Solana’s memecoin economy is rapidly evolving, with memecoins now representing 20% of the total $54 billion market cap—a staggering $11 billion attributed to Solana-based assets. While platforms like Pump.fun have garnered widespread attention for their rapid-fire launches, a quieter yet significant shift is unfolding beneath the surface.
At the center of that shift? BONK [BONK]—a meme asset that’s gradually solidifying its role as a foundational player in Solana’s broader ecosystem.
Launched in early 2024, Pump.fun quickly transformed how tokens are created and distributed on Solana. Its bonding curve model, which locks SOL to mint new tokens, fueled a frenzy that resulted in $368 million in revenue within the first year and more than 11 million tokens launched.
However, for the first time ever, BONK-linked platforms have overtaken Pump.fun in daily bonded SOL, capturing 53.2% of the total bonded volume. This is a pivotal moment—and not just a temporary spike. It reflects growing interest in more resilient, utility-driven memecoin ecosystems.
The most telling metric? The Total Value Locked (TVL) in Bonk Staked SOL. According to DeFiLlama, TVL surged from $8 million in May to nearly $12 million by July 6—a 50% increase in just two months.
While BONK’s bonding model resembles Pump.fun’s mechanism, the difference lies in user behavior. Rather than short-term speculation, BONK’s rising TVL indicates deeper capital commitment and growing faith in the long-term sustainability of its ecosystem.
Pump.fun may have ignited Solana’s memecoin explosion, but BONK is starting to attract the kind of sticky capital that signals a shift from hype-driven trading to protocol loyalty and structural growth.
As capital rotation trends continue, BONK could very well become the backbone of Solana’s memecoin landscape heading into Q3 2025—moving from a novelty asset to a foundational pillar in Solana’s DeFi stack.
July 2025, Cryptoniteuae