There is no doubt that the Memecoin track has become a bellwether in the crypto market in 2024. In particular, the emergence of Memecoin issuance platforms represented by Pump.fun has opened up huge development space for it, ushering in a new era of "mass token issuance".
This article will start with Pump.fun, summarize the characteristics of this type of platform, and make a horizontal comparison with similar products, such as: SunPump, MakeNow.Meme, Moonshot, Four.Meme, etc., to present the current survival status and competitive landscape of the Memecoin issuance platforms to users.
Memecoin Issuance Platform Leader - Pump.fun
As the undisputed Memecoin Launchpad leader on the Solana network, Pump.fun has single-handedly ignited the entire Memecoin sector, and its design concept and trading model have become the template for the current stage of Memecoin issuance platforms.
(Source: Pump.fun)
Pump.fun was launched in January this year and is a tool and community platform focused on Memecoin issuance. Pump.fun was initially based on Solana, and later integrated with Base and Blast networks.
Pump.fun did not initially attract much market attention until mid-March, when the daily number of new token deployments began to exceed 10,000. As of now, the number of Memecoins issued on Pump.fun has exceeded 2.97 million, and Pump.fun's total cumulative revenue is about $170 million. Since October 13, its daily revenue has been over $1 million.
(Source: Dune@adam_tehc)
Behind Pump.fun's Explosive Growth
In addition to perfectly catering to the current market's frenzy for Memecoins, the one-click token issuance concept of Pump.fun has also contributed greatly to its outstanding performance.
The features of the Pump.fun platform include:
1) Extremely low token issuance cost
On Pump.fun, users only need to pay about 0.02 SOL (around $3) to deploy a Meme token, which greatly reduces the cost for users. In a recent update, creators no longer need to pay deployment costs, and when their token exceeds the Bonding Curve limit of $69,000, they will be rewarded with 0.5 SOL. As for the token creation fee, it is paid by the first buyer of the token.
In addition, Pump.fun only charges a 1% fee on all transactions on its platform, a relatively low transaction fee that is more user-friendly.
2) Automated process
Users only need to enter the token name, symbol, project description, and image or video to complete the Meme token creation, and the entire process is fast and simple. After the token is launched, the system will automatically provide liquidity. When the token market cap on the Bonding Curve reaches $69,000, the token will be automatically listed on the Solana decentralized exchange Raydium, and $12,000 of liquidity will be burned.
(Source: Pump.fun)
3) Based on Bonding Curve trading
All tokens issued on Pump.fun are based on the Bonding Curve, using a mathematical function to define the relationship between token price and supply. Typically, as the demand for the token increases, the price of the token will also rise. Using the Bonding Curve can better reflect the real market demand for the token, reduce the risk of price manipulation, and create a healthier and more transparent trading environment for users.
4) Integration of financial and social attributes
Pump.fun has built-in social modules on its platform, where users can comment and live chat, making it easier to promote the token on social media platforms.
The launch of Pump.fun has provided crypto users with a one-stop token issuance channel with a simple and intuitive trading page, maximizing fair distribution, effectively solving the price advantage of teams and investment institutions in the early stage of token issuance, the insider manipulation and "rat trading" issues that may exist in token circulation trading, and the problem of the issuer's super-rights being automatically abandoned, truly meeting the core decentralization needs of crypto users.
It is precisely for this reason that Memecoin enthusiasts, on-chain Degen users, and other user groups are flocking to Pump.fun. Although more than 99% of Memecoins have an extremely short life cycle and will become worthless in less than 24 hours, the huge returns of hundreds or even thousands of times are enough to keep them hooked.
The huge volatility of Memecoins is constantly stimulating the dopamine of crypto investors. On Pump.fun, one miracle coin after another is born in the extreme FOMO of the market, such as $SC, which created a 100-fold myth in 5 days of launch, $BERT, which surged 10-fold in 15 minutes of launch, and $BOME, which achieved a 50-fold increase in a single day.
The on-chain data shows that there are always lucky ones who are blessed by the heavens and make huge profits of hundreds of thousands or even millions of dollars with just a few hundred dollars. However, the current Memecoin market is a huge garbage dump, and the extremely low issuance threshold will inevitably lead to the prevalence of Rug Pull scams. Investors must be cautious and rationally formulate their trading strategies based on their own risk tolerance.
