Bonk Ecosystem Revenue Falls to $1.91M Despite BONKfun Volume Surge

Blockworks Advisory's quarterly Bonk Token Holder Report shows ecosystem revenue fell to $1.91 million from $2.44 million in the prior quarter, a second consecutive quarterly decline, according to Solana Compass. BONKbot, the ecosystem's Telegram trading bot, generated $1.37 million, or 71.7% of total revenue, up from a 62.1% share previously. BONKfun, the token launchpad, saw its own revenue drop to $0.50 million from $0.88 million even as trading volume in tokens launched on the platform climbed 79.2% to $961.8 million, driven largely by a single token's September run, the outlet reports.

The report attributes most of that surge to USELESS, which saw roughly $684 million in trading during September, with about $358 million of that occurring in the month's opening stretch. BONKfun logged 9,803 token launches for the quarter, averaging about 107 per day, including 913 launches on a single September day. Despite the volume spike, BONKfun's share of Solana's bonding-curve market fell to 0.38% from 0.96%, while a rival platform held 92.8% of that market, per the report.

Bonk, Inc. held 2.48 trillion BONK tokens throughout the quarter, unchanged from earlier in the year and equal to about 2.8% of circulating supply, against a stated 5% target. Circulating supply stood at roughly 88 trillion tokens, with cumulative burns of 12.01 trillion through the end of September. Lucky Dog Holdings commissioned the report; a prior regulatory filing shows that entity receives 10% of BONKfun's gross revenue in perpetuity, while Blockworks says it retained editorial control of the findings.