Original author: Shaofaye 123, Foresight News
The mainstream market has been volatile recently, but Memecoin has been gaining popularity. Pump.fun’s protocol revenue hit a new high on August 13, with cumulative revenue exceeding $100 million. Soon after Sun.pump went online, the market value of multiple Memecoins on the platform quickly exceeded $1 million, the gas on the TRON chain soared, and the price of TRX, which had been silent for a long time, also hit a three-year high. It can be said that Sun.pump almost single-handedly brought the entire TRON chain to prosperity again.
In addition, Moonshot launched a new issuance mechanism, and BNB chain meme activities continued. Memecoin platforms on various chains flourished at the same time. Which one can compete with Pump.fun? Where can users play to make money? This article will take you through the Memecoin issuance platforms on various chains and analyze their competitive advantages.
Solana
Solana has been booming since last year, with Bonk and Sol soaring together, laying the foundation for this round of prosperity. This year, Bome 3 was listed on Binance, and the myth of 1,000-fold increase appeared frequently. A large influx of users and a large amount of funds have created soil for the prosperity of Pump.fun. On top of it, the Memecoin issuance platform has continuously innovated its mechanism. In addition to Pump.fun, there are still many platforms worth paying attention to.
Pump.fun: From attention economy to asset issuance innovation
Pump.fun is the undisputed leader as a Memecoin issuance platform. Although there are many latecomers now, most of them are imitations. Pump.fun still attracts market attention and popularity. Pump.fun was launched at the end of January this year, but there were few followers at that time. It was not until April that it gradually entered the public eye. The success of Pump.fun is not only due to its grasp of the attention economy, but also inseparable from the clever asset issuance design. From the perspective of product design, it has obvious competitive advantages:
Clear positioning - Focused market + clear user groups = solving real problems. Users want to get higher multiples of returns in a simpler, faster and lower-cost way.
Mechanism innovation - further optimization of asset issuance methods. Intra-market fundraising + reasonable price curve, further reducing asset issuance costs and increasing speed.
Pump.fun made an update in mid-August: token creators do not need to pay a $2 creation fee, and they will receive a 0.5 Sol reward after a successful launch. Asset issuance has truly been reduced to 0 cost, and this update is consistent with its original goal of simplifying the efficiency of UGC asset issuance.
Business closed loop - Huge transaction volume brings considerable profits. The source of profit is clear and traceable: 1% of the platform transaction fee before listing on Raydium, and 6 SOL currency listing fee during the packaging and listing process on Raydium.
Operational hype - frequent super-selling projects attract traffic and create hype. Super-selling projects appear every month, driving up transaction fees. (As shown in the figure: Super-selling projects appear before and after the transaction fee income on Dune soars)
Interaction optimization - the participation method is extremely simple, and the interactive interface is extremely colorful. This further lowers the participation threshold and stimulates participation motivation.
MakeNow.Meme: Optimization of market making model
As a new issuance platform, MakeNow.Meme has low popularity now, but it caused a huge upsurge when it was first launched, and celebrity coins exploded. It issued more than 2,600 Memecoins in the previous day, with a profit of more than 230+ SOL. Compared with Pump.fun, the issuance mechanism of MakeNow.Meme is not only a simplification of the asset issuance method, but also provides a new direction for the market-making model.
The asset issuance method is further simplified - on Twitter, post a tweet in a fixed format (the tweet starts with a $ sign and a stock code, plus a token description/video/picture, etc.) and @ the official account, and wait for the official account to reply with the token contract address in the comment area.
Optimization of the market-making model - fair launch method On the surface, everyone needs to scan the chain to obtain the contract in the first place. But in fact, KOLs and project parties may be able to reach an agreement with the platform privately to snipe and buy low-priced chips in advance.
Moonshot: Backed by DEX Screener Natural Traffic
Moonshot was developed by DEX Screener around June this year. Although it is backed by DEX Screener and even embedded in the platform, its data is still very few compared to Pump.fun. In my opinion, Moonshot has not done a good job of taking over and converting the natural traffic of DEX Screener. As a trading aggregation platform, DEX Screener has developed fewer and opaque functions on Moonshot. MetaData is not displayed before launch, and the launch history cannot be easily checked. At the same time, it lacks social comment functions similar to Pump.fun. These make it impossible to trace the source of Degen players before launch, retail investors cannot communicate, and it is difficult for dealers to set up a game. The interface design of Moonshot is restrained and simple, but the Memecoin issuance platform developed by the regular army does not seem to be suitable for the local dog market. However, Moonshot is still iterating. In mid-August, it has announced a new mechanism for issuing Meme tokens in cooperation with Meteora to incentivize developers.
Base
There is never a shortage of active users on the Base chain, and the linkage between Farcaster and Memecoin has quickly brought about an active ecosystem. There are many Memecoin issuance platforms on it, but most of them lack stamina and popularity.
Ape.Store: A very similar replica
Ape.store and Pump.fun are almost the same in terms of functionality and interface. After the Dev creates a token (free except for gas fees) that reaches a market value of 69K, it will be automatically listed on UNISWAP at the same price, and then the LP will be destroyed immediately. After Pump.fun announced the update, it also immediately announced on Twitter that from now until August 31, 2024, 0.1 ETH will be given to any developer who launches a project on it and logs on UNISWAP. Unlike Pump.fun, the platform has a clear ranking system based on transaction volume, number of invitees, etc., and has an implicit expectation of issuing coins.
Rug.fun: Horse Racing Game
Rug.fun comes from the Farcaster ecosystem and is relatively interesting in terms of gameplay, similar to horse racing games. Players need to guess the 1st and 10th place correctly to get high odds returns. Each round of the game lasts 12 hours, and players can create tokens or buy tokens. Initially, players can change bet tokens at will without charging additional fees. As time accumulates, the cost of changing tokens increases. Eventually, other projects will add liquidity to the 1st place pool to achieve price growth. The official Twitter account announced on August 15 that it is being updated after not being updated for 2 months.
Trugly.meme: From MemeX to Meme 404
As a Memecoin issuance platform, Trugly.memes asset issuance mechanism is not much different from Pump.fun, but its asset gameplay is more diverse. The launched MemeX allows anyone to create memecoin for a Twitter account, and only the account owner can claim MemeX memecoin. After claiming, 80% of the transaction fee will be transferred to the account owner. Secondly, it adopts the MEME 404 token standard, allowing memecoin holders to display their balances through NFTs and unlock different levels. MEME 404 has a built-in mechanism that automatically mints and destroys NFTs based on changes in memecoin balances to ensure level updates.
Bibobibo: barrage-style social networking
Bibobibo sounds a bit similar to Bilibili, and its main functions are also similar. The product feature is a bullet-screen trading platform centered on Meme, which allows users to communicate at any time while participating in Memecoin. This is an expansion of the comment function of Pump.fun. However, compared with MakeNow.Memes attention economy, Bibobibos attention only occurs in the latter link. The project is still in its early stages and has not yet been officially launched.
BNB Chain
Four.meme: The origin of Four
As an issuance platform on the BNB chain, Four.meme has a connection with BNB from the project name to the brand logo, which uses CZs classic gesture Four. In addition, 4chan, as a fermentation platform for Memecoin in Web 2, may also have influenced the brand name of Four.meme. Whether it is from the speeches of the team founders or various activities, Four.meme has received considerable help from BNB Chain. It cooperated with FOUR tokens to launch an airdrop event. Users can get points by completing related tasks on the designated page of the platform. The points can be exchanged for BNB Chain ecological Meme coins FOUR and WHY. The event was supported and forwarded by BNB Chain. Affected by this news, FOUR rose by more than 65% in 24 hours. In mid-August, Four.Meme began holding a meme creation contest with a total prize pool of 1 million Four.Meme points and Meme tokens worth $20,000. In 2 Ventures founder Bili, NBA star Tristan Thompson, WHY, and the FOUR team were invited to serve as guest judges.
Flap: Advanced PVP
Flap is a decentralized social application protocol on EVM, born in the ETHGlobal hackathon. The team members have strong backgrounds and come from well-known institutions such as KuCoin, Microsoft, MIT and Morgan Stanley. The biggest highlight of Flap is the advancement and abstraction of PvP mechanism.
In Flaps duel competition, when the market value of Memecoin reaches $24,000, it will automatically enter the duel candidate pool. These tokens will fight one-on-one, and participants can only buy tokens during the duel but not sell them (the price of tokens will continue to rise). Each game lasts 30 minutes, and the token with the highest cumulative purchase volume during this period will win. The liquidity of the losing token will be used to purchase the winning token, thereby increasing its market value and community size. If the market value of the winning token reaches about $1 million, it will be listed on a decentralized exchange. At present, OKX wallet has integrated Flap to enhance the interactive experience. In addition, Flap said that it will also hold a trading competition, and participating in the transaction can obtain airdrop points for redemption of airdrops.
Tron
Sun.pump: A strong rise, breaking out in one week
Sun.pump is the first meme issuance and trading platform based on Tron. Its Beta version was officially launched on August 13, and it has quickly established strategic partnerships with Dex Screener, Huobi HTX and Poloniex, and jointly launched a $10 million Meme ecosystem promotion incentive plan with Trondao. Hot money surged and it quickly became popular.
One week after Sun.pump Beta was launched, the market value of several meme projects exceeded 1 million US dollars. Among them, Sundogs market value was close to 300 million US dollars, and the 24-hour trading volume exceeded 5 million US dollars. The official operation is also constantly promoting it. After Sun Yuchen changed his Twitter account to the Black Myth Wukong avatar, the market value of his Memecoin SUNWUKONG rose 8 times to 5 million US dollars in a short period of time. With the continuous promotion, the price of TRX has also risen further.
Aptos
Uptos: Platform coin = Mememcoin
Uptos is the Memecoin Launchpad on the APT chain. In addition to the basic token issuance function, it also integrates the distribution and burning functions required by Dev. In the future, it will also launch the functions of receiving tokens and linear release. The platform was launched in April. After the launch, the official token UPTOS was launched, with a maximum market value of 13 million. Later, other assets on the platform failed to continue to receive funds, and the price of UPTOS returned to the current market value of 1.2 million.
Avalanche
BellumExchange: Defi Version of Memecoin Distribution Platform
BellumExchange is the Memecoin Launchpad on the AVAX chain. It uses a liquidity order book similar to Trader Joes. Users can create different pricing curves and form different issuance strategies on BellumExchange. Compared with other platforms, the pricing curve is customizable, the total supply is customizable, and there is no token creation and LP migration fee. The main features are good quality and low price. In addition, the use of a mechanism similar to Trader Joes brings 0.25% of the income for each Epoch JLP to Memecoin stakers.
Fractal Bitcoin
Satspump.fun
Satspump.fun is a Memecoin issuance platform on the Bitcoin extension network Fractal Bitcoin. The platform has reached a cooperation with UniWorlds, the infrastructure of Bitcoin ecological chain games. On August 9, the official announced that it would conduct a BRC-20 airdrop. Anyone who holds a whitelisted BRC-20 token (ORDI, SATS, PIZZA, SHNT, WZRD, HONK, RATS) worth $300 or 3 bitmaps in the wallet is eligible for this airdrop. At present, the Fractal Bitcoin mainnet has not yet been launched and will be officially launched on September 1.
Summary: As platforms become increasingly diversified, liquidity is divided again
At present, each chain has its own Pump.fun in the market. With the rise of Memecoin issuance platforms on different chains, the traffic of the Memecoin market is being shared, the market lacks new liquidity, the token market value is difficult to increase, and the cake is divided again. Diversified competition does not lead to a decline in PvP, but more intense competition. Under the battle between Web 2 giants, the price war brings considerable user subsidies and benefits. In the Memecoin market, there is no new incremental liquidity in the market, and it is more difficult for users to make money under the division of many platforms. Memecoin is a zero-sum game market with a lot of luck. The investment returns calculated by the Kelly formula are all advising us not to participate in this game where nine out of ten bets are lost without a good strategy.
In terms of current platform competition, Sun.pump, as a rising star, has attracted a lot of attention recently, driving up the price of TRX. For a time, the market was filled with hot money, liquidity was overflowing, and Trons new users surged. It is now a platform with obvious money-making effect, but it is difficult to determine whether it can be maintained in the future. Secondly, Solana is the blockchain with the best liquidity of Memecoin. The inherent habits of users are difficult to change for a while, but the short-term loss of attention and whether it can regain attention in the future remain to be seen. Although Base Chain and BNB Chain have official activities and support, the wealth effect is not obvious.
“Tokens are the new content, the buy button is the new like button, market capitalization is the new engagement metric, and transaction fees are the new advertising revenue.” The Memecoin issuance platform, which seems to be flourishing at the moment, is already in crisis and urgently needs a new narrative to expand market growth.
