Each major blockchain has its own "Pump.fun." Where is the most profitable place to play?

Author: Shaofaye123, Foresight News

Recently, the mainstream market has continued to fluctuate, but the popularity of Memecoins remains high. On August 13, Pump.fun's protocol revenue reached a new high, with cumulative revenue exceeding $100 million. Sun.pump, which launched not long ago, saw multiple Memecoins on its platform quickly surpass a market cap of $1 million. Gas fees on the Tron blockchain surged, and the price of TRX, which had been stagnant for a long time, also hit a nearly three-year high. It can be said that Sun.pump has almost single-handedly brought about a "new prosperity" for the entire Tron chain.

In addition, Moonshot has introduced a new issuance mechanism, and Meme activities on the BNB chain are continuously emerging. Various Memecoin platforms across chains are flourishing, raising the question of which can compete with Pump.fun and where users can go to make money. This article will provide an overview of various Memecoin issuance platforms across chains and analyze their competitive advantages.

Solana

Since last year, Solana has established the foundation for this round of prosperity with the rise of Bonk and Sol. This year, Bome was listed on Binance in just three days, and the myth of thousand-fold returns has frequently appeared. The influx of users and capital has created fertile ground for the prosperity of Pump.fun. The Memecoin issuance platforms on Solana are continuously innovating, and besides Pump.fun, there are still many platforms worth paying attention to.

Pump.fun: From Attention Economy to Asset Issuance Innovation

Pump.fun is undoubtedly the leading Memecoin issuance platform. Although many newcomers have emerged, most are imitations of Pump.fun, which still maintains its market attention and popularity. Launched at the end of January this year, it initially had few followers, gradually entering the public eye in April. The success of Pump.fun is not only due to its grasp of the attention economy but also its clever asset issuance design. From a product design perspective, it has clear competitive advantages:

· Clear Positioning ------ Focused market + Defined user group = Solving real problems. "Users want a simpler, faster, and lower-cost way to achieve higher returns."

· Mechanism Innovation ------ Further optimization of asset issuance methods. Internal fundraising + Reasonable price curve, further reducing asset issuance costs and increasing speed. In mid-August, Pump.fun updated its platform: token creators no longer need to pay a $2 creation fee, and after a successful launch, they will receive a reward of 0.5 Sol. The cost of asset issuance has truly dropped to zero, aligning with its initial goal of simplifying UGC asset issuance efficiency.

· Business Closed Loop ------ Huge trading volume brings considerable profits. The sources of profit are clear: 1% of platform trading fees before launching on Raydium, and a "listing fee" of 6 SOL during the process of being listed on Raydium.

· Operational Hype ------ Frequent appearances of "god tokens" attract traffic and create hype. Every month, there is bound to be a "god token" that raises trading fees. (As shown in the chart: there are "god tokens" appearing before and after the spike in fee income on Dune.)

· Interaction Optimization ------ Extremely simple participation method, with a very colorful interactive interface. This further lowers the participation threshold and stimulates participation motivation.

MakeNow.Meme: Optimization of Market Making Model

MakeNow.Meme, as a new issuance platform, although currently experiencing low popularity, initially sparked a great wave of excitement, with celebrity coins exploding in a short time. On its first day, it issued over 2,600 Memecoins, generating over 230+ SOL in revenue. Compared to Pump.fun, MakeNow.Meme's issuance mechanism not only simplifies the asset issuance method but also provides a new direction for market-making models.

· Further Simplification of Asset Issuance Method ------ On Twitter, users can post tweets in a fixed format (starting with the $ symbol and stock code, along with token descriptions/videos/images, etc.) and @ the official account, waiting for a reply from the official account in the comments with the token contract address.

· Optimization of Market Making Model ------ The fair launch method appears to require everyone to sweep the chain to obtain contracts first. However, in reality, KOLs and project parties may privately reach agreements with the platform to preemptively buy low-priced tokens.

Moonshot: Natural Traffic Backed by DEX Screener

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 sparse compared to Pump.fun. In my view, Moonshot has not effectively captured and converted the natural traffic from DEX Screener. As a trading aggregation platform, it has developed few and opaque features on Moonshot, does not display MetaData before launches, and the launch history cannot be easily traced. Additionally, it lacks social commenting features similar to Pump.fun. These factors prevent Degen players from tracing back before launches, retail investors from communicating, and whales from orchestrating schemes. Moonshot's interface design is restrained and simple, but the Memecoin issuance platform developed by regular teams seems insufficiently adapted to the "dog coin" market. However, Moonshot continues to iterate, and in mid-August, it announced a partnership with Meteora to launch a new Meme token issuance mechanism to incentivize developers.

