An upcoming token launchpad on Solana plans to drive usership and volumes to its platform by focusing on one thing it says matters most to microcap traders: Token prices going up.
Put fair launches, creator fees and community-friendly features in the backseat. Token Mill, which launches on Thursday at 16:00 UTC, comes with a design that doesn’t try to be fairer or cheaper. It instead focuses on the volatility of tokens when they are issued, giving traders a reason to use the service and drive fees for the platform in doing so.
Token Mill comes from the team behind Avalanche-focused Joe and Mantle-focused Merchant Moe. In 2021, Trader Joe was among the largest decentralized exchange (DEX) by volume and mindshare, but has taken a hit in user base after a general migration of liquidity and users away from Avalanche in favor of Solana and newer ecosystems, such as Base.
Solana’s Pump.fun, the leader of token issuance platforms, has been nearly untouchable since its inception in early 2024. The platform’s stripped-down model — instant token creation, immediate liquidity, and a flat 1% fee — generated an estimated $800 million in annual revenue and became the cycle’s killer app.
Competitors like Bonk.fun, BagsApp, and HeavenDex tried to win market share with revenue share schemes and buyback promises, but each faded after a brief surge.
At the center of Token Mill is a mechanic called King of the Mill. Tokens are divided into three market-cap tiers — Bronze ($50,000–$250,000), Silver ($250,000–$1 million) and Gold ($1 million–$10 million). Every 30 minutes, tokens in each tier battle for the crown, with the winner decided by trading volume in the final minutes of the round.
The twist is that platform fees from that round are used to buy and burn the winning token, creating a feedback loop of visibility and price spikes.
The pitch is that one big runner can trigger a chain of smaller ones. Each race attracts more traders chasing the crown, each crown generates new fees, and each buy-and-burn sets the stage for the next pump. In theory, the wheel never stops turning.
“The nature of this flywheel also means one big runner is enough to generate a dozen smaller ones, creating an ecosystem where everyone eats,” founder @cryptofishx wrote on X. “Trickle down economics.”
Token Mill also adds its own spin on bonding curves. Rather than forcing a token to migrate midway through its lifecycle, the platform combines two Uniswap v3-style pools into a single curve: one that runs until 80% of the supply is minted, and another that activates afterward to mimic a graduation phase.
The aim is to carry tokens from launch to maturity without interruption
The question is whether any of this can dent Pump.fun’s dominance. But Token Mill is betting that if the volatility loop works as intended, it can carve out space in an ecosystem where every trader is hunting the next runner.
“Every 30 minutes, this cycle resets meaning there’s always another opportunity for a runner to emerge. The more tokens compete, the more volume flows, the stronger the pumps, and the faster the flywheel spins,” Token Mill’s announcement read.
But Solana’s trenches have seen plenty of experiments come and go. Whether this flywheel spins long enough to matter will be tested the moment the first crowns are claimed.