Original Title: Bonk Token Holder Report Q1 2026

Original Author: Blockworks

Original Translator: Jump

Executive Summary

In Q1 2026, Bonk's total revenue reached $10.44 million, a 45.7% increase from the previous quarter's $7.16 million in Q4 2025. This uptick was primarily driven by BONKfun, which saw its revenue surge by 78.8% to $7.28 million, as the Solana launchpad activities rebounded from the Q4 slump. BONKbot contributed $3.13 million, almost flat compared to the previous quarter, with a 3.1% growth—showcasing the terminal's resilient revenue base under different market conditions. While this quarter's revenue is still far below the peak in Q3 2025 ($55.89 million), it marks a significant inflection point post-peak contraction, indicating the dual-mode flywheel's ability to recover as ecosystem activity returns.

BONKfun reclaimed its position as the primary revenue contributor, accounting for 69.8% of total revenue, up from 56.9% in Q4 2025, while BONKbot dropped from 42.4% to 30.0%. This structural shift reflects revenue driven by the launchpad re-emerging as the primary growth engine, with BONKbot providing a stable baseline. Contributions from BONKswap ($12.8K) and BONKsol ($8.1K) at the infrastructure level together accounted for less than 0.3%. BONKfun captured 6.8% of the Solana launchpad bonding curve trading volume in Q1, within the normal 5-15% baseline range.

Management Commentary

Despite facing challenges across the entire crypto market in Q1, Bonk's ecosystem made meaningful progress in every vertical—expanding its influence, strengthening the token's economic foundation, and laying the groundwork for future development.

Bonk Inc. (Nasdaq: BNKK) continued to execute its digital asset treasury strategy, adding 145 billion BONK to its long-term holdings this quarter and bolstering its working capital. As market conditions eased, BNKK stands ready to accelerate accumulation—a structural buy-side support for BONK that will only grow stronger as the company's revenue streams mature.

BONKfun has felt the overall cooling effect of the meme coin activity, with its revenue softening in line with the broader sector. Nevertheless, the platform's underlying infrastructure, partnerships, and market position remain intact—ready to swiftly recapture trading volume when meme coin activity rebounds. During this quarter, the platform also dealt with a security incident stemming from a social engineering attack on an external vendor. While no internal staff were affected, the resolution process was delayed due to the third-party domain provider's recovery timeline—an unfortunate timeline that the team has since addressed with the vendor and relevant authorities. All affected users received compensation equivalent to 110% of their losses. Through partnerships with Graphite Protocol, Raydium, and WLFI, BONKfun continues to be one of the largest drivers of USD1 stablecoin trading volume on Solana, explicitly committed to reclaiming and surpassing previous market share levels as activity returns.

BONKtrade, built in collaboration with dYdX, has entered the perpetual DEX space—one of the fastest-growing niches in DeFi currently. The platform is gearing up to launch new markets and plans to expand RWA trading capabilities later this year. Targeted marketing campaigns have brought about encouraging user growth, and with on-chain perpetual contracts continuously capturing market share from centralized exchanges, the timing of BONKtrade's launch is opportune.

BONKswap has completed a significant upgrade to its internal routing mechanism, enhancing overall execution quality. The next focus is on increasing TVL to further improve efficiency and provide deeper liquidity for new trading pairs generated by BONKfun.

One of BONK's core features is its distributed contributor model—different teams building different protocols yet united by a shared commitment to the ecosystem. This structure is deliberately designed. It reflects the project's decentralized ethos, allowing multiple product lines to progress in parallel. Coordination between independent teams has not been without friction, but the results speak for themselves: a diversified ecosystem with multiple revenue verticals and a growing network of partners.

As we enter the second half of 2026, the macro picture is compelling. All remaining token inflation has ceased. BNKK accumulation is underway and accelerating. The product suite is maturing. The contributor community remains focused on a clear goal: creating enduring value for the BONK brand and token.

BONK has never had a formal management hierarchy—it never has. It is guided by early and core contributors who provide oversight, direction, and accountability for the entire ecosystem. The focus for the next year is refining the narrative, unifying stories across verticals, and ensuring that when market attention returns, BONK cannot be ignored.

