Detailed Explanation of Unichain Ecosystem's First Memecoin Launch Platform Pure | CryptoSeed

Author: Nianqing, ChainCatcher

In February of this year, with the exposure of LIBRA and the conspiracy group, the carnival era of Pump.fun and Memecoin officially came to an end.

Memecoin was initially a fun and relatively pure PvP game, but with the "industrialization" of token issuance, Memecoin has evolved into a predatory game dominated by internal "conspiracy groups." At first, the occasional wealth effect could still obscure the manipulation tactics of the market makers, but as the manipulators became increasingly greedy, retail investors were repeatedly exploited, liquidity eventually dried up, and no one was willing to participate in such a game anymore.

Moreover, aside from the conspiracy groups, many current token issuance platforms (including Pump.fun) face serious fairness issues, such as the presence of numerous sniper bots and fake trading volume bots, where tokens are bought at low prices to inflate prices, fabricate market trends, and attract retail investors to take over.

Memecoin clearly needs a fairer launch mechanism.

Kyle Samani, managing partner at Multicoin, once posed a question: Is there a way to discover the initial price of a memecoin launch platform through auctions?

Currently, DeFi protocols like Hyperliquid have introduced Dutch auctions in their issuance strategies to enhance the fairness and transparency of token issuance, reducing insider trading and price manipulation, but they do not specifically target Memecoin assets.

The first native token launch platform in the Unichain ecosystem, Pure Markets, is built for a purer Memecoin. Pure utilizes the "hooks" feature of Uniswap v4 to execute liquidity-guided auctions within the hook contracts, aiming to help tokens quickly find a fair market price. Additionally, Pure's dynamic bond curve based on Dutch auctions can prevent bots from front-running.

Pure is primarily supported by the Doppler protocol. The Doppler protocol was developed by Whetstone Research, which completed a $1.3 million Pre-Seed round of financing in February of this year. A core member of Whetstone is Austin Adams, a researcher at Uniswap Labs.

The First Native Token Launch Platform in the Unichain Ecosystem

In mid-February, the Unichain mainnet officially launched. Unichain is an L2 designed specifically for DeFi, collaborating with Flashbots to utilize Trusted Execution Environments (TEE) for block construction. Its goal is to improve market efficiency and fairness by capturing Maximum Extractable Value (MEV) and protecting users from issues like front-running.

Pure Markets is the first native token launch platform in the Unichain ecosystem, launched after the Unichain mainnet went live, and has already expanded to Kraken's L2 ink and Coinbase's L2 Base.

Currently, there are few assets on Pure Markets, as the Unichain mainnet has only been live for a little over a month. Its Twitter account currently has just over 1,000 followers, with notable followers mostly being members of the Uniswap team and ecosystem, including Uniswap Labs CEO & founder Hayden Adams. Pump.fun co-founder Alon has also taken an interest in this early-stage competitor project.

There is very little official information disclosed about Pure Markets, but based on interactions with other projects, it appears that Pure Markets was founded by Whetstone, the developer of the Doppler protocol. In addition to Pure Markets, the Doppler protocol is also noteworthy, as the application and game creation and asset trading platform Ohara in the Base ecosystem also uses the Doppler protocol, supporting users in creating applications and launching App coin assets in a one-stop manner.

Doppler: The Protocol Behind Pure

The Pure Markets application is primarily supported by the Doppler protocol and is the first front-end application built on the Doppler protocol.

Doppler is a token launch platform and liquidity-guided protocol based on the Ethereum Virtual Machine (EVM), supporting the creation of any assets, including Memecoins, RWA, and governance tokens. Doppler utilizes the "hooks" feature of Uniswap v4 to execute liquidity-guided auctions within the hook contracts, simplifying the work for integrators. This design aims to optimize the liquidity provision process, helping users achieve more accurate pricing at lower costs while retaining more token value.

The on-chain protocol development team Whetstone Research designed and developed Doppler. One of the founders of Whetstone Research, Austin Adams, was a researcher at Uniswap Labs and contributed code to the development of Uniswap v4. He remains an advisor at Uniswap Labs while leading mechanism design work at Whetstone Research. Additionally, Whetstone's team members include experts who have worked on other well-known DeFi projects (such as Primitive) and have close ties to the Uniswap ecosystem.

In February, Whetstone announced the completion of a $1.3 million Pre-Seed round of financing, with investors including Variant, Nascent, Credibly Neutral, Uniswap Ventures, Ambush, Figment, and several angel investors.

According to official documentation, the design principles of Doppler are as follows:

• Capital Efficiency: Like Uniswap, Doppler is specially optimized to allow tokens to quickly find a fair market price.
• MEV Protection (Anti-Sniping): Based on the dynamic bond curve of Dutch auctions (starting at a high price and gradually decreasing over time until a buyer is willing to purchase at the current price), it can prevent bots from front-running.
• Programmability: Smart contracts are fully on-chain and can be composed with other programs. Project teams can design how to issue tokens and manage them, such as setting vesting periods, airdrop rewards, incentive mechanisms, and DAO governance.
• EVM and DeFi Native: Based on EVM (Ethereum Virtual Machine), it can automatically integrate with DeFi protocols on Ethereum, allowing the issued tokens to directly merge into larger protocols and pools.
• Uniswap Compatible: Tokens created on Doppler will automatically migrate to their own Uniswap v2 or Uniswap v4 pools once they reach specific liquidity and can be traded from Uniswap-supported interfaces.

(This article only introduces early-stage projects and does not constitute investment advice.)