The competition in Launchpads is approaching a fever pitch, yet recently, Smart.fun, supported by Ora Protocol, has still attracted attention due to a series of innovative features it has launched.
Launchpad has undoubtedly become a red ocean market:
Taking the fiercely competitive Solana ecosystem as an example, there are already 40+ homogeneous Launchpad platforms.
However, the market for Launchpads continues to thrive, and the reason is:
Launchpads have the most intuitive profit logic: platform fees. Whether it's mass launches or high-frequency trading, Launchpads can reap huge returns. According to DefiLlama data, on January 23, 2025, Pump.fun achieved a peak daily revenue of $7.07 million, and since its launch in January 2024, its cumulative revenue has exceeded $700 million.
Moreover, new projects on Launchpad do not lack opportunities to stand out: revenue comes from asset issuers and traders. If new projects can achieve lower thresholds, better issuance mechanisms, more efficient capital efficiency, safer risk management, and more attractive ecological incentives, attracting more users to issue and trade assets based on the platform, they will become the next main character in this 'coin issuance rights' competition.
So, based on the ORA ecosystem, which has had breakout products in oracles, AI, asset issuance, etc., what is Smart.fun's unique competitive advantage to stand out in the Launchpad melee?
Fair, Fun, and Shortable
Fair, fun, and supports short-selling
The copy on the Smart.fun official website seems to be the most direct answer from the Smart.fun official team to this question.
Currently, Smart.fun has launched the Trend section, utilizing AI to achieve hotspot aggregation and rapid tokenization, providing features such as zero creation fees to bring users a new coin issuance and trading experience.
In addition to fairness and fun, the unique short-selling mechanism has also become the biggest attraction for many to explore Smart.fun.
AI-driven trend capture, content generation, and one-click launch
As a Launchpad, asset issuance is its core function. Smart.fun uses AI as its engine, providing an excellent experience for real-time capture of global trend hotspots and one-click launching of quality assets.
Basic one-click issuance: zero-threshold launch of your ideas
On Smart.fun, anyone can easily issue assets in under a minute:
Users only need to click the 'Create Coin' button to upload materials, including image materials (jpeg, png, webp, gif, svg, etc.) and video materials (mp4), fill in basic information such as token name and description, and they can complete the release with one click, allowing everyone to participate equally, making asset issuance truly enter the realm of public entertainment.
Intelligent content generation: AI helps your Meme find the right angle
A breakout Meme requires precise marketing expression. In the face of hotspots, when many people are still pondering what kind of token name and description can quickly convey the essence of the asset, Smart.fun introduces AI to take on the content generation task, relieving users of their worries.
In the 'Launch By URL' mode, users only need to copy and paste any valuable hotspot news link, and Smart.fun's powerful AI function will automatically analyze the content, generate multiple personalized asset plans, and users only need to choose their preferred plan or make minor adjustments based on AI content to complete the release with one click.
TrendFi Feature: Real-time capture of global hotspots, achieving viral spread ahead of others
After lowering the issuance threshold, in the current attention economy, asset issuers need more efficient hotspot discovery and trend capture tools. Smart.fun's AI-driven TrendFi feature acts like a 'hotspot radar' covering global multimedia platforms.
In the currently launched Trends page, users can browse hot news through the 'Hot X' and 'Global News' sub-sections, buy/sell already issued related concept Memes with one click, and can also quickly issue tokens based on these trend contents with one click.
In the Hot X list, the left side displays hot news from platform X, and the right side shows related concept projects. If users believe a hot post can derive a more interesting token, they can directly click the LOGO on the right of the information to initiate creation.
On the Global News page, by clicking the Launch Coin button below the news information, AI will automatically generate multiple versions of asset issuance plans based on the content of the news.
In the future, Smart.fun will quickly integrate TikTok and IP hotspots to further help users seize hotspot opportunities in the fiercely competitive market.
0 Creation Fee, 0 Transaction Fee
To further encourage creation, currently, the Smart.fun platform has no Creation Fee, and during the internal trading phase, users trade with $ORA tokens without transaction fees, further reducing asset issuance costs and operational thresholds while catalyzing the further prosperity of the ecosystem.
The next breakout Meme may just originate from the user's current 'one-click launch'.
$ORA liquidity incentives drive: making asset 'graduate' easily
The continuous lowering of asset issuance thresholds has led to the emergence of a large number of projects, and the mixed market, along with the further fragmentation of attention, has caused most projects to die before public trading; Pump.fun's less than 1% 'graduation rate' fully illustrates this point.
