A simple interpretation of @beans_fun's whitepaper (PS: I kind of like this abstract whitepaper)

Mechanism

1. A pre-sale once a day, selecting one project from a batch for launch (chosen by funding), with 31% of the selected Token added to the PumpSwap pool and 69% allocated to the pre-sale. Refund Sol for those not selected.

2. The first 5 minutes of funding selection is free, with dynamic fees charged thereafter (up to 25%), which become protocol income, 10% belongs to NFT (not sure what that is, probably not issued yet), and 90% goes into the treasury.

For example, if you fund 1 Sol in the first 5 minutes and it fails, you will get back 1 Sol, but if you finish it, you might get back 0.9 Sol or 0.75 Sol. This setting is because the later it is, the easier it is to know which coin can be selected, creating a balance.

3. The Sol after deducting protocol income will be divided into two parts, one part added to the pool and the other as a reward for delayed claims. If the claim is late, in addition to Memecoin, an extra Sol bonus can also be obtained.

Key Points

1/ The mechanism is well-designed, incorporating the 33 mechanism in both the funding and claiming phases.

This can alleviate the rapid flooding caused by severe inequalities in chip costs directly through pump/four at the opening (this issue is more severe in cases of insufficient liquidity).

2/ Launching a project every day artificially creates a focal point for Memecoin attention, gathering the market's residual and dispersed liquidity (Baosfun has similar characteristics), and it can also be imagined as an on-chain version of the beloved fixed activities in Hainan — illegal gambling.

3/ To be honest, if I had seen this project a bit later yesterday, I would definitely have jumped in, but I saw that the first $Bean only had 600K, and the chip structure wasn't great, so...

A project with 600K cannot support linear quantity growth and splitting.