Every figure, platform detail and regulatory claim on this page was traced to a
primary source by the named fact checker before publication, and is re-checked when
those facts change. The review date moves only when a person has re-read the page.
Stonk Fun is a Solana launchpad for coins paired with other assets: Anyone can create a fixed-supply coin that trades against a tokenised stock, a pre-IPO token, a currency or another cryptocurrency instead of SOL.
A stock pairing gives no claim on the stock: A coin paired with a tokenised S&P 500 fund is priced in that fund. Holders own no shares, and the coin can fall even when the index rises.
About half of revenue has bought and burned STONK: The platform says roughly 60% of revenue goes towards buying and burning its STONK token. In the third quarter of 2026, those purchases used $14.41 million of its $28.69 million in revenue.
Buybacks and rewards are discretionary: Stonk Fun's disclaimers give STONK holders no right to revenue. Holder payouts can be delayed, changed or halted.
Rivals copied the model within days: Pump.fun introduced stock pairings on 9 Sep 2026. Stonk Fun earned $4.74 million in the latest 7 days, below the pace implied by its $28.25 million 30-day total.
Stonk Fun, styled StonkFun, lets anyone create a coin on Solana and choose the asset it trades against. Most launchpads, websites that create and list new tokens in a few clicks, pair coins with SOL, Solana's own currency. On Stonk Fun, creators can instead choose a tokenised stock or pre-IPO token, a currency, or another cryptocurrency.
Revenue reached $28.25 million in the 30 days to 4 Oct 2026. Only Pump.fun ranked higher in DefiLlama's launchpad rankings. According to DefiLlama's StonkFun dashboard, STONK traded at $0.24 that day, 40.5% below its record of $0.40 on 21 Sep 2026.
What Stonk Fun is and who runs it
The people behind Stonk Fun's self-service launchpad have not named themselves on the site. Its home page carries the line "Launch coins paired with anything". Coin categories include xStocks, PreStocks, Tessera, Sunrise and Backpack, alongside currencies, leveraged tokens, collectibles and Solana tokens.
Coins launched this way are usually called memecoins. In its memecoin statement, SEC staff describes tokens inspired by internet jokes, characters or trends that people buy mainly for entertainment and speculation.
STONK began trading in July 2026. CoinMarketCap's STONK price history records an all-time low on 23 Jul 2026. On 11 Aug 2026, Raydium publicly backed the launchpad with the words "Powered by Raydium". Raydium is a decentralised exchange (DEX) on Solana where traders swap tokens against shared pools. Solana's official account added its support on 4 Sep 2026, replying to a Stonk Fun post with "We stand behind Stonk Tokens."
No founders or operating company appear on the home, launch, revenue or rewards pages. Announcements come from the X account @LaunchOnSF. The same DefiLlama rankings also include StonkBrokers and BaseStonk, two unrelated launchpads with similar names.
How Stonk Fun token launches work
To launch a coin on Stonk Fun, a creator provides a name and image, then chooses its trading asset.
Set up the coin: Enter a name, symbol and image. Stonk Fun's launch page fixes the supply at 1 billion tokens and the starting market cap at $5,000, equivalent to $0.000005 per token.
Choose the quote token: Select the asset the new coin will be priced in and swapped against, such as a tokenised stock.
Pick the pool fee: Set a fee of 1% or 2% on every trade. With a 1% fee, about 0.5% goes to the creator and about 0.5% to the platform.
Trade on a bonding curve: This formula raises the coin's price as people buy and lowers it as they sell, allowing early buyers to trade without a seller on the other side. Since 5 Sep 2026, every new Stonk Fun coin has launched through Raydium's LaunchLab, Raydium's own curve system.
Graduate to a pool: After the coin passes a set threshold, its funds move into a Raydium pool. This shared pot holds the coin and its quote token for anyone to swap against. The launch page says the pool is permanently locked, preventing the creator from withdrawing it.
User complaints prompted the move to LaunchLab. In a post on 2 Sep 2026, Stonk Fun said the change would address single-wallet launches, deployment costs and sniping. Sniping occurs when automated buyers take a large share of a coin in its first seconds.
The one-sentence version
Stonk Fun creates a fixed-supply coin priced in the creator's chosen asset and permanently locks its trading pool.
What a stock-paired Stonk Fun coin gives you
A stock-paired coin is priced in a tokenised stock, which tracks the price of a real share or fund. The two tokens trade against each other in a pool. Owning the new coin gives you no ownership of the company.
