Bonk Q3 2026 Revenue Falls to $1.91M as BONKfun-Launched Tokens Trade $962M, Blockworks Report Shows

Bonk Bonk$0.00000287-10.5%'s ecosystem revenue fell for a second straight quarter in Q3 2026, to $1.91M from $2.44M in Q2, according to the Bonk Token Holder Report Q3 2026 that Blockworks Advisory published on 29 October 2026. The sharper figure in the report sits inside BONKfun, Bonk's token launchpad: trading in tokens launched there rose 79.2% to $961.8M, most of it from one token's September run, while BONKfun's own revenue fell to $0.50M from $0.88M.

The report was commissioned by Lucky Dog Holdings. A September 2025 Form 8-K filed by Bonk, Inc. (then named Safety Shot) describes Lucky Dog as "a company founded and controlled by" Mitchell Rudy, and records an agreement under which Bonk, Inc. issued Lucky Dog 100,000 preferred shares "in exchange for an amount equal to 10% of all gross revenue of LetsBonk.fun in perpetuity". LetsBonk.fun is BONKfun's earlier name. Bonk, Inc. has described Rudy, known as Nom, as its founder and a director. Blockworks says the sponsor "may have input on the content of the report" but that it keeps editorial control. All Q3 figures cited here come from the report.

Bonk Q3 2026 revenue: BONKbot carries 72% of a $1.91M quarter

BONKbot, Bonk's Telegram trading bot, earned $1.37M in Q3, 71.7% of the ecosystem total, according to the report. That share was 62.1% in Q2 and 30.0% in Q1. The overall decline of about a fifth is far gentler than the previous quarter's: the report puts the Q2 drop at 76.7%, and the Q1 2026 report put first-quarter revenue at $10.44M.

The mix has flipped since Q1, when BONKfun earned $7.28M against BONKbot's $3.13M, per the Q1 report. The Q3 report explains why the bot held up better: "Bot fees track trading across the whole Solana token market, while launchpad fees concentrate around launch metas." BONKbot's revenue fell 9.2%, in line with a Telegram-bot group (BONKbot, Trojan, Maestro, SolTradingBot and Banana Gun) that earned $4.96M combined against $5.18M in Q2. After each of those bots roughly halved its revenue in Q2, the report reads Q3's smaller moves as a sign the segment "has found a floor". Trading terminals sit outside that comparison and grew fast: the report says Axiom, Fomo and GMGN earned $79.4M, up from $32.9M.

Why BONKfun earned less while BONKfun-launched tokens traded $962M

The $961.8M figure is almost entirely trading after graduation. A new token on a launchpad first trades on a bonding curve, an automated price schedule run by the launchpad, and "graduates" to an ordinary DEX pool once enough buyers arrive. Only 4.2% of the trading in BONKfun-launched tokens happened on BONKfun's curve, and curve volume was $40.4M for the quarter, according to the report.

September carried $738.1M of the total, and USELESS drove nearly all of it: the report puts DEX trading in USELESS at about $684M that month, roughly $358M of it in the first ten days. One graduated token running hot lifted the headline trading figure, but BONKfun's revenue still fell, and its monthly revenue stayed between $0.13M and $0.22M through the quarter.

Launch activity arrived in bursts. BONKfun recorded 9,803 launches, about 107 a day, with 913 on 18 September alone, the report says. SOL became the main quote asset for new tokens, at 54.5% of launches, and SOL-quoted launches graduated at 2.79%, up from 2.42% in Q2.

Pump.fun and StonkFun take Solana bonding-curve share

Bonding-curve volume across Solana launchpads rose 45.3% to $10.67B in Q3, but BONKfun's share fell to 0.38% from 0.96%, according to the report. Pump.fun held 92.8%. StonkFun, a newer launchpad that also featured in Raydium's Q3 report from the same Blockworks series, took 6.1% for the quarter and 15.8% in September after almost no volume in July, a rise the report says "shows how quickly launch flow can move".

The report describes a 5 to 15% share of curve volume as BONKfun's baseline range, and calls rebuilding toward it "the clearest competitive marker" for the launchpad. After graduation, BONKfun tokens did better: they made up 1.9% of trading across all Solana launchpad-launched tokens, against 2.1% in Q2, in a market the report says nearly doubled to $50.80B.

What the revenue slide means for BONK burns and Bonk, Inc.'s 2.48T treasury

Lower launchpad revenue matters for Bonk because it funds demand for BONK. The report says 51% of BONKfun fees go toward BONK buying by Bonk, Inc. (NASDAQ: BNKK), a listed BONK treasury company, and that this produced about $0.25M of buying capacity in Q3. BONKbot's 1% swap fee goes entirely to BONK buys, with a portion burned. BONKplay, the casino that launched in late July, adds a third source by putting up to 10% of its fees toward buying and burning BONK.

Bonk, Inc. did not add to its position. The company held 2.48T BONK throughout Q3, unchanged since Q1 and about 2.8% of circulating supply against a 5% target, according to the report, with the holding's net asset value moving with the BONK price to $9.01M from $10.56M. The report puts circulating supply at about 88T, fully unlocked with emissions ended, and cumulative burns at 12.01T through the end of September. Solana Compass's BONK token data agrees on the scale, showing total supply of about 88T on 29 October 2026, held across just over 1 million token accounts.

BonkDAO rules, BONKplay burns and the 5% target: the Q4 2026 watch list

The report names four things to watch: BONKplay's first reported burns, whether BONKfun wins back launch share, any changes to BonkDAO's quorum, execution delay and proposal thresholds, and whether Bonk, Inc. resumes buying toward its 5% target. The BonkDAO item follows the 6 July governance attack, in which a proposal passed with 2.9% turnout moved 4.43T BONK, then worth about $19.3M, out of the DAO treasury. According to the report, no smart contract bug or key leak was involved, and recovery work continues.

On the report's figures, Solana launch flow can change hands within a single quarter: StonkFun went from almost nothing to 15.8% of curve volume in two months, and one BONKfun graduate produced most of that platform's trading total. For Bonk, the steady earner is BONKbot, while BONKfun's fee base is, in the report's words, "the main lever" on Bonk, Inc.'s buying capacity.