Financial Data

Revenue Performance

Bonk's revenue is derived from programmatic fees across Bonk-related businesses, including a 0.3% swap fee on its launchpad BONKfun, a 1% swap fee on its Telegram trading bot BONKbot, and minor fees from its exchange products and LST products BONKswap and BONKsol.

In the first quarter of 2026, Bonk recorded a total revenue of $10.43 million, a 46% increase from the $7.16 million in the fourth quarter of 2025. This upturn marks a break from two quarters of contraction since the peak anomaly in the third quarter of 2025 at $55.89 million, driven by a rebound in Solana launchpad activity that lifted BONKfun out of its post-peak slump. January contributed $6.28 million to this quarter's revenue – 60% of the total – reflecting concentrated early quarter launchpad activity, followed by a slowdown in February ($1.85 million) and March ($2.31 million). This quarter marks the first positive inflection since the peak in the third quarter of 2025, although revenue remains 81% below that anomalous high point and 66% lower than when BONKbot alone generated $30.89 million in the fourth quarter of 2024.

Revenue Composition Shift

The revenue structure has shifted back towards BONKfun dominance, accounting for 69.8% of total revenue, up from 56.9% in the fourth quarter of 2025. This reversal reflects the rapid bounceback of the launchpad exceeding terminal growth and underscores Bonk revenue characteristics' sensitivity to speculative cycle conditions. BONKbot's 30.0% share (down from 42.4%) is a result of BONKfun's outsized growth rate, not terminal deterioration, with BONKbot seeing modest growth in absolute terms.

BONKswap and BONKsol remain infrastructure products with minimal direct revenue contribution. The 68.2% decline in BONKswap revenue reflects a reduction in BONK's trading activity, while BONKsol's revenue depends on staking rewards rather than fee capture.

Compared to Solana's broader ecosystem, Bonk's 46% QoQ revenue growth outpaced the overall recovery trend at the application layer. The performance in the first quarter of 2026 indicates that the protocol's multi-product model can capture excess returns during ecosystem acceleration, reinforcing Bonk's position as a leading revenue-generating community protocol on Solana.

Buyback and Burn

The value accrual to BONK holders is achieved through a fee-to-burn mechanism and a 51% fee redirection to the Bonk Inc. (BNKK) digital asset treasury, governed from December 2025. The first quarter of 2026 marks the first full quarter where both mechanisms run at scale simultaneously, with the 51% redirection alone from BONKfun fees yielding approximately $3.71 million in BNKK DAT purchasing power. At the platform's revenue level in Q1 2026 ($7.28 million), the new allocation provides a 5.1x multiplier compared to the previous 10% allocation (approximately $728,000).

Over 89 burn events this quarter, approximately 472.7 million BONK tokens were burned by the protocol, activating supply reduction through a direct mechanism. The burn figures this quarter were relatively modest in absolute terms, aligning with the fee base flowing through the burn pipeline at the current revenue level. Monthly distribution unevenness: January contributed 58 million, February contributed 9 million, and March surged to 406 million, with March's spike reflecting a quarter-end burn execution event. The cumulative supply reduction at quarter-end reached approximately 12.0 trillion BONK tokens, accounting for about 12% of the genesis supply eliminated through fee-to-burn and governance-directed burns since inception.

As of quarter-end, 3.05% of the BONK supply has been removed from circulation through buybacks or BNKK.

Institutional Products

Exchange-Traded Products (ETPs)

Osprey Investments continues to manage the Osprey Bonk Trust (ticker: OBNK), providing institutional custody and BONK exposure. As of quarter-end, OBNK held approximately $13 million worth of BONK assets under management. The trust maintains a 2.5% annual management fee and requires a minimum investment of $10,000, serving as a key institutional custody tool.

Alongside BONK, Bitcoin Capital AG's Bonk ETP (ticker: BONK) is the primary European ETP with BONK exposure. As of quarter-end, the BONK ETP held approximately $1 million worth of BONK assets under management. The ETP maintains a 1.5% annual management fee and is traded on the SIX Swiss Exchange.