STONK itself trades against SPYx, a token issued by Backed that tracks the S&P 500 through the SPDR S&P 500 ETF. This exchange-traded fund has shares that trade like a stock. As The Block's report on the pairing explains, STONK's dollar price depends on both SPYx's value and its own exchange rate against SPYx. It can fall even on a day when the index rises.
Kraken's guide to xStocks describes synthetic exposure to a share's value, without voting rights or a legal claim on the underlying company shares. In December 2025, Kraken agreed to buy Backed, the issuer of xStocks.
Private company pairings introduce another layer of uncertainty. PreStocks tokens track companies that have not listed on a stock exchange. They use special purpose vehicles (SPVs), shell companies that hold shares on behalf of outside investors.
Some coins distribute the asset they trade against to their holders. For example, a coin paired with SPYx can pay SPYx to the wallets holding it.
Newer launches fund these payouts through a transfer tax, according to Stonk Fun's rewards page. The tax takes 1% or 3% each time the coin moves between wallets. Earlier launches used about 85% of the trading fees from a 4% pool. Each wallet receives a share of payouts proportional to its holding.
Under the rewards disclaimer, rewards are a mechanical token feature and should not be treated as a dividend, revenue share or yield. No holder has a right to a particular amount or schedule. Distributions can be delayed or halted at any time.
The separate Ecosystem Flywheel uses a share of trading fees to buy and burn the platform's 15 largest coins. Burning sends tokens to an address nobody controls, permanently removing them from supply. Purchases are weighted by market cap, calculated as the coin's price multiplied by its circulating tokens. The largest coins therefore receive the most buying.
How the STONK token and buybacks work
Stonk Fun uses platform revenue to buy and burn its own token, STONK, reducing the supply. Its revenue page says approximately 60% of revenue funds open-market purchases and burns, with the remainder retained.
Recorded purchases account for a smaller share. In the third quarter of 2026, DefiLlama's income statement for StonkFun shows $14.41 million spent buying STONK out of $28.69 million in revenue, or 50.2%. DefiLlama counts only money spent on purchases. Coins quoted in STONK burn it without a purchase, which may explain part of the gap.
Of STONK's initial maximum supply of 1 billion tokens, 803.9 million remained on 4 Oct 2026. That represents a reduction of 19.6%. Its market cap was $190.09 million.
Buybacks are discretionary, according to the STONK disclaimer. They can be suspended, changed or ended at any time, except where programmed before 2 Aug 2026. The disclaimer also says purchases may keep the token's price above the level at which it would otherwise trade.
What a buyback gives a STONK holder
Burning reduces supply without paying holders directly. Stonk Fun states that STONK gives holders no right to revenue or any distribution.
Stonk Fun fees, revenue and trading volume
Each trade in a coin launched on Stonk Fun generates money for the platform. DefiLlama's methodology identifies three revenue sources, with the third-quarter 2026 figures shown below.
Revenue source
Q3 2026
Share
Creator fee on graduated pools
$15.59M
54.3%
Platform fee on bonding curves
$7.99M
27.8%
Fees from locked pool positions
$5.11M
17.8%
Total
$28.69M
100%
More than half of the income came after coins left the bonding curve. In the 30 days to 4 Oct 2026, trading on LaunchLab curves reached $796.59 million. Fees since launch total $30.14 million.
Activity has slowed since mid-September. The 7 days to 4 Oct 2026 contributed 16.8% of the 30-day revenue total. At an even pace, that share would be about 23%.
Stonk Fun vs Pump.fun and Pons
Competitors copied Stonk Fun's model within days of its September surge, leaving it to compete on fees and audience. Following the LaunchLab switch, STONK rose more than 250% in 24 hours on 6 Sep 2026, reaching a market cap of roughly $140 million. Raydium's RAY token gained about 46% that day.
On 9 Sep 2026, Pump.fun, Solana's largest launchpad, introduced a response. Its Custom Pairs announcement opened launches paired with tokenised stocks, large cryptocurrencies and metals. Pump.fun committed 50% of the feature's revenue to buying and burning PUMP, its own token.
Pons leads launchpads on Robinhood Chain. The broker's blockchain went live on 1 Jul 2026 to host tokenised stocks.
