vs other launchpads
a frank comparison of where hehe.fun differs from the existing Solana memecoin launchpads. specifics matter more than vibes.
§the headline differences
| pump.fun | hehe.fun | |
|---|---|---|
| trade fee per trade | ~1% | 2.5% (2.0% partner cut + 0.5% Meteora protocol) |
| where the fee goes | platform | 1.60% → token's stakers, 0.20% creator, 0.20% treasury, 0.5% → Meteora global |
| who earns from holding | nobody (no staking) | anyone who stakes |
| post-graduation fees | platform / LPs | DAMM v2 locked-LP partner share → our wallet → 80% staker / 10% creator / 10% treasury |
| reward model for holders | hope price goes up | price + time-weighted fee share |
| platform-level token | $PUMP (launched separately) | optional, not in v1 design |
| can platform pause/blocklist? | yes (custodial flows) | no (immutable contracts) |
we're charging more per trade than pump.fun (2.5% vs ~1%). 64% of our fee comes back to staked holders (1.60% of the trade goes to the staker pool). the net cost to a long-term holder is lower than pump.fun's, because pump.fun's 1% never comes back.
§the fee math, side by side
assume you trade $10,000 of volume across a memecoin's life, then hold + stake the token for the rest of the year while it does $1M in volume.
trading is more expensive. holding is paid — by a larger margin. that's the bet.
§structural differences (not just fee splits)
1. per-token vs platform-wide pots
pump.fun's fees go into a platform-level revenue stream. they don't differentiate "fees from $TOKEN A" vs "fees from $TOKEN B" once collected — they're operator revenue.
hehe.fun's fees stay in their token's silo. $WINK's fees fund $WINK's stakers. $HONK's fund $HONK's. there's no cross-subsidy, no platform-wide tokenomics game, no platform-wide bag.
this matters because: the bet you're making when you hold $WINK is on $WINK specifically, not on the platform's overall popularity. you can audit any token's pool independently.
2. graduation is permanent, not terminal
pump.fun's graduation event transfers the token to Raydium and the platform's direct fee revenue from that token ends. there's a Burn & Earn mechanism for creators, but no structural fee return to holders.
hehe.fun forces every graduation to Meteora DAMM v2 with a permanent_lock_position LP policy — the partner-side LP is locked forever, but it keeps accruing trade fees the whole time. our distribution program claims those accrued fees from the locked position on a schedule and splits the 2.0% partner cut:
result: a hehe.fun token that graduates becomes a permanent cashflow asset. as long as anyone trades it on the DAMM v2 pool, its stakers earn.
see graduation →.
3. no admin functions
pump.fun is "decentralized" but operates through a managed UI with off-chain logic. the platform can change fees, pause trades, manage incidents.
hehe.fun's contracts have no admin functions for the things that matter:
- can't pause trading
- can't change fee rates after a token's launched
- can't blocklist wallets
- can't mint more tokens after launch (the creator can't either)
- can't override staking shares
we wrote ourselves out of every override. it makes incidents harder to manage, on purpose. if something goes wrong at the contract level we deploy a new contract; we can't "fix" the existing one.
see philosophy →.
4. linear time-weight, no tiers
pump.fun has no staking. so this comparison only applies to other launchpads that have copied parts of the model.
most of them — when they add staking — copy DeFi's tier system: 1 week / 1 month / 3 months with multipliers.
we use a continuous linear time-weight instead. simpler for the user, less gameable, fewer parameters. the full case for this is in the staking docs.
§what pump.fun does that we don't
honestly stating the trade-offs.
pump.fun has 18 months of brand and liquidity. they got there first. they have community, virality, momentum. we have a different model and have to earn the audience.
pump.fun has lower per-trade cost (1% vs 2.5%). if you're trading a token and not holding long, our 2.5% is genuinely more expensive than their 1%. our value-add only kicks in when you stake.
pump.fun has the network effect of a launchpad that's been on chain for a while. more tokens, more chartable history, more degens who already use the UI. we start cold.
pump.fun's "creator coin" features (livestreams, profiles) are a fun social layer we don't replicate. our scope is the launch + economic loop; we're not trying to be a social network.
we are not claiming we win every dimension. we claim we win the dimension we picked: the holder-side economics, encoded structurally.
§what other launchpads do that we considered
- moonshot's commission model — interesting, but it's still a platform-level skim. we wanted per-token silo.
- believe's creator royalty model — interesting, but rewards creators not holders.
- letsbonk.fun — similar partner-fee architecture, but routes its cut to platform-level revenue rather than to per-token staker pools.
none of them route the platform's curve fees AND post-graduation LP fees back to holders. that's the gap we're filling.
§what to do with this comparison
if "1% cheaper trades, but the platform keeps everything" beats "2.5% trades where 64% comes back to you (and 80% of our partner cut)" for your use case, pump.fun is the right tool. flippers should use pump.fun.
if you're holding the bag anyway and want to be paid for it, you want this.