Research note · Revenue & valuation

Launchpads: revenue resilience and token valuations

Pons and StonkFun out-earned Pump in September, then lost over 90% of their revenue. Why both became more expensive relative to revenue while PUMP got cheaper.

PUMP multiple4.2x → 2.9xSep → last 14 days
PONS multiple1.2x → 7.4xrevenue −91%
Pump share, top 438% → 62%
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Research snapshot · 21 Oct 2026

Seven-day average revenue for pump.fun, Pons, StonkFun and Flap from July to October 2026
Daily launchpad revenue, shown as a seven-day average, from 1 July to 21 October 2026. Source: DefiLlama. Here, pump.fun excludes PumpSwap and the mobile app; StonkFun data ends on 20 October.

September's narratives

Robinhood memes and stock-paired memes pushed Pons and StonkFun past $2M in daily revenue, repeatedly ahead of Pump's launchpad. Since their peaks, 7-day average revenue fell 96% for PONS, 90% for STONK and 23% for PUMP. Pump's revenue share among the top 4 went from 38% to 62%.

Lower prices, higher multiples

Market cap over annualized revenue, September versus the last 14 days: PUMP 4.2x to 2.9x with revenue up 19%, PONS 1.2x to 7.4x with revenue down 91%, STONK 0.6x to 1.7x with revenue down 83%.

What it shows

Narratives take over fast, and the real question is how much of the activity is sustainable. Pump's revenue now comes from more than token launches, and Pons and StonkFun could become interesting again if onchain activity returns.

PUMP, PONS and STONK market caps, daily revenue, published buyback shares and annualized valuation multiples
Market cap / annualized revenue and buyback multiples: September versus the latest 14-day window. Revenue: DefiLlama; market caps: CoinGecko, 30 September and 21 October 2026. PUMP includes its full revenue base, unlike the launchpad-only chart above.

The main thesis of this piece is followed in the track record →

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