Catenaa, Wednesday, May 28, 2025-Validator tips on Solana’s Jito network have surged 57% in the past week to an average of $3.63 million daily, reflecting increased on-chain activity.
The rise signals growing demand for blockspace, though the gains have not been evenly distributed across platforms.
While Jito tips climbed, fees on the meme token platform Pump.fun fell 27.5% week-over-week, dropping from $18.2 million to $13.2 million between May 5 and May 17. This decline is attributed to competition from Believe, a rapidly expanding token launchpad founded by tech entrepreneur Ben Pasternak.
Believe allows users to create tokens instantly by replying to posts on the social media platform X with commands like “@launchcoin + TICKER.” Tokens start in a bonding-curve pool before graduating to an automated market maker pool once their market cap surpasses $100,000. Each transaction carries a 2% buy/sell tax, split between Believe and the token creator.
Unlike Pump.fun’s focus on memecoins, Believe targets startup and utility-based tokens, though many launched tokens currently lack concrete projects. The platform’s rules prohibit tokens from representing equity, raising doubts about long-term viability.
Believe’s native token, $LAUNCHCOIN, surged from a $12 million market cap to $344 million in four days mid-May before dropping over 40%. Other ecosystem tokens also hit high valuations despite limited fundamentals but have since declined more than 70%.
Despite the volatility, Believe’s ecosystem is gaining attention as a potential challenger in Solana’s on-chain activity space, especially if it evolves to allow more utility or equity representation.