Digital Asset Treasury Company (DATs)

Bonk Inc. (BNKK) operates as a Nasdaq-listed corporate treasury tool launched in October 2025. As previously mentioned, BNKK's core function is programmatic BONK accumulation through fee allocation. According to a governance vote in December 2025, 51% of BONKfun platform fees flow to the BNKK DAT for BONK purchases.

At the end of Q1 2026, the tool's NAV was approximately $14.3 million, down from $18.5 million at the beginning of the quarter, primarily driven by the devaluation of the BONK token. BNKK is the first Nasdaq-listed corporate treasury with BONK as the primary strategic holding, establishing institutional legitimacy through community governance via BonkDAO's community vote, making the treasury subservient to the community (as opposed to a top-down corporate treasury). This programmatic demand channel operates independently of retail market sentiment.

Revenue Drivers

BONKbot (Trading Terminal)

In Q1 2026, BONKbot generated $3.11 million in revenue, a 3.1% increase compared to Q4 2025's $3.04 million. The almost flat growth masks dynamic changes within the quarter: January generated $1.64 million (52% of the quarterly total), followed by a contraction to $0.903 million in February and a further slowdown to $0.593 million in March. The monthly decline trajectory aligns with the slowing activity in Solana meme coin trading during this quarter, but even at its trough, the absolute revenue base remains above $0.5 million per month—evidence of BONKbot's resilient user base enduring across different market conditions. Accounting for 30.0% of total revenue, BONKbot, after briefly commanding a majority share (42.4%) during Q4 2025 peak of BONKfun following nadir, has reverted to a minority revenue position. This regression is not a competitive issue; it reflects a resurgence in platform activities disproportionate to BONKfun.

Transaction Volume and User Activity

In Q1 2026, BONKbot's average daily transaction volume was around 27,900 transactions, with a total of 2.51 million transactions for the quarter. This is an increase from the Q4 2025 average of approximately 20,000 daily transactions, indicating additional user activity attracted during the platform's rebound. The durable user base that persisted during the contraction in Q4 has expanded rather than just maintained, a constructive signal for terminal stickiness. In a competitive landscape, Axiom maintained a dominant terminal position with around 1.48 million daily transactions, while Phantom handled about 306,000 daily transactions. BONKbot's 28,000 daily transactions represent a niche share of terminal activity, consistent with its positioning as an ecosystem-integrated terminal differentiated by a burn mechanism rather than scale.

Per-Transaction Revenue Dynamics

The per-transaction economics of BONKbot continue to reflect the industry-wide fee compression dynamics. The average per-transaction revenue in the first quarter was approximately $1.25, slightly lower than the fourth quarter's average of around $1.75. Following a 55% compression from the third quarter to the fourth quarter, the stability of per-transaction revenue indicates that fee levels may be approaching a sustainable baseline for terminal category, although continuous monitoring is still necessary. The burn mechanism serves as a differentiating factor in the structure.

BONKbot remains the only transaction terminal on Solana contributing to permanent supply reduction with every transaction. With quarterly revenue of $3.13 million, the fee-to-burn pipeline continues to convert a portion of each transaction into BONK removed from circulation. While the absolute level of burn at the current revenue level is moderate, the importance of this mechanism lies in its compounding nature: regardless of market conditions, each executed transaction will add to cumulative supply reduction, creating a value accrual path for holders that cannot be replicated by competing terminals.

BONKfun (Token Launchpad)

Revenue Rebound from Post-Peak Trough

In the first quarter of 2026, BONKfun generated $7.28 million in revenue, a 78.8% increase from the fourth quarter of 2025's $4.07 million. This rebound marks the Token Launchpad's first positive inflection since the exceptionally peak third quarter of 2025 ($48.62 million), largely driven by the surge in January Solana bonding curve activity. January alone contributed $4.63 million (63.6% of the quarterly total), followed by a slowdown to $0.94 million in February and a partial recovery to $1.71 million in March. The pattern within the quarter aligns with the broader Solana launchpad market, with the enthusiasm around new token launches in early 2026 giving way to a slowdown as speculative activity normalizes.

For context, the fourth quarter of 2025 represented a trough following the sharp contraction from the meme cycle peak in the third quarter of 2025, during which BONKfun briefly captured over 78% of Solana launchpad bonding curve transaction volume. The first quarter of 2026's rebound to $7.28 million positions BONKfun's revenue between the trough of the fourth quarter of 2025 and the early level of the second quarter of 2025 ($17.21 million).

