Author: viee, core contributor of Biteye
In this round of the bull market, the threshold for issuing tokens has been completely broken. From Meme coins to AI Agents, even Pre-IPO stocks can be issued.
1/12 ⭐️ Platforms that allow token issuance without permission
The so-called 'no permission' means anyone can issue tokens. The benefit is a low threshold, but the downside is that the quality of projects varies.
@heavendex
Mechanism: Heaven is a newly emerging AMM + Launchpad platform, integrating token issuance and trading, where tokens do not need to be migrated to external DEX. All transaction fees remain on the platform for repurchase and destruction of $LIGHT, allowing holders to directly share in the dividends. In comparison, while Pump.fun is profitable, it lacks this kind of feedback mechanism.
Performance: After $LIGHT was launched, it rose continuously for a week, with a market cap exceeding $100 million. The ongoing repurchase and destruction mechanism greatly enhanced market confidence.
2/12 ⭐️ @zora
Mechanism: Zora is a social + creator economy protocol on the Base chain, with the core gameplay being 'issue content = issue tokens'. When you post a text or image, it will automatically generate an ERC-20 'content token', with a total of 1 billion; the author can also receive 1% as a reward. However, to post or trade content tokens, one must first hold ZORA tokens.
Performance: $ZORA once increased 10-fold for 20 consecutive days. There are also some crazy tokens; for instance, in April this year, the official Coinbase Base chain account posted 'Base is for everyone', which was automatically minted into a token. Many people thought it was an official token, leading to a rush that pushed the market cap to $17 million, before quickly dropping back 90%.
3/12 ⭐️ @believeapp
Mechanism: Believe was formerly Clout, which initially focused on 'celebrity token issuance' and later shifted to social assetization, popularizing the ICM narrative. Users only need to tweet a message with @launchcoin on Twitter to automatically generate tokens. After the market cap exceeds $100,000, tokens will automatically be listed on trading platforms like Meteora.
Performance: The platform token $LAUNCHCOIN surged 50-fold in 3 days, reaching a market cap of $300 million. The rebranded $PASTERNAK was once close to zero, but after the rebranding, it surged from $1 million to $22 million within 24 hours. Many platform projects have also provided retail investors with opportunities exceeding tenfold.
4/12 ⭐️ @pumpdotfun
Mechanism: Pump.fun is considered the pioneer of the on-chain token issuance wave, exploding the rapid issuance gameplay of Meme coins. By uploading names, logos, and descriptions, contracts and initial liquidity pools can be automatically generated. The price uses a joint curve model: the more people buy, the higher the price. When the market cap reaches a certain threshold, the smart contract will automatically migrate liquidity to external DEX, seamlessly connecting to a larger market.
Performance: As the number one unlicensed token issuance platform, Pump.fun has birthed numerous well-known Meme projects, which I won’t elaborate on.
5/12 ⭐️ @bonk_fun
Mechanism: The BONK community will launch a token issuance platform in April 2025, with gameplay similar to Pump.fun but placing more emphasis on community dividends. Transaction fees will partially reward BONK holders and ecological builders, enhancing community incentives.
Performance: The internet celebrity cat $HOSICO (peak market cap of $60 million, with a 6-fold increase), $USELESS (peak market cap of nearly $300 million, with an increase of over 10 times). Overall, projects supported by the community are more likely to break through the competition.
6/12 ⭐️ @virtuals_io
Mechanism: Virtuals focuses on the AI Agent track, requiring users to lock $VIRTUAL to create Agents and build pools. Once the joint curve threshold is reached, they can 'graduate' and generate a liquidity pool paired with $VIRTUAL.
Performance: After the initial hype subsided at the beginning of the year, Genesis Launch reignited the market, with $VIRTUAL rebounding 150% in a week, and ecosystem tokens rising along with it. New project $BasisOS saw its market cap surge to $5.5 million within 12 days, peaking at a 40-fold increase.
7/12 ⭐️ Platforms that require permission to issue tokens
Unlike 'no-threshold token issuance', this type of Launchpad will conduct strict screening, prioritizing quality.
@echodotxyz
Mechanism: Echo can be understood as an 'on-chain angel investment alliance'. The gameplay involves a lead investor initiating an investment group, sharing project opportunities obtained with the group, and everyone co-investing, with the lead investor taking a certain percentage of dividends. Echo requires users to undergo KYC verification through email, wallet, Twitter accounts, etc., with a more closed-circle approach.
Performance: Echo has facilitated financing for several popular projects, such as Ethena, Morph, Usual, and Hyperlane, and after private placements, project development has been relatively stable.
8/12 ⭐️ @buidlpad
Mechanism: Buidlpad is a public fundraising platform launched by former Binance executive Erick Zhang at the end of 2024. It is positioned somewhat like a 'civilian version of ICO'. Unlike Echo's closed-circle private placements, Buidlpad strictly requires KYC but is aimed at the general public; its first project, Solayer's LAYER token public sale, launched this January.
Performance: Solayer raised 5 times the amount, with a TGE increase of 240% on the same day; Sahara raised 8 times, with a TGE increase of 120% on the same day. Next, @Lombard_Finance will also launch a community round pre-sale on Buidlpad.
9/12 ⭐️ @KaitoAI
Mechanism: In July, the Kaito team announced the launch of Capital Launchpad, a platform similar to Echo's on-chain angel investment, but the distribution method does not depend on speed, rather it considers on-chain holdings, social reputation, and other metrics.
Performance: The first project Espresso has a valuation of 400 million. The second project Theoriq has a valuation of 75 million.
10/12 ⭐️ @ventuals_
Mechanism: Ventuals allows ordinary users to participate in Pre-IPO, but instead of issuing real stocks, it issues perpetual synthetic assets that track company valuations. It is based on Hyperliquid's HIP-3 standard and turns the equity of unlisted companies into on-chain derivatives, trading like 'shadow stocks'. In contrast, PreStocks and Jarsy correspond to real stock tokenization, where each token corresponds to real shares, making it closer to traditional securities models.
Performance: As of August 20, the Ventuals project saw 24-hour price increases ranging from 5% to 30%.
11/12 ⭐️ Launchpad Moat: Competing on fairness, thresholds, or ecosystems?
From the previous examples, it can be seen that the Launchpad platform is almost always 'one version, one god', which relies on two points: creating differentiated assets and keeping traffic within the platform. Based on this, several dimensions are particularly critical:
1. Fairness: Heaven binds user and platform interests through repurchase and destruction; conversely, if controlled by bots and insider trading, the retail experience will collapse.
2. Threshold: Echo's invite-only system creates a small circle barrier, while Believe leverages social network effects to attract people, making these difficult to replicate.
3. Project Resources: Platforms that can continuously attract good projects will form a 'strong get stronger' effect.
4. Model Innovation: Heaven's integration, Zora's content tokens, and Believe's social triggers are all first-mover advantages.
12/12 ⭐️ Retail Investor Strategy: How to seize opportunities on Launchpad without being buried?
1. First look at preferences: if you like high-risk speculation, you can play on unlicensed platforms, where small investments may yield dozens of times; if you want stability, choose licensed platforms, where project quality is more guaranteed.
2. Control your position: don’t go all in; for high-risk positions, it’s best not to exceed 10%-20% of total funds, as most new tokens will eventually go to zero.
3. Follow market rhythms: Meme, AI, Heaven, and Zora are all rotating hotspots; when a platform suddenly becomes popular, there are often short-term opportunities.
⚠️ Risk Warning: For reference only, not investment advice.