To enhance the user's trading experience, Pump.fun recently launched a new feature called Pump.fun advanced, integrating functions such as charts, token holding distribution, and real-time update threads. In the latest Space live broadcast, the co-founder of Pump.fun also mentioned that they plan to issue a token in the future, hinting that future airdrops may only be for users of Pump.fun advanced.
Overview of Memecoin Issuance Platforms
The explosive growth of Pump.fun has activated the entire crypto market, and this trend has quickly spread to chains like Tron, BNBChain, and Base, with various networks and projects launching Memecoin issuance platforms one after another, such as SunPump, MakeNow.Meme, Moonshot, Four.Meme, etc., providing more options for crypto users.
● SunPump
(Source: SunPump)
SunPump is a product of the DeFi platform SUN.io ecosystem and the first Memecoin Launchpad based on the TRON network, officially launched its Beta version on August 13 this year.
With the active promotion of TRON founder Justin Sun, SunPump has been enthusiastically pursued by the market since its launch. The first Memecoin MoreYaoWan ($PILLS) on the platform saw a price increase of nearly 90 times on the first day of issuance. Other popular Memecoins, such as Tron Bull ($BULL), Sundog ($SUNDOG), and Crypto Zillion Club ($CZC), have also seen over 100-fold, and even 1,000-fold, increases.
As of now, there are 23 projects on SunPump with a market cap exceeding $1 million. The total number of new token deployments on the SunPump platform has exceeded 91,000, with a cumulative total revenue of approximately 35,142,551 $TRX, equivalent to a market value of about $5.71 million.
(Source: Dune@hashed_official)
To attract more users, SunPump has also launched a "Gas Fee" reduction campaign and initiated a $10 million Meme ecosystem incentive plan. It's worth noting that the data shows that the development momentum of SunPump has gradually weakened since it set a record of over 7,500 new tokens created in a single day on August 21, with only dozens of new projects being launched per day since October.
The token issuance process on SunPump is almost identical to Pump.fun, where token creators need to pay about 20 TRX (around $3) in fees. However, SunPump has introduced leaderboard gameplay and referral mechanisms, making the gameplay more diverse and user-friendly.
● MakeNow.Meme
(Source: MakeNow.Meme)
MakeNow.Meme, launched on July 31, is a Memecoin issuance platform based on the Solana network. MakeNow.Meme pioneered the "post to issue token" function, where users can issue a Memecoin by posting a tweet according to the official format, but they need to wait for the official response to complete the token issuance, which includes the token contract information.
This novel gameplay allowed MakeNow.Meme to issue over 2,500 Meme tokens on the first day after its launch, but the hype only lasted three days, and the platform gradually became deserted thereafter. As of now, MakeNow.Meme has issued approximately 5,400 Memecoins, with a total revenue of approximately $486 SOL, equivalent to about $87,000.
(Source: Dune@hashed_official)
However, the crypto KOL @thecryptoskanda believes that although MakeNow.Meme is still a clone of Pump.fun on the front-end, it has innovated in the market-making model. By using multiple deployers to issue the same token, the difficulty of targeting has been increased, providing a solution for the market-making of KOL token issuance.
● Moonshot
Moonshot is a Memecoin launch platform based on Solana and Base, launched on June 25 this year. Moonshot is embedded in the well-known DEX analysis platform Dexscreener, giving it a significant advantage in traffic acquisition.
(Source: Moonshot)
Like other Pump.fun clones, Moonshot also received brief market attention in the early days of its launch, with the number of token deployments in the first few days maintaining above 4,000, but then showing a downward trend. Until mid-September, the appearance of large MC memecoins like MOODENG and SPX 6900 made Moonshot famous and brought a new trading peak.
As of now, Moonshot has cumulatively issued 106,454 new tokens, of which 333 Meme projects have successfully completed the Bonding Curve and been listed on the DEX for trading. The total revenue of the Moonshot platform is 18,232 SOL, equivalent to a market value of approximately $3.28 million.
(Source: Dune@tiago 4 maral)
The token issuance process of Moonshot is not significantly different from Pump.fun. When the token is successfully migrated to Raydium, the creator will receive a 2 SOL reward. The official is very focused on security, and the platform's smart contract has undergone a comprehensive audit. In addition, Moonshot is more user-friendly, allowing users to customize the screen in the main board, such as market capitalization, progress, trading time, trading volume, etc.
A more notable feature is that Moonshot allows users to directly purchase and sell Memecoins using fiat currency, currently supporting Apple Pay/credit card/Paypal, providing a convenient entry channel for Web2 users.
