A brief history of token launchpadsToken launchpads are an established vertical in the crypto ecosystem, providing a structured pathway for projects to raise funds and bootstrap liquidity. Before the meteoric rise of Pump.fun, the landscape was dominated by protocols more tailored to Initial DEX Offerings (IDOs). Protocols such as CoinList, PinkSale Finance, and Fjord Foundry were the go-to choices for projects looking to launch on various blockchains, such as Ethereum and Binance Smart Chain (BSC). These launchpads often catered to established protocols with dedicated builders and also featured a more selective environment where investors typically had to get whitelisted to participate in a particular raise. These barriers to entry made them less accessible for smaller protocols, as well as less formal projects such as meme coins or experimental tokens.
Why was Pump.fun so impactful?Enter Pump.fun, which some might hail as Solana’s kingmaker for its role in driving the chain’s dominance. Launched on Solana, Pump.fun leveraged the blockchain’s low-cost and high-speed transactions to revolutionise token launches. Unlike its predecessors, Pump.fun introduced a standardised mechanism that burned liquidity pool (LP) tokens upon launch, ensuring that liquidity couldn’t be pulled - this feature provided added trust for retail participants, though the platform wasn’t immune to manipulation by certain insiders.
What made Pump.fun truly impactful was its decentralised approach. It allowed anyone, not just established protocols, to fundraise and bootstrap liquidity in a fair manner. To date, more than 10 million tokens have been launched on pump.fun. This accessibility turned Pump.fun into a breeding ground for Solana’s meme coin frenzy, which caused Solana to be dubbed as the go-to “on-chain casino”. Other chains have tried to take this title away from Solana, but none have prevailed. Pump.fun’s model was the first of its kind, enabling the proliferation of new token launches at an unprecedented scale.
However, was this a net positive or negative for the crypto space? On one hand, Pump.fun lowered the barriers to entry, fostering creativity and experimentation. On the other hand, it opened the floodgates to low-quality projects and mass liquidity extraction events. Some argue this is detrimental to the ecosystem’s long-term health. Time will tell, as the market corrects itself in due course.
Makenow.meme - the earliest iteration
Following Pump.fun’s success, Makenow.meme emerged as an early competitor, aiming to take the concept further by integrating directly with platforms like X. The idea was to allow users to create tokens directly from X by tagging Makenow.meme’s X handle, making token launches a seamless, consumer-friendly experience. On paper, this sounded like a promising decentralised application for the masses, blending social media with crypto innovation. However, despite its supposed potential, Makenow.meme struggled to find product-market fit (PMF). The platform had lacklustre adoption, causing user activity to quickly taper off post-launