State of the Trenches, 2026-W44: fees −11.3% week over week

Launchpad fees were $19.82M across 14 non-overlapping venues and creator earnings $10.34M; Coins paired with tokenized stocks led narrative volume.

Published Nov 2, 2026Data cutoff Nov 2, 2026, 07:33 UTCRelease rel-20261102T065956Z-74616594

Not reviewedConfidence: moderate — Every completeness check passed; narrative totals cover identified coins only and some members are partially observed.

Generated by the LAMBLE research pipeline. Text is filled from the cited release by fixed templates; no person wrote it and no language model drafted it.

Daily and weekly articles restate one release or edition by template and are published without human review; they are labelled 'Not reviewed'.

Fees and creator earnings

The covered launchpad fee subtotal for 2026-W44 (Oct 26, 2026 to Nov 1, 2026, UTC) was $19.82M across 14 non-overlapping venues, −11.3% against 2026-W43 on the same venues. 5 venues that share a fee stream with another venue are reported individually and never added.^1,2

Creator earnings — fees paid to coin creators and, depending on the venue's own definition, holders, referrers or traders — were $10.34M across 15 venues that define them, −6.3% week over week.^3,4

Largest venues in the subtotal, 2026-W44

pump.fun58.5% of the subtotal	$11.6M (−13.5%)⁵
Flap.sh23.3% of the subtotal	$4.61M (−9.3%)⁶
Pons9.6% of the subtotal	$1.9M (−29.1%)⁷
LaunchLab4.6% of the subtotal	$913.8K (+60.1%)⁸
Meteora DBC1.7% of the subtotal	$340.72K (+10.8%)⁹
Genius.fun1.2% of the subtotal	$247.13K (+805.2%)¹⁰

By share of the subtotal, LaunchLab gained the most (+2.1 points) and Pons lost the most (-2.4 points). A share shift says where fees moved, not why.¹¹

Narratives

Trading in the coins of the tracked narratives totalled $378.18M for the week, counting a coin once when it belongs to more than one narrative (the per-narrative totals add up to $408.4M). This is the volume of identified coins across their indexed pools, not of the whole market.^12,13

Coins paired with tokenized stocks carried the most volume among narratives collected during the week: $175.83M (partial: some member-days were not observed). On the 4 members fully observed in both weeks, volume changed +85.9%.^14,15

First observed this week: Anthropic IPO coins, Binance hack coins, 2028 presidential-run coins, Zcash launchpad coins, Lightberry Lumi coins. A narrative's first week has no meaningful prior week, so no change is reported for it.^{16,17,18,19,20}

Collection paused during the week: Launchpad and launch-tool coins, 2028 presidential-run coins, AI inference market coins, GTA 6 Dacity Coin coins, Perpetual-futures coins, PHP2Shell coins. Their members stay members; their totals after the pause are partial, not zero.^{21,22,23,24,25,26}

Coins paired with tokenized stocks: $175.83M (partial), 5 members, +85.9% on the comparable basket.²⁷
Anthropic IPO coins: $79.75M (partial), 5 members, first observed this week.²⁸
Launchpad and launch-tool coins: $34.31M (partial), 15 members, change withheld.²⁹
Binance hack coins: $21.35M (partial), 4 members, first observed this week.³⁰
Super Intelligence coins: $17.66M (partial), 25 members, change withheld.³¹
2028 presidential-run coins: $16.97M (partial), 3 members, first observed this week.³²
Zcash launchpad coins: $14.79M, 4 members, first observed this week.³³
Lightberry Lumi coins: $7.25M (partial), 3 members, first observed this week.³⁴
AI inference market coins: $5.98M (partial), 3 members, change withheld.³⁵
GTA 6 Dacity Coin coins: $4.29M (partial), 5 members, change withheld.³⁶
Perpetual-futures coins: no member-day observed, 15 members, change withheld.³⁷
PHP2Shell coins: no member-day observed, 4 members, change withheld.³⁸

Breadth

8 of the 15 tracked coins with prices at both ends of the week rose. The five most traded coins accounted for 71.8% of deduplicated narrative volume.^39,40

What to watch

SpaceXSI solana:2GYMvn…n4J2 (Super Intelligence coins): Last day's volume $449 is under $1,000; a second observation archives it.⁴¹
Anthropic base:0xf7b9…4cea (Anthropic IPO coins): Last day's volume $942 is under $1,000; a second observation archives it.⁴²
LUMI solana:653joY…pump (Lightberry Lumi coins): Last day's volume $437 is under $1,000; a second observation archives it.⁴³

What cuts against this

The week-over-week change is withheld for 6 collected narrative(s) because too few members were fully observed in both weeks: Launchpad and launch-tool coins, Super Intelligence coins, AI inference market coins, GTA 6 Dacity Coin coins, Perpetual-futures coins, PHP2Shell coins.^{44,45,46,47,48,49}
11 narrative total(s) are partial: some member-days were not observed, so those totals are lower bounds.^{50,51,52,53,54}
Five coins carried 71.8% of narrative volume; a few names drive the totals.⁴⁰

Edition status: complete (revision 1, method weekly-v1.2.1). fees: pass; runs: pass; financial-anchor: pass.

Limitations

Sum of 14 non-overlapping mapped fee streams (fee policy of run 20261102T065956Z); 5 overlapping venues are shown individually and never added.
Codex beta rolling-7-day counts at the observation nearest the week end — their own window, not this calendar week, and never summed from daily observations. Period completions / period creations is not a graduation probability and can exceed 100%.
Narrative volume covers identified member coins across their indexed pools; it is not all-market volume and can include wash or bot trading.
Built from observations available at 2026-11-02T07:33:28Z.