StonkFun is a Solana launchpad built around one design choice: the creator picks what the new coin trades against. Instead of the usual memecoin/SOL pair, a coin can be paired with a tokenized stock, another cryptoasset, or another memecoin. The launchpad groups quote assets into categories such as xStocks, PreStocks, currencies, leveraged tokens, and collectibles. The team is pseudonymous and operates through its X account.

Launches originally used Raydium concentrated liquidity pools, and the platform later migrated to Raydium's LaunchLab, where a token trades on a bonding curve until it graduates into a Raydium pool. Tokens are either Standard, where trading fees are split between the creator and the platform, or Reward, where fees and a transfer tax are used to pay holders in the quote asset. Creators can also airdrop up to 50% of supply to holders of the quote asset and buy up to 50% of supply atomically at launch. A public, keyless developer API exposes market data and launch construction.

STONK is the native token, paired with SPYx, Backed's tokenized tracker of the SPDR S&P 500 ETF. About 60% of platform revenue is used to buy back and burn STONK, and an Ecosystem Flywheel routes a share of pool fees into buying and burning the top 15 platform tokens by market cap. Figures are published on the revenue dashboard.

• July 2026: STONK begins trading in a STONK/SPYx pool on Raydium's concentrated liquidity engine
• August 2026: The launchpad is publicly introduced from the @LaunchOnSF account
• September 2026: Solana's official X account replies to a StonkFun post in support of stonk tokens
• September 2026: New deployments move to Raydium's LaunchLab, and STONK rises more than 250% in a day to roughly a $140 million market cap
• September 2026: Cumulative platform volume passes $1.2 billion