51% Fee Redirection: Structural Demand in Action

As previously mentioned, the December 2025 governance vote redirected 51% of BONKfun fees to BNKK DAT BONK purchase upon completion of its first full quarter. With BONKfun revenue at $7.28 million, this redirection created approximately $3.71 million in programmatic BONK purchase power. This structural demand mechanism now operates as a durable, non-discretionary buyer channel, scaling directly with platform launch activities.

At a January annualized run rate (BONKfun revenue approximately $55.6 million), the 51% redirection would generate about $28.4 million in annual programmatic demand. At a more conservative March run rate (annualizing around $20.5 million), this figure is about $10.5 million. Under the Q1 2026 BONKfun run rate (annualizing around $29.1 million), the 51% redirection implies approximately $14.9 million in annual BNKK DAT purchase power, forming a foundational structural demand base scaling with platform launch activities. The significance of this mechanism will increase if the Solana bonding curve market recovers to historical levels.

Supporting Infrastructure

BONKswap

BONKswap generated $12.8K in revenue in the first quarter, a 68.2% decrease from the $40.2K in the fourth quarter of 2025. The value of BONKswap lies in its ecosystem bridging role rather than direct fee generation. It maintains BONK liquidity on the aggregator interface, supporting cross-product flywheel for BONKfun launches, BONKbot trades, and secondary market access.

BONKsol (Liquidity Staking)

BONKsol generated $8.1K in revenue in the first quarter, reflecting its yield accumulation design rather than fee capture. The BONKsol-to-SOL exchange rate rose from 1.154 at the beginning of the quarter to 1.169 by quarter-end, maintaining a consistent 7-8% annualized yield range. The stable rate appreciation confirms the staking mechanism operated as designed throughout the quarter's price fluctuations.

Protocol Analysis

BONKbot Trading Activity

In the first quarter of 2026, BONKbot routed approximately $219 million in total trading volume, with $117 million in January, $62 million in February, and $40 million in March. The monthly declining trend reflects a slowdown in Solana meme coin trading activity after a robust January opening. Daily routed trade volumes ranged from less than $1 million on the calmest days in March to over $6 million during the active periods in January. For context, the fourth quarter of 2025 saw about $186 million in total BONKbot trading volume, making the first quarter's $219 million, despite only a 3.1% revenue increase, roughly an 18% growth in transaction throughput. The discrepancy between volume growth and revenue growth indicates a continued compression of revenue per transaction, with the platform handling a significantly larger volume of trades to generate comparable fee income.

Transaction Volume by Route Destination

The AMM of Pump remains the primary execution venue, reaching $158 million (72% of categorized transaction volume), followed by Meteora with $38 million (17%) and Raydium with $23 million (11%). Orca captured a small amount of $309,000. The routing distribution reflects the underlying liquidity landscape on Solana: Pump's integrated AMM (PumpSwap) by default captures most of the memecoin transaction flow, Raydium captures tokens graduating from BONKfun, and Meteora serves as a secondary liquidity venue. The cross-product flywheel between BONKfun and Raydium routing shares is visible in the data. The elevated period of BONKfun launch activity in January corresponds to higher Raydium routing shares on BONKbot, as newly graduated tokens move from the bonding curve to Raydium AMM pools for secondary trading. This structural relationship confirms that BONKfun activity directly generates downstream transaction volume for BONKbot through the graduation path.

Transaction Volume by Token Source

Tokens originating from Pump account for $174 million (79%) of BONKbot's token-categorized trading activity, tokens from BAGS contribute $17.7 million (8%), and tokens from BONKfun contribute $12.7 million (6%). Approximately $33.4 million (15.2%) of the volume occurred on the bonding curve, with the rest happening in post-graduation secondary market trades. BONKfun's 6% share in token-categorized transaction volume is a modest number that underestimates the cross-product relationship. BONKfun tokens generate incremental Raydium routing transaction volume post-graduation, and BONKfun's overall economic footprint in the BONKbot ecosystem extends beyond direct token categorization. Nevertheless, Pump tokens remain the overwhelmingly dominant source of trading volume, reinforcing BONKbot's positioning as a cross-ecosystem execution layer that captures Solana memecoin trading activity regardless of the originating token from any launch platform.

