The state of launchpads 8/26/26 - solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn $1.9B MC, All around dominance and cash cow, clearly a resilient business allocating 50% revenue to buy and burns. 5.2x P/S with 16.2% of supply offset. - $PONS ~$100M MC, Leading launchpad on RHC, has survived many vamp attempts, and volume is scaling rapidly again. 80% of rev going towards buybacks and burns with 28% of supply permanently removed. Puts this at a ≈1.83× P/S assuming an avg of $150k Buy/Burn per day More nuance here, since the growth of pons or RHC has not been factored in, and the $150k daily buyback assumption is more of an avg, this has been higher as of recent - $META $154M MC, a Solana based ownership launchpad, targeting more curated launches, with recent notable launches like @crediblefin. All IP, Treasury, and Revenue is owned by token holders, no buybacks needed. MetaDao Rev is unclear, but they currently trade at a 12.6x premium over NAV. - $STONK $13m MC, New launchpad on Solana, enabling RWA/exotic pairings, 60% of rev used to buy/burn supply, backed by @Raydium, with .93% of supply removed. Avg daily buyback = $25k, which equates to ≈1.42× P/S. Growth/sustainability not factored in, although, i lean toward growth as Solana lacks an over arching narrative, while RWA paired tokens explode elsewhere.