in Q1, with BONKfun’s $692 million representing 6.8%. Pump dominated the bonding curve trading volume, accounting for $8.74 billion (86.0%). Monthly market share trajectories—10.5% in January, 3.2% in February, 4.8% in March—highlight BONKfun’s sensitivity to market conditions: capturing excess share during active launch periods and contracting more sharply during lows, consistent with its secondary position in a winner-takes-all launch platform landscape.

Token Launches and Graduation Rates

Average daily token launches on BONKfun in Q1 2026 were approximately 1,963, totaling 177k launches. Pump handled about 2.53 million launches in the same period (average 28,000 per day). BONKfun maintained a graduation rate of about 0.6-0.7% per day, measured by the percentage of bonding curve launches that survive to become secondary AMM pools. On an absolute basis, this translates to roughly 11 tokens per day at USD1 valuation and about 4 at SOL valuation. The graduation rate remained stable compared to Q4 2025, indicating that token quality, as measured by launch survivability, did not deteriorate with trading volume cycles.

Market Share and Competitive Position

In Q1 2026, BONKfun captured 6.8% of Solana launch platform bonding curve trading volume (8.1k USD / 1.016 trillion USD total), within the normalized 5-15% baseline established post-peak. Monthly trajectories show significant variation: 10.5% in January (8B USD), reflecting early-quarter surge and BONKfun’s elevated launch activity; then normalization to 3.2% (93 million USD) in February and 4.8% (138 million USD) in March. Pump maintained dominance with 86.0% of bonding curve volume, consistent with its position as the primary infrastructure in Solana’s launch ecosystem. The question for BONKfun is not whether it can challenge Pump’s scale but whether it can sustain a durable share of Solana launch activity sufficient to generate meaningful fee revenue for burn and BNKK DAT demand pipelines.

Total launch platform trading volume (including secondary trading of launched tokens) tells a complementary story: BONKfun’s total volume reached $2.47 billion in Q1, representing 6.5% of the Solana launch ecosystem’s $38.2 billion. This broader measure captures the full lifecycle of BONKfun-originated tokens, including secondary market activity on Raydium after graduation.

TVL Overview

BONKsol’s total value locked (TVL) declined from $24.2 million at the end of Q4 2025 to $16.3 million at the end of Q1 2026, a 32.7% contraction. The decline was primarily driven by a 33% drop in SOL price this quarter. Separating the two factors: the underlying BONKsol TVL remained roughly flat or slightly grew (from 168k SOL to 169k SOL), while USD-denominated TVL decreased, amplified by SOL’s price decline.

Staking Flows and Holder Recognition

Unstaked BONKsol increased slightly from 168k to 169k, a net increase of about 1,259 BONKsol (0.75%). Daily flows show mixed activity: burn events (unstaking) averaged about 22 BONKsol per active day over 83 days, while minting events (staking) averaged about 36 BONKsol per day. The net positive flow during periods of significant SOL price contraction signals confidence, consistent with previous quarters’ patterns, indicating that staking participation persists or even grows despite adverse price conditions.

Yield Mechanisms

The BONKsol-to-SOL exchange rate increased from 1.154 to 1.169 during the quarter, representing approximately 1.3% appreciation. The annualized yield ranges from 7.8% (90-day measure) to 9.1% (120-day measure), consistent with Solana’s stable 7-8% APY. The steady increase in the rate confirms that the staking mechanism continues to accrue SOL yields as designed, regardless of market price fluctuations. Holders who staked since inception now receive about 16.9% more SOL upon redemption than their original deposits.

Supply Mechanics

Approximately 473 million BONK tokens were burned in Q1 2026, bringing total historical burns to 120 trillion BONK (12% of the 1 quadrillion initial supply). The quarterly burn figures reflect the operation of the fee-based burn pipeline at current revenue levels—moderate but mechanically continuous supply reduction.

Monthly burn distribution was uneven: January burned 58 million, February 9 million, and March a total of 406 million BONK. The March concentration indicates a burn execution event rather than a steady daily burn, consistent with the protocol’s cyclical burn rhythm—large-scale buybacks from the accumulated treasury BONK are periodically destroyed.

By the end of the quarter, a significant portion of BONK holdings remained outside active circulation: BonkDAO held about 4.43 trillion BONK, and BNKK increased its holdings by 220 billion BONK, bringing the total DAT holdings to 2.48 trillion BONK.

Product & Ecosystem Updates

BONKtrade

BONKtrade, built in partnership with dYdX, was launched this quarter as the entry point for BONK into the perpetual futures space. The platform is preparing to introduce new markets and plans to expand RWA trading later this year. This launch enables BONK to capture market share as on-chain perpetual contracts continue to draw volume from centralized exchanges.

BONKswap

BONKswap completed a major upgrade to its internal routing this quarter, improving execution quality across trading pairs. The next focus is increasing TVL to deepen liquidity and better support new tokens launched via BONKfun.

BONADfun (Monad)

In late 2025, BONKfun was deployed on Monad as BONADfun, marking BONK’s first expansion beyond Solana. Built in partnership with Doppler Protocol, BONADfun brings BONKfun’s launch platform model to Monad through a dynamic pricing curve. The traction on the new chain is an active area of interest and a mid-term multi-chain catalyst for the ecosystem.

Institutional Infrastructure

Rex Capital and Osprey Investments submitted applications for BONK ETFs this quarter, alongside similar tools for TRUMP, DOGE, and other tokens. Approval timelines depend on SEC review, but these filings demonstrate ongoing institutional infrastructure development around BONK, independent of retail market conditions.

Summary

Q1 2026 marks the first positive revenue turn since the peak in Q3 2025, with the dual-mode flywheel demonstrating its design: BONKfun recovered 78.8% of its quarter-over-quarter rebound as Solana launch activity rebounded from lows, while BONKbot maintained its revenue base with 3.1% growth, independent of speculative sentiment. Total revenue of $10.44 million, though far below historical peaks, confirms the revenue model’s responsiveness to ecosystem recovery without requiring BONK to regain peak market share. The December 2025 governance vote’s 51% fee reallocation generated its first full quarter of programmatic BONK demand via BNKK DAT, establishing a structural demand of approximately $3.71 million per quarter at current BONKfun revenue levels.

The structural mechanisms established later in 2025—51% fee reallocation, BNKK DAT institutional channel, fee redirect burn pipeline—are now operational and producing measurable outputs. The question moving forward is not whether these mechanisms are effective but how they can scale. The annualized pace in January (~$28.4 million in demand, implying about 5.9% of market cap in buybacks annually) versus March (~$10.5 million, about 2.2%) captures the range of outcomes, with actual results driven by factors largely outside BONK’s direct control: Solana ecosystem activity cycles, meme token sentiment, and competition within the launch platform category. BONK’s structural advantage lies in its demand mechanisms’ ability to activate automatically at any activity level, accumulating value through market cycles rather than relying on specific conditions.

All data in this report are supported by Blockworks Bonk Dashboard.