BONKfun Launch Platform Activity

Bonding Curve Transaction Volume

The BONKfun bonding curve transaction volume totaled approximately $692 million in the first quarter of 2026, with $460 million in January, $93 million in February, and $138 million in March. The concentration in January reflects the surge in early-quarter Solana launch platform activity, with daily volumes peaking above $30 million, then slowing down to $10-50 million during the quietest period in February, and rebounding to $30-100 million in March. The broader Solana bonding curve market processed $10.16 billion in the first quarter, placing BONKfun's $692 million at a 6.8% market share. Pump dominated the Solana launch platform space, with bonding curve transaction volume reaching $8.74 billion (86.0%). The monthly market share trajectory – 10.5% in January, 3.2% in February, and 4.8% in March – illustrates BONKfun's sensitivity to market conditions: the platform captures an outsized share during active launch platform periods, contracts more severely during troughs, aligning with its secondary positioning in the winner-takes-all launch platform landscape.

Token Launches and Vesting

The daily token launches on BONKfun averaged around 1,963 per day in the first quarter of 2026, totaling 177,000 launches. Pump, during the same period, handled 2.53 million launches (an average of 28,000 per day). BONKfun maintained a vesting rate of about 0.6-0.7% in the first quarter of 2026 to achieve the bonding curve launch percentage for the second-level AMM liquidity pool. In absolute terms, this translates to an average of around 11 vestings per day for the USD1 pool and around 4 for the SOL pool. The vesting rate remained stable relative to the fourth quarter of 2025, indicating that the quality of tokens measured by post-launch survivability did not deteriorate with the transaction volume cycle.

Market Share and Competitive Position

BONKfun captured 6.8% of the Solana Launchpad bonding curve trading volume in the first quarter of 2026 (6.92 billion USD out of a total of 101.6 billion USD), within the normalized 5-15% baseline range established in the post-peak period. Monthly trends show significant variations: a 10.5% share in January (4.60 billion USD) reflected early-quarter Launchpad spikes and BONKfun's participation in elevated launch activities, subsequently normalizing to 3.2% in February (93 million USD) and 4.8% in March (138 million USD). Pump maintained a dominant position, handling 86.0% of the bonding curve volume (87.4 billion USD), consistent with the winner-takes-all dynamic in Solana Launchpad infrastructure. The competitive challenge for BONKfun is not whether it can challenge Pump's scale dominance but whether it can maintain a durable share of Solana launch activity substantial enough to generate meaningful fee revenue for burns and BNKK DAT demand flow.

The total Launchpad trading volume (including secondary trading of launched tokens) tells a complementary story: BONKfun's total volume reached 24.7 billion USD in the first quarter, constituting 6.5% of the Solana Launchpad ecosystem's 382 billion USD. This broader volume measure captures the entire transaction lifecycle of BONKfun's native token, including post-bonding curve launch secondary market activity on Raydium.

TVL Overview

The total value locked (TVL) of BONKsol decreased from 24.20 million USD at the end of the fourth quarter of 2025 to 16.30 million USD at the end of the first quarter of 2026, contracting by 32.7%. The decline was primarily driven by a 33% drop in SOL's price this quarter. To disaggregate the two factors: the underlying BONKsol TVL remained roughly flat to mildly positive (from 168,000 SOL at the end of the fourth quarter of 2025 to 169,000 SOL at the end of the first quarter of 2026), while the decline in USD-denominated TVL was amplified by SOL's price trajectory.

Staking Flow and Holder Identification

The outstanding BONKsol increased from 168,000 to 169,000 in Q1, with a net addition of approximately 1259 BONKsol (0.75%). Daily flows exhibited mixed activity: Destruction events (unstaking) averaged around 22 BONKsol per day over 83 active days, while Minting events (staking) averaged around 36 BONKsol per day. The net positive flow during a significant SOL price contraction period is a confidence signal, consistent with the observed pattern from the previous quarter, indicating that despite unfavorable price conditions, staking participation continues or grows.

