Solana on-chain memecoin launchpad pattern has undergone a drastic change

"The king is dead, long live the king." This phrase echoed in the Palace of Versailles in 1774, symbolizing the rapid succession of power. Today, this ancient ritual is being played out on the memecoin launchpad market on the Solana chain.

Just a month ago, the dominant player that held 88% of the market share now has only 13% left. Emerging challengers have rapidly risen to capture 86% of the market. This is not just another reflection of volatility in the crypto world, but a typical case of empire collapse: when the ultimate moat of attention is overlooked, even the greatest first-mover advantage can vanish in an instant.

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The Rise and Fall of Empires

This empire was founded in January 2024 by three young people in their 20s, who disrupted the issuance logic of meme coins with a single sentence: "Upload a picture, name it, click a few times, and you've issued a coin for less than $2, without any code."

This satisfies a fundamental impulse to transform "worthless" into "valuable." By January 2025, the platform generated over $458 million in revenue, with thousands of new coins launched daily, and peak daily revenue exceeding $7 million.

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However, the tragedy began with one of its most innovative features: live streaming. Originally intended for token promotion, the feature spiraled out of control, leading to extreme behaviors, including simulated self-harm and suicide threats. The platform was forced to urgently shut down the live streaming function, but its reputation had already been damaged. That week's revenue plummeted by 66% in an instant, and competitors began to take advantage of the situation.

Faced with declining revenue and competitive pressure, the platform decided to self-rescue through an ICO. Although it raised $500 million in 12 minutes, along with $700 million in private placements, this round of financing exposed many issues: a large amount of funds concentrated in a few wallets, fully unlocked token settings, and an aggressive token economics model.

The token price quickly dropped by 60% after a brief rise, showing a typical "death spiral" trend. Worse still, the platform canceled the long-promised airdrop plan, further undermining community confidence.

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The Rise of the New King

When established platforms keep making mistakes, emerging platforms are quietly building everything that their competitors lack: transparency, community-oriented approaches, and clear communication.

The new platform's daily revenue has reached 1.3 million dollars, five times that of the old platform. From nearly zero in May to a stable breakthrough of one million dollars in daily revenue in July, the new platform's revenue has been steadily increasing. Meanwhile, the old platform's revenue has plummeted from a peak of over 7 million dollars in January.

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The new platform will use 1% of its weekly revenue to repurchase its ecological tokens, providing support for the existing ecosystem. In contrast, the old platform's tokens have lost 60% of their market value.

The Victory or Defeat of Attention Economy

The old platform once gained an advantage due to network effects, but attention is fragile. An incident during a live broadcast gave users a reason to try alternative platforms, and the new platform quickly became the "clean" choice.

This reminds me of the situation where Myspace lost to Facebook. Myspace had features and scale but lost the cultural narrative. Facebook became the platform for "real users," while Myspace became synonymous with junk information and a chaotic interface.

Realizing the crisis of survival and extinction, the old platform launched a counterattack. They increased the token buyback ratio to 100% and introduced a 30-day incentive program. However, these tactical measures could not restore the lost trust and user attention.

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The new platform has built a truly user-interest-aligned ecological reward system. Users can earn revenue shares from the product ecosystem by locking their assets, and they can also earn points through various methods, which can be exchanged for physical goods or benefits in the future. This gamified growth experience makes users feel that they are participating in a larger mission.

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A Broader Perspective

In the digital market, a dominant position can vanish in a matter of months. The collapse of the reputation of an old platform equates to a survival crisis. The success of new platforms is not necessarily due to them building fundamentally superior products, but rather because they entered the market at the moment when their competitors' reputations were the most vulnerable.

Despite a significant shrinkage in market share, the old platforms are not yet at the point of exiting. They have $1.2 billion in funding that has bought them time, and the platforms have also withstood high-pressure tests. Even with the decline in market share, they still have considerable daily revenue. As pioneers in their category, they possess lasting brand recognition.

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The most likely scenario is market fragmentation, where new platforms become the main platforms, while old platforms transform into niche platforms with loyal users. However, to truly turn the tide, old platforms must not only solve technical issues or rely on financial incentives to retain users, but must also rebuild trust and reclaim cultural high ground.

The wisdom of the French court tells us: when a ruler loses legitimacy, no amount of gold and silver or rituals can restore dignity. Sometimes, for the continuation of the kingdom, the crown must be passed to a new person.

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