Did StonkFun Really Out-Earn Jupiter, Raydium and Meteora? We Checked the Numbers

On 20 October a widely shared post on X, the social network, said that StonkFun, a Solana launchpad for memecoins, had earned $20.8 million of protocol revenue in 30 days, more than Jupiter, Raydium and Meteora combined at $16.46 million (viral post on X). The claim spread fast because those three trading platforms are some of the best-known names on Solana. We checked it against the same public data the post cited.

The short answer

For the 30 days to 16 October, the headline is accurate. Our team's research desk added up the daily figures from DefiLlama, a public dashboard that tracks crypto protocols' fees and revenue, for that window and got $20.80 million for StonkFun against $16.47 million for the other three together, a match to within rounding (DefiLlama StonkFun page). So nobody made the number up. The problem is what the number measures and which window it uses.

Revenue is not the same as fees

On DefiLlama, "revenue" means what a protocol keeps for itself after paying others (DefiLlama StonkFun methodology). Jupiter, Raydium and Meteora pass most of the trading fees they collect to the people who supply money to their trading pools. Their revenue is therefore a small slice of the fees they take in.

Fees taken in and revenue kept, last 30 days

FeesRevenue

StonkFun

$19.12M

$16.82M

Jupiter

$16.90M

$4.79M

Raydium

$27.15M

$4.48M

Meteora

$45.44M

$5.35M

US dollars, millions

Fees taken in and revenue kept, last 30 days

Item	Fees	Revenue
StonkFun	$19.12M	$16.82M
Jupiter	$16.90M	$4.79M
Raydium	$27.15M	$4.48M
Meteora	$45.44M	$5.35M

Looking at fees instead gives a very different picture. On 22 October, DefiLlama's public data showed these 30-day fee totals (DefiLlama API, StonkFun; Jupiter; Raydium; Meteora on DefiLlama):

On fees, StonkFun took in about a fifth of what the three others took together. It keeps almost everything it collects, which is why it looks so large on the revenue table.

The window matters

The 30 days to 16 October still contain the second half of September, StonkFun's busiest stretch. DefiLlama's monthly table shows $28.65 million of revenue in September and $5.78 million in October so far (DefiLlama StonkFun page).

Revenue in the latest 7 days, read 22 October

StonkFun

about $0.96M

Jupiter

about $0.77M

Meteora

$0.59M

Raydium

$0.44M

US dollars, millions

Revenue in the latest 7 days, read 22 October

Item	US dollars, millions
StonkFun	about $0.96M
Jupiter	about $0.77M
Meteora	$0.59M
Raydium	$0.44M

The latest week tells a different story. Over the latest 7 days in DefiLlama's data, read on 22 October (a window that ends with its 20 October daily figure), StonkFun revenue was about $0.96 million, against about $0.77 million for Jupiter, $0.59 million for Meteora and $0.44 million for Raydium, or about $1.79 million for the three combined (StonkFun, Jupiter, Raydium, Meteora). At today's pace StonkFun still beats each one alone, but it earns roughly half of what the three earn together.

Where the money comes from

StonkFun lets anyone launch a memecoin paired with almost any other token, including tokenized shares. Since early September its coins launch through Raydium's LaunchLab system. DefiLlama counts StonkFun's fees as its 1% platform cut on launch trades, its creator share on pools that "graduate", and part of the fees from older locked pools; Raydium's own share is left out (DefiLlama methodology).

That makes the business a direct bet on how much people trade brand-new memecoins. Our research desk's daily data shows revenue jumped from about $186,000 on 5 September to $1.51 million on 6 September, the day the LaunchLab move took effect, and the token's all-time high of $0.40 came on 21 September (DefiLlama StonkFun page). DefiLlama's data, read on 22 October, now shows those two days slightly revised, at $188,568 and about $1.53 million.

Who counts the revenue

DefiLlama links the code it uses for StonkFun from its methodology notes (DefiLlama methodology, "View code on GitHub"). Our research desk read that code's history on GitHub, the code-hosting site, and found it was first submitted by a user named "stonkfun" and later edited by DefiLlama staff. The project announced the merge itself on 18 August (StonkFun post on X). That is normal for DefiLlama, where projects often write their own adapters, but it means the count was written by the project and reviewed by DefiLlama, not built independently. We used the same dashboard for Pearl's fees in our explainer on Pearl's Coinbase roadmap listing.

What reaches STONK holders

DefiLlama tracks "holders revenue" as money spent buying STONK back on the market. It shows $10.13 million over 30 days and $21.33 million since launch, booked as "STONK buyback and burn" (DefiLlama StonkFun page). That is roughly 60% of revenue, in line with what StonkFun says it spends on buybacks.

Two caveats matter. First, the buyback is a policy, not a rule written into the token; the team can change or stop it. Second, our research desk reported that StonkFun's own terms say the token gives no right to any revenue, a point drawn from a community guide that quotes them.

What to watch

• DefiLlama's 7-day revenue for StonkFun against Jupiter's. That is a fairer live comparison than a 30-day window that includes September.
• The holders revenue line. If buybacks fall well below 60% of revenue, the main case for the token weakens.
• STONK's price was about $0.135 at 00:30 Dubai time (UTC+4) on 22 October, a market value of about $107 million, according to CoinGecko, a crypto price-tracking site (CoinGecko). Price swings in either direction say little about revenue on any single day.

What we couldn't confirm

• StonkFun's own terms of service wording that STONK carries no right to revenue. We relied on a quote in a community guide and did not open the terms page ourselves for this piece.
• The fee split of 1.25% per trade (1% StonkFun, 0.25% Raydium) comes from a report by Bitquery, a blockchain data company, and a community guide, not from a StonkFun document.
• Who controls the large wallets that bought STONK on 20 October. Wallet trackers on X reported large buys, but we did not trace them.
• Many tokens use the name STONK. The figures here are for the CoinGecko entry "stonk-3", which DefiLlama links to StonkFun.

Not financial advice. This article explains a public claim and the data behind it. Do your own research before buying or selling anything.