Launchpad
Chain
Fees 30d
Revenue 30d
Revenue 7d
Pump.fun
Solana
$47.97M
$34.08M
$11.66M
Stonk Fun
Solana
$28.25M
$28.25M
$4.74M
Pons
Robinhood Chain
$129.3M
$21.8M
$1.65M
These periods end on 4 Oct 2026. Stonk Fun's fees and revenue match because DefiLlama counts only the platform's own share of trading fees. Pons generated far more fees, retaining about 17% as revenue.
How regulators treat stock-paired tokens
Stock-paired coins bring together two sets of rules. Neither gives the buyer shareholder protections.
For the quote token, the SEC staff's statement on tokenised securities, dated 28 Jan 2026, says a tokenised security remains a security. It distinguishes company-issued tokens from third-party tokens. Where a third-party token provides synthetic exposure, it confers no rights or benefits from the company whose share it tracks.
The new coin falls under a different assessment. In its February 2025 memecoin statement, SEC staff took the view that typical memecoins fall outside securities law, leaving buyers without that law's investor protections. Both statements express staff views and have no legal force.
Kraken's xStocks guide says the tokens are unavailable in the United States and to US persons. It also excludes Canada, the United Kingdom and Australia.
The risks of trading Stonk Fun tokens
The launch page states that a token can lose all of its value. Any money invested in a Stonk Fun coin can be lost in full.
Most launchpad coins fail:Solidus Labs studied tokens launched on Pump.fun from January 2024 to March 2025. About 98.7% showed signs of price manipulation or a rug pull, where a creator withdraws money from the trading pool. Stonk Fun's locked pools prevent that method, but early holders can still sell.
Two prices move at once: The dollar value of a stock-paired coin reflects both the quote asset's price and the coin's exchange rate against it. Either can fall.
The quote token has its own issuer: As the SEC staff statement notes, holders of third-party tokenised stocks depend on the issuer. Pre-IPO tokens also face disputes over the validity of underlying share transfers.
Buybacks and rewards can stop: Stonk Fun's disclaimers reserve the right to suspend buybacks and halt holder distributions.
Automated buyers act first: In September 2026, Stonk Fun acknowledged sniping on its launches. Someone buying seconds later can pay a much higher price.
The operators are unnamed: The site's public pages identify no founder or company. Buyers have nobody identifiable to pursue if something goes wrong.
Start by checking a new coin's age and the amount held in its pool. Our DEX screener with token risk flags lists new pairs across 21 chains and warns about common token risks.
Not investment advice
This article explains market data. Nothing on this page is a recommendation to buy, sell
or leverage any asset. Digital assets are volatile and you can lose everything you put
in. If you are unsure whether a trade is appropriate for you, a licensed adviser in your
jurisdiction is the right next step.
Written by
Alpha Finance Editorial Team
Part of the Alpha Finance research team. Meet the team
Fact checked by
Vince Dioquino
Verifies every figure against primary sources before publication. Meet the team
Questions
What is Stonk Fun?
Stonk Fun lets anyone create a coin on Solana and choose what it trades against. Pairings listed on its home page include tokenised stocks and pre-IPO tokens, as well as currencies and other cryptocurrencies. STONK is the platform's own token.
What is the STONK token used for?
Stonk Fun spends part of its revenue buying and burning STONK. Its revenue page puts that share at approximately 60%, while the STONK disclaimer makes clear that buybacks are discretionary and holders have no right to revenue.
Do Stonk Fun coins paired with a stock pay dividends?
No. Holders receive no company shares or dividends. Some coins distribute their quote token, but the rewards disclaimer says these payouts should not be treated as a dividend or yield. They can be halted at any time.
Is Stonk Fun safe?
Stonk Fun coins are high-risk. Its launch page warns that a token can lose all of its value. Permanently locked trading pools prevent creators from withdrawing them, but prices can still collapse when early holders sell. The site names no founders or company.
How is Stonk Fun different from Pump.fun?
Stonk Fun was built around pairings with assets other than SOL and launches coins through Raydium's LaunchLab. On 9 Sep 2026, Pump.fun introduced a similar feature in its Custom Pairs announcement. Both use part of their revenue to buy and burn their own tokens.
Who owns Stonk Fun?
Stonk Fun's owners have not been publicly named. No founders or operating company appear on the site's public pages. Updates come from the X account @LaunchOnSF, and Solana's official account has voiced support for Stonk tokens.
By Alpha Finance Editorial Team
Fact-checked by Vince Dioquino