● Four.Meme
Four.Meme is a Memecoin issuance platform based on the BNBChain, launched in early July this year. Like similar platforms, the cost of token startup on Four.Meme is extremely low, with users only needing to pay about ~0.005 BNB (about $3) in transaction fees. The fundraising amount for Four.Meme can be selected, ranging from 2,500, 5,000, 10,000 or customized. When creating a project, the creator can choose to set up a Click.fun Telegram community, with 5% of the tokens used as user incentives.
(Source: Four.Meme)
Four.Meme has set up a leaderboard function and an invitation mechanism, similar to SunPump. In addition, Four.Meme has opened an airdrop section, where users can earn corresponding points by completing tasks, including social, token creation and trading, as well as interaction with other projects in the BNBChain ecosystem.
As of now, Four.Meme has cumulatively created over 7,200 tokens, of which 88 projects have successfully migrated to PancakeSwap for trading. Four.Meme has over 19,500 users and has accumulated revenue of approximately 282 BNB, equivalent to about $160,000.
From on-chain data, the period with the largest trading volume for Four.Meme was in the mid-to-late August of this year. At that time, the appearance of large MC memecoins like BIC, binancedog, and binancecat ignited the enthusiasm for Four.Meme, causing a brief frenzy in the market.
(Source: Dune@four_meme)
At the same time, the Four.Meme team also began to focus on key initiatives, launching a series of activities such as the Meme Creation Competition and the Accelerator Program. In the Accelerator Program, Four.Meme partnered with the BNBChain official to provide comprehensive support for Meme projects, covering basic traffic, platform support, and broader ecosystem support.
Horizontal Comparison and Analysis of Memecoin Issuance Platforms
From the data, although Pump.fun is occasionally surpassed by other issuance platforms, it still maintains an extremely high market share in the long run, leading far ahead in both the number of token deployments and the cumulative platform revenue.
From the perspective of the issuance blockchain, Solana is still the main battlefield for Memecoin issuance and trading, while Tron, although a late starter, has also gained a share thanks to SunPump. As for other public chains like BNBChain and Base, they still need more effort.
Of course, it's not just the above-mentioned public chains that are making efforts in the Meme track, as blockchains including Bitcoin, Avalanche, TON, and NEAR have also launched Memecoin issuance platforms to actively attract users and capital to their own ecosystems, such as wonton.fun, Satspumpfun, memefun, and Thunderhood.
In terms of platform functionality, the current Memecoin issuance platforms on the market do not differ much, basically extending the basic functions of Pump.fun with some minor innovations and improvements, such as SunPump and Four.Meme introducing leaderboards and invitation mechanisms, Moonshot focusing more on the security of smart contracts and supporting fiat currency purchase and sale to facilitate Web2 user participation, while MakeNow.Meme has improved the market-making model by pioneering the function of issuing tokens upon publication. As the pioneer, Pump.fun has also not been sitting idle, actively exploring new features and launching the Pump.fun advanced section.
As the scale of Memecoins continues to expand and the market's investment logic in this track evolves, it will inevitably receive more attention at the infrastructure level and receive more comprehensive support from project parties, ecosystem foundations, and VC institutions.
Returning to the Memecoin issuance platforms themselves, polishing their products and services is of paramount importance as they face an increasing number of competitors. Only by focusing on users, firmly grasping their core needs, providing differentiated and professional functions, and maintaining innovation and vitality, can they maintain long-term competitiveness.
In addition to having a solid product quality, if they can also launch a few large MC memecoins or maintain a certain money-making effect, the Meme community will undoubtedly flock in like hyenas, and with the huge traffic and capital support, it will only be a matter of time before they reach the top.
Conclusion
Driven by the profitability of the market, Memecoins have been endowed with new connotations, being seen as a new economic form. The crypto users' pursuit of Memecoins has stimulated the birth of Memecoin issuance platforms, and the fair issuance platforms led by Pump.fun have opened up a huge imagination space for the growth of the Memecoin track.
For users, the significant development of the Meme ecosystem infrastructure has further improved their user experience and provided more diversified choices. However, the extremely low barrier to entry for token issuance also means that the market is too saturated, with over 99% of Memecoins becoming worthless within 1-2 days. The probability of finding treasures in the junkyard is self-evident, so crypto users must be very careful when participating in Memecoin projects and invest rationally within their risk tolerance.
Reference articles:
[ 1 ] https://foresightnews.pro/article/detail/70068
[2] https://reports.tiger-research.com/p/memecoin-launchpad-market-analysis-eng
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