Base

The Base chain is never short of active users, and the interaction between Farcaster and Memecoins has rapidly energized the ecosystem. There are many Memecoin issuance platforms on it, but most lack momentum and sufficient popularity.

Ape.Store: Extremely Similar Replica

Ape.store and Pump.fun are almost identical in functionality and interface. Developers can create tokens (free except for gas fees) that automatically list on UNISWAP at the same price once they reach a market cap of 69K, and then immediately destroy the LP. After Pump.fun announced its update, it also quickly announced on Twitter, "From now until August 31, 2024, we will give 0.1 ETH to any developer who launches a project on our platform and lists on UNISWAP." Unlike Pump.fun, this platform has a clear ranking system based on trading volume, number of invites, etc., hinting at expectations for token issuance.

Rug.fun: Horse Racing Game

Rug.fun originates from the Farcaster ecosystem and offers a relatively interesting gameplay, similar to a horse racing game. Players need to guess the 1st and 10th places to receive high odds returns. Each round lasts 12 hours, during which players can create or buy tokens. Initially, players can freely change their betting tokens without incurring additional fees. As time accumulates, the cost of changing tokens increases. Ultimately, other projects will add liquidity to the 1st place pool, driving up prices. Currently, the official Twitter account has not been updated for two months and announced on August 15 that it is undergoing updates.

Trugly.meme: From MemeX to Meme 404

Trugly.meme, as a Memecoin issuance platform, has a similar asset issuance mechanism to Pump.fun but offers more diverse asset gameplay. The launched MemeX allows anyone to create a memecoin for a Twitter account, and only the account owner can claim the MemeX memecoin. After claiming, 80% of the transaction fees will be transferred to the account owner. Additionally, it adopts the MEME404 token standard, allowing memecoin holders to display their balances through NFTs and unlock different levels. MEME404 has a built-in mechanism that automatically mints and burns NFTs based on changes in memecoin balances, ensuring level updates.

Bibobibo: Danmaku-style Social Interaction

Bibobibo sounds similar to Bilibili, and its main features are quite similar. The product is characterized as a meme-centered danmaku trading platform, allowing users to communicate while participating in Memecoins, which expands upon Pump.fun's commenting feature. However, compared to MakeNow.Meme's attention economy, Bibobibo's attention occurs later in the process. The project is still in its early stages and has not yet officially launched.

BNB Chain

Four.meme: The Connection with Four

Four.meme, as an issuance platform on the BNB chain, shows its connection to BNB through its project name and brand logo, which cleverly incorporates CZ's classic gesture "Four." Additionally, 4chan, as a fermentation platform for Memecoins in Web 2, may have influenced the branding of Four.meme. From the statements of the founding team and various activities, Four.meme has received significant support from the BNB Chain. It has launched an airdrop campaign in collaboration with the FOUR token, where users can earn points by completing tasks on the platform's designated page, which can be exchanged for BNB Chain ecosystem Meme coins FOUR and WHY. This campaign received support and retweets from BNB Chain, and as a result, FOUR saw a 65% increase in 24 hours. In mid-August, Four.Meme began hosting a Meme creation contest, with a total prize pool including 1 million Four.Meme points and Meme tokens worth $20,000, inviting In2Ventures founder Bili, NBA star Tristan Thompson, WHY, and the FOUR team as judges.

Flap: Advanced PVP

Flap is a decentralized social application protocol on EVM, born from the ETHGlobal hackathon. The team members have strong backgrounds from well-known institutions such as KuCoin, Microsoft, MIT, and Morgan Stanley. The biggest highlight of Flap is the advancement and abstraction of the PvP mechanism.

In Flap's duel matches, when a Memecoin's market cap reaches $24,000, it will automatically enter the duel candidate pool. These tokens will engage in one-on-one battles, where participants can only buy tokens during the duel and cannot sell (the token price will continuously rise). Each match lasts 30 minutes, during which the token with the highest cumulative purchase volume will win. The liquidity of the losing token will be entirely used to purchase the winning token, thereby increasing its market value and community size. If the winning token's market cap reaches around $1 million, it will be listed on decentralized exchanges. Currently, OKX Wallet has integrated Flap to enhance the interactive experience. Additionally, Flap has announced that it will hold a trading competition, where participants can earn airdrop points for trading, which can be redeemed for airdrops.

Tron

Sun.pump: Strong Rise, Going Viral in a Week

Sun.pump is the first meme issuance and trading platform based on Tron. Its Beta version officially launched on August 13, quickly establishing strategic partnerships with Dex Screener, Huobi HTX, and Poloniex, and jointly launched a $10 million incentive program to promote the Meme ecosystem with Trondao, leading to a surge of hot money and rapid virality.

Within a week of the Beta launch, several Meme projects on Sun.pump surpassed a market cap of $1 million. Among them, Sundog reached the highest market cap of nearly $300 million, with a 24-hour trading volume exceeding $5 million. The official team is also continuously creating hype; after Justin Sun changed his Twitter avatar to that of "Black Myth: Wukong," the market cap of his Memecoin SUNWUKONG surged 8 times to $5 million in a short time. This ongoing hype has also driven the price of TRX further up.

Aptos

Uptos: Platform Token = Memecoin

Uptos is a Memecoin Launchpad on the APT chain. In addition to basic token issuance functions, it integrates distribution and burning functions required by developers, and will also introduce features for claiming tokens and linear releases in the future. The platform launched in April, and after its launch, the official introduced the UPTOS token, which reached a maximum market cap of $13 million. However, subsequent assets on the platform failed to continue attracting funds, and the price of UPTOS has now returned to a market cap of $1.2 million.

Avalanche

BellumExchange: Memecoin Issuance Platform Defi Version

BellumExchange is a Memecoin Launchpad on the AVAX chain, using a liquidity order book similar to Trader Joe. Users can create different pricing curves on BellumExchange, forming various issuance strategies. Compared to other platforms, it features customizable pricing curves, customizable total supply, and does not charge token creation and LP migration fees, emphasizing cost-effectiveness. Additionally, it employs a mechanism similar to Trader Joe to provide Memecoin stakers with a yield of 0.25% JLP per epoch.

Fractal Bitcoin

Satspump.fun

Satspump.fun is a Memecoin issuance platform on the Bitcoin extension network Fractal Bitcoin. Currently, the platform has reached a partnership with the Bitcoin ecosystem chain game infrastructure UniWorlds. The official announced on August 9 that it will conduct a BRC-20 airdrop, where users holding whitelist BRC-20 tokens (ORDI, SATS, PIZZA, SHNT, WZRD, HONK, RATS) worth $300 or 3 bitmap images in their wallets will be eligible for this airdrop. Currently, the Fractal Bitcoin mainnet has not yet launched and is set to officially start on September 1.

Conclusion: Increasingly Diverse Platforms, Liquidity Being Divided Again

Currently, each chain has its own Pump.fun, and with the rise of various Memecoin issuance platforms, the traffic in the Memecoin market is being divided, and the market lacks new liquidity, making it difficult to raise token market caps, as the pie is being divided again. The diverse competition does not lead to a decrease in PvP but rather more intense competition. With Web 2 giants battling it out, price wars bring considerable user subsidies and benefits. However, in the Memecoin market, there is no new incremental liquidity, and with many platforms dividing the market, it has become harder for users to make money. As a zero-sum game market with a significant element of luck, the investment returns calculated by the Kelly Criterion advise us that without a good strategy, it is best not to participate in this game where nine out of ten bets lose.

Looking at the current platform competition, Sun.pump, as a rising star, has recently attracted a lot of attention, driving up the price of TRX. Hot money has surged into the market, liquidity is abundant, and new users on Tron have increased significantly, making it a platform where making money is currently evident, but whether it can sustain this momentum remains uncertain. Secondly, Solana, as the blockchain with the best liquidity for Memecoins, has user habits that are difficult to change in a short time, but the loss of attention in the short term raises questions about whether it can regain that attention later. Meanwhile, although the Base chain and BNB Chain have official activities and support, the wealth effect is not apparent.

"Tokens are the new content, the buy button is the new like button, market cap is the new engagement metric, and trading fees are the new advertising revenue." The seemingly flourishing Memecoin issuance platforms are fraught with crises and urgently need new narratives to expand market increments.