How to obtain sufficient liquidity support in the initial startup phase is the first major challenge many projects need to overcome.
Smart.fun cleverly resolves this pain point through a deeply integrated new token economic model with the ORA ecosystem, leveraging $ORA liquidity incentives to bring sustainable development momentum to projects.
As the native token, $ORA is the core value carrier of the ORA ecosystem;
According to the description in the ORA white paper, besides $ORA, other token assets issued in the ORA ecosystem are called Neuron, meaning that Smart.fun is built on ORA, so assets issued based on Smart.fun are Neuron.
The liquidity pool formed by pairing the $ORA token with the Neuron token is called Axon.
In ORA's new token economic model, 11% of $ORA tokens have been issued and are in active circulation, while the remaining 89% will all be allocated to liquidity mining and gradually released.
Each liquidity pool of $ORA + Neuron (i.e., Axon) will receive $ORA reward distribution according to the proportion of liquidity in that pool to the total liquidity and its usage. The higher the liquidity of Axon, the more $ORA rewards it can receive. Users can participate in $ORA mining to gain additional returns by adding liquidity to Axon.
The threshold for receiving $ORA rewards is 50,000 $ORA (which is also the graduation threshold for Smart.fun).
This strong liquidity binding mechanism endows Smart.fun with an ever-strengthening liquidity snowball effect:
$ORA rewards attract users to contribute liquidity → Higher liquidity brings higher $ORA rewards → Higher $ORA rewards attract more users to contribute liquidity → Forming a positive cycle, injecting continuous liquidity power into token assets.
Once a project successfully graduates by reaching the 50,000 $ORA threshold, Smart.fun will unlock the Buy Back & Burn function: any market participant can repurchase Meme coins from the open market and permanently destroy them, reducing the circulating supply, enhancing the scarcity and potential value of the remaining tokens, and injecting long-term momentum into the project.
Lending short-selling mechanism: efficient risk hedging and high-yield leverage
In the rules of Meme games, soaring and plummeting are commonplace.
When a crash comes, can you only watch your assets shrink?
Smart.fun breaks this shackles through the lending short-selling function, transforming the market into a 'two-way sword', allowing users to capture high returns even in a downturn.
Currently, the short-selling mechanism is open to projects that have transitioned from the internal trading phase to public trading, with this function anchored by $ORA in terms of value.
Users first need to stake $ORA as collateral to borrow the target Meme coins. The borrowing rate specifically depends on the health factor (Health Factor) data. Currently, the platform's borrowing ratio is about 50%, meaning that staking 100 $ORA tokens allows borrowing assets worth about 50 $ORA.
After holding the borrowed Meme coin assets, users can leverage Smart.fun's AI-based trend hotspot capture capabilities to more accurately grasp market trends and, based on their own judgment of market conditions, choose to sell the borrowed Meme coins: generally, selling is viewed as opening a short position, as it represents the holder's belief that the asset will decline or have limited upward space in the future.
After selling, users continue to monitor market fluctuations, and when the price drops, they can buy back the same number of Meme coins at a lower price to repay the platform, with the difference being the profit.
Profit = ORA obtained at opening - ORA repaid at closing
We can understand the entire logic more clearly through the following case:
Xiao Ming borrowed 1000 Meme coins and received 100 $ORA when selling;
When the coin price drops by 20%, Xiao Ming only needs 80 $ORA to buy back 1000 Meme coins;
Xiao Ming earned a profit of 20 $ORA.
Of course, in the highly volatile and high-risk Meme market, users face higher liquidation risks. Smart.fun chooses to use the Health Factor as a risk control 'iron gate':
Health Factor = (Collateral Value / Debt Value) × 100%
As a measure of the safety margin between collateral assets and debt, the HF must remain above 100% to ensure position safety. Once the debt value reaches 90% of the collateral (HF < 100%), it will trigger the system's automatic liquidation, and users may lose part or all of their collateral.
Let's explain liquidation through another example:
Xiao Ming staked 100 $ORA to borrow 1000 Meme coins worth 50 $ORA (with a borrowing rate of 50%). If the price of Meme coins continues to rise, at this point, 1000 Meme coins as debt value will approach 90% of the collateral value, causing the health factor to drop below 100%, and there will be a risk of liquidation.
Smart.fun breaks the single 'chasing gains' investment model of Meme, and the introduction of the lending short-selling mechanism not only increases the depth of market games, allowing users to make investment operations and gain profits in the face of downturns, but also shows the potential for the Meme ecosystem to evolve into a more mature DeFi model.
Ecological synergy: The mutual achievements of ORA and Smart.fun
Just as Pump.Fun's success relies on the underlying technology and ecological resources of Solana, Pump.Fun's success in turn becomes a traffic engine for Solana. The Web3 ecosystem always welcomes such a mutually successful closed loop.
As the next key project in the ORA ecosystem with breakout potential, Smart.fun aims to become the Pump.Fun version of the ORA ecosystem, while the ecological symbiosis engine between Pump.Fun and Solana also continues between Smart.fun and ORA.
Backed by the ORA ecosystem, Smart.fun enjoys a series of support from the ORA ecosystem:
In terms of ecological incentives, higher liquidity can earn more $ORA token rewards, providing native liquidity support for projects issued based on Smart.fun, assisting more projects to graduate to public trading markets.
From a technical perspective, as a project that has been deeply engaged in the AI field since its inception in 2021, the technological accumulation of the ORA ecosystem provides a solid backing for Smart.fun's leap from 'Fun' to 'Smart'.
The ORA ecosystem possesses many well-known technological research achievements and AI products: the economically efficient machine learning framework opML based on game theory aims to significantly reduce the operational management costs of on-chain AI; the hybrid model opp/ai tailored for on-chain artificial intelligence aims to achieve privacy and efficiency in on-chain AI; the verifiable decentralized AI oracle OAO provides a trust cornerstone for on-chain AI; the initial model issuance IMO serves as a solution for AI model tokenization, having birthed several popular products, including OpenLM... The series of technological innovations and product accumulations directly empower Smart.fun's AI capabilities, offering a better user experience in trend capture, content generation, and intelligent trading.
In addition, as a large ecosystem, ORA's resources in user, developer, and community exposure also feed back to the small ecosystem of Smart.fun, enabling Smart.fun to reach a broader audience.
For ORA, the rich assets created by Smart.fun will further drive ecological demand and solidify ORA's value:
As a Launchpad, Smart.fun enriches the asset categories of the ORA ecosystem, injecting more innovative vitality into the ecosystem under the support of more projects, users, and funds.
Meanwhile, each token issued based on Smart.fun aims to graduate, generating demand for $ORA, and as more assets are issued based on Smart.fun, it will create huge demand for the $ORA token, further bringing value support to $ORA.
Thus, project creators issue assets on Smart.fun, with $ORA incentives attracting more users to provide liquidity, prompting more Smart.fun projects to graduate to public trading. Coupled with clever innovations in the lending and short-selling functions, it increases the likelihood of Smart.fun generating breakout projects.
Successful projects attract new traffic, and more people choose to issue assets based on Smart.fun, bringing greater demand for $ORA and solidifying the value foundation of $ORA.
More valuable $ORA attracts more users to provide liquidity, earning $ORA returns, promoting healthier and faster growth of Smart.fun projects; this cycle continues, and the ecosystem continues to grow and expand.
The ecological synergy between ORA and Smart.fun is not a simple addition, but a multiplicative effect. The powerful flywheel built by their mutual achievements brings greater possibilities for the exponential expansion of the ecosystem.
Conclusion
After Pump.fun proved the immense potential of the Launchpad business model, countless homogeneous competitors emerged, aiming to replicate the successful formula of 'low-threshold coin issuance + high-frequency trading fees'. In the current market where leading projects are continuously optimizing and new projects are flooding in, it is not easy to secure a place in the Launchpad competition, but Smart.fun has created a more imaginative evolutionary path:
AI empowerment upgrades asset issuance from 'chasing hotspots' to 'creating hotspots', allowing creators to capture market sentiment more accurately;
Liquidity incentives solve the industry's pain point of 'dying at birth' for 99% of projects, providing a sustainable development path for quality projects;
The short-selling mechanism breaks the one-way game of Meme coins 'only being able to go long', introducing more mature risk hedging tools to the market.
Of course, for Smart.fun to truly break out, it may need to better utilize the AI advantages of the ORA ecosystem, leveraging AI's differentiated advantages in lowering thresholds, market monitoring, and content generation, while for the liquidation risks under the lending short-selling mechanism, Smart.fun will need to refine its control through continuous improvement in the future.
The crypto market's pursuit of asset issuance and liquidity efficiency is unending. Launchpad is a never-ending competition. With Smart.fun about to aggregate more platform hotspot trends and further refine its DeFi trading functions, attracting more users and funds, Smart.fun is committed to becoming an innovative variable in the Launchpad competitive landscape.
