_Author: Lex, _ChainCatcher__

_Compiled by: Fairy, _ChainCatcher__

In July, a project called Graphite Protocol (GP) saw a nearly 30-fold increase in a short period, with its circulating market cap reaching as high as $190 million. From July 23 onwards, it has been hitting new all-time highs almost every day.

What exactly is this sudden emergence of GP? Is it a fleeting hype or a truly valuable potential stock? Today, we will delve into the story behind this project.

Image source: coingecko

Is Graphite Protocol the "Tax Collector" of Bonk.fun?

Graphite Protocol is positioned as a multi-chain infrastructure project aimed at lowering the development threshold for Web3 applications through no-code tools.

However, this grand vision is still a work in progress. Currently, the real "hard currency" of Graphite Protocol comes from its deep integration with Bonk.fun, a leading meme launchpad in the Solana ecosystem.

In just 73 days, Bonk.fun rapidly surpassed the once-dominant Pump.fun, capturing 55% of the meme sales market due to explosive user growth and revenue performance.

Graphite Protocol provides underlying technical support for the Bonk.fun platform and earns 7.6% of the protocol's revenue, which is automatically used for secondary market buybacks and the destruction of GP tokens.

This design allows Graphite Protocol to evolve from a mere tool provider to the "tax collector" of the Bonk ecosystem. It no longer needs to build a massive user base on its own but can directly share in the growth dividends by leveraging a mature ecosystem that already has significant traffic and activity.

GP's Dual Advantages: Hardcore Founders and Deflationary Mechanism

In addition to its deep collaboration with Bonk.fun, the team behind Graphite Protocol is also a significant advantage. The project leader, Tom Solport, enjoys a good reputation in the Solana community as a pragmatic founder and builder. He is best known for acquiring and successfully revitalizing the blue-chip NFT project Taiyo Robotics on Solana.

Taiyo Robotics was first minted in November 2021 but fell into trouble after the original development team exited. In December 2021, Tom Solport took over the project and quickly formulated and executed a detailed roadmap, including creating a custom marketplace for Taiyo Robotics.

Even during the bear market, the Taiyo project continued to build, earning the trust of the community. Tom is widely regarded in the industry as a "doer who doesn't run away," and this strong personal brand provides Graphite Protocol with a powerful endorsement of trust.

Additionally, GP has designed a robust deflationary mechanism: whether from the protocol share from Bonk.fun or service fees paid by users (SOL, ETH, MATIC), all will ultimately be converted into GP tokens and destroyed. Under the constraint of a fixed total supply, this deflationary flywheel provides solid mathematical support for the price of GP tokens.

Image source: Graphite Protocol White Paper

Riding the Trend, But Under Currents: Concerns and Uncertainties for GP

Despite GP's rapid rise due to strong collaborations and mechanism designs, its growth logic also has significant risk exposures that cannot be ignored.

Currently, most of GP's value is still highly dependent on its binding relationship with Bonk.fun. Any negative signals, such as a decline in Bonk's popularity, adjustments to cooperation terms, or rumors of ecological rifts, could directly impact GP's revenue base and market narrative.

The history of GP's tokens also introduces complex variables.

GP's predecessor was $SCRAP, which was originally planned to complete a linear release over 4-5 years starting in 2023. As Graphite Protocol developed, $SCRAP was phased out and replaced by $GP. Old holders could exchange $SCRAP for "Graphite Fragments" to stake and receive $GP in installments, but this conversion channel has since closed.

As of late July 2025, the total supply of $GP is 150 million tokens, with only 30 million in circulation, accounting for about 20%. This means that up to 80% of the tokens remain locked, and the unlocking schedule and specific distribution structure (team holding ratio, lock-up mechanisms, etc.) have not been fully disclosed, making potential selling pressure difficult to estimate.

More importantly, the sharp rise in the short term has accumulated a large number of profit-taking positions, and if market sentiment turns, price corrections could be exceptionally severe.

Top 20 holders of GP tokens, source: GMGN

Graphite Protocol has the support of hardcore founders, real revenue, and a deflationary mechanism, but it still faces many challenges in transitioning from a first-tier market dark horse to a long-term blue-chip.

How to reduce dependence on a single ecosystem, gradually disclose a more transparent token economic structure, and expand diverse growth engines will determine whether it can truly embark on the next stage of its growth curve.

(This article is for reference only and does not constitute investment advice.)

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