Yield Mechanism

The BONKsol-to-SOL exchange rate increased from 1.154 to 1.169 in Q1, representing an appreciation of about 1.3% during the quarter. The annualized yield ranged from 7.8% (measured over 90 days) at the end of the quarter to 9.1% (measured over 120 days), aligning with Solana's stable 7-8% APY. The monotonically increasing ratio confirms that the staking mechanism continues to accrue SOL rewards to stakers regardless of market price dynamics. Holders staking since inception now receive approximately 16.9% more SOL upon redemption than their original deposit.

Supply Mechanism

Approximately 473 million BONK tokens were burned in Q1 2026, bringing the total historic burn to 1.2 trillion BONK (representing 12.0% of the 10 trillion Genesis supply). The quarterly burn figure reflects a cost-to-burn pipeline operating under the current income levels, resulting in a modest yet mechanically consistent supply reduction.

The monthly burn distribution is uneven: January contributed 580 million BONK, February contributed 90 million, and March contributed a total of 406 million. The concentration in March indicates a singular burn execution event rather than stable daily burns, aligning with the protocol's periodic burn cadence, where accumulated buyback wallet BONK is burned in batches.

By the end of the quarter, a significant portion of BONK holdings existed outside of active circulation: BonkDAO held approximately 4.43 trillion BONK, while BNKK added 220 billion BONK at the end of the quarter, bringing DAT's total holdings to 2.48 trillion BONK.

Product and Ecosystem Updates

BONKtrade

BONKtrade collaborated with dYdX to introduce BONK into the perpetual futures space this quarter. The platform is gearing up to introduce new markets and RWA trading functionality planned for later in 2026. This launch enables BONK to capture market share as on-chain perpetual contracts continue to drive volume away from centralized exchanges.

BONKswap

BONKswap completed a significant upgrade to its internal routing mechanism this quarter, enhancing the execution quality of all trading pairs. The next development focus is on increasing TVL to deepen liquidity and better support new token pairs generated by BONKfun graduates.

BONADfun (Monad)

In late 2025, BONKfun will be deployed as BONADfun on Monad, marking BONK's first expansion beyond Solana. Developed in collaboration with the Doppler Protocol, BONADfun brings BONKfun's launchpad model to Monad through a dynamic pricing curve. The on-chain traction is a focal point for active participation and represents a mid-term cross-chain growth catalyst for the ecosystem.

Institutional Infrastructure

REX Capital and Osprey Investments submitted applications for a BONK ETF this quarter, along with similar instruments for TRUMP, DOGE, and other tokens. The approval timeline still depends on SEC review, but the application marks ongoing institutional infrastructure development around BONK, independent of retail market conditions.

Summary

The first quarter of 2026 marked the first positive revenue inflection since the anomalous peak in the third quarter of 2025, as the dual-mode flywheel demonstrated its design behavior: BONKfun captured a 78.8% QoQ rebound as Solana launchpad activities recovered from a trough, while BONKbot maintained its revenue base with a 3.1% growth, independent of speculative sentiment. The total revenue of $10.44 million in this quarter, while far below historical peaks, confirmed the ecosystem's response to the revenue model, without requiring Bonk to re-capture peak market share conditions. The 51% fee redirect from the December 2025 governance vote resulted in its first full quarter of programmatic BONK demand through BNKK DAT, establishing a structural demand mechanism capable of approximately $3.71 million in quarterly purchases at the current BONKfun revenue level.

The structural mechanisms established in late 2025—51% fee redirect, BNKK DAT institutional channel, fee-to-burn pipeline—are now operational and yielding measurable outputs. The forward question is not whether these mechanisms are effective, but how they scale. The delta between the January annualized pace (approximately $28.4 million in annual programmatic demand, implying an annual buyback of about 5.9% of market cap) and March (approximately $10.5 million, or about 2.2%) captures the range of outcomes, with the actual results determined by factors largely beyond BONK's direct control: Solana ecosystem activity cycles, meme token sentiment, and competitive dynamics in the launchpad category. BONK's structural advantage lies in the demand mechanisms automatically activating at any activity level, accumulating through market cycles, rather than relying on specific conditions to operate.

All data in this report is supported by the Blockworks Bonk Dashboard.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia