Author: samoyedscribes
Translated by: Deep Tide TechFlow
Comparison of token launch platforms on Solana, translated by Deep Tide TechFlow (original image from @samoyedccribes and SIGNUM CAPITAL)
A brief history of token launch platforms
Token launchpads have become a mature space in the crypto ecosystem, providing a structured way for projects to raise funds and initiate liquidity. Before the rapid rise of Pump.fun, this space was primarily dominated by protocols better suited for Initial Decentralized Offerings (IDOs). Protocols like CoinList, PinkSale Finance, and Fjord Foundry are preferred by those looking to launch projects on blockchains like Ethereum and Binance Smart Chain (BSC). These launchpads typically serve mature protocols with dedicated builders and often operate in a more selective environment, where investors usually need to be whitelisted to participate in specific fundraising activities. These entry barriers make them less accessible to smaller protocols and less formal projects such as meme coins or experimental tokens.
Why is Pump.fun so influential?
The emergence of Pump.fun has been hailed by some as the kingmaker of Solana, as it plays a significant role in promoting the chain's dominance. Launched on Solana, Pump.fun leverages the blockchain's low costs and high-speed transactions to revolutionize token issuance. Unlike its predecessors, Pump.fun introduces a standardized mechanism that destroys liquidity pool (LP) tokens at launch, ensuring liquidity cannot be withdrawn—this feature provides additional trust for retail participants, although the platform has also failed to completely avoid certain insider manipulations.
The number of tokens created since the establishment of Pump.fun
The real influence of Pump.fun lies in its decentralized approach. It allows anyone, not just mature protocols, to raise funds and initiate liquidity in a fair manner. To date, over 10 million tokens have been launched on Pump.fun. This accessibility has made Pump.fun a breeding ground for the Solana meme coin frenzy, leading Solana to be dubbed the preferred 'on-chain casino.' Other chains have attempted to claim this title, but none have succeeded. Pump.fun's model is pioneering, allowing new token issuances to spread on an unprecedented scale.
However, is this a net positive or negative for the crypto space? On one hand, Pump.fun lowers the entry barrier, fostering creativity and experimentation. On the other hand, it also opens the floodgates to low-quality projects and large-scale liquidity extraction events. Some believe this is detrimental to the long-term health of the ecosystem. Time will tell, as the market self-corrects at the appropriate time.
Makenow.meme - the earliest iteration
The number of tokens created since the establishment of Makenow.meme
After the success of Pump.fun, Makenow.meme emerged as an early competitor, aiming to advance the concept further by integrating directly with platforms like X. The idea is to allow users to create tokens directly by tagging Makenow.meme's X account on X, making token issuance a seamless, user-friendly experience. Theoretically, this appears to be a promising decentralized application aimed at the masses, combining social media and crypto innovation. However, despite the potential advantages, Makenow.meme has struggled to find product-market fit (PMF). The platform's adoption has been less than ideal, leading to a rapid decline in user activity after launch. Despite the novel concept, there has been a lack of the execution and incentives needed to drive mainstream adoption.
The revival of Pump.fun competitors
Pump.fun's dominance did not last long. A critical moment arose when Pump.fun decided to migrate its 'graduated' tokens (those that reached a certain market cap threshold) from Raydium to its own Pumpswap decentralized exchange (DEX). This move triggered a wave of competition, prompting Raydium to respond with its own token launchpad, LaunchLab. Additionally, Believe launched a product similar to Makenow.meme, allowing users to issue tokens on X, while Bonk also introduced its own launchpad based on Raydium's LaunchLab tech stack. Recently, Boop entered the market under the leadership of Dingaling (founder of Pancakeswap, LooksRare, etc.).
Boop, the most promising newcomer
Boop stands out for its innovative approach and 'interesting' Ponzi economics. Boop introduces a fee-sharing mechanism, which addresses a major pain point of Pump.fun: the lack of incentives for token creators and early adopters. Boop also employs an active user onboarding strategy to attract users. Notably, some core DeFi users received $BOOP airdrops, but with one condition. They had to issue tokens, conduct marketing, and rally others to buy to receive the airdropped tokens. Additionally, Boop offers fee-sharing, airdrops, and other incentives for token deployers, $BOOP holders, and holders of recently 'graduated' tokens. Although still in its early stages, Boop's dynamic incentive structure and willingness to rethink launchpad possibilities may cultivate a loyal and engaged user base over time.
Summary thoughts
Thanks to @jeff_w1098 for contributions on X
There is no doubt that the token launchpad space on Solana is becoming increasingly saturated. The ability to fork protocols is a fundamental characteristic of blockchains and does not inherently have negative implications. However, the surge of nearly identical products may stifle innovation, as they offer little differentiation, resulting in a crowded market where user attention and liquidity are dispersed.
On the contrary, the crypto space should encourage projects like Boop, under Dingaling's leadership, to iterate on the design of existing products. By introducing novel incentive structures and rethinking user onboarding, Boop demonstrates that there is still room for innovation in this space. As the market evolves, the key to success lies in balancing accessibility and sustainability, ensuring that token launchpads empower creators while fostering a healthier and more resilient crypto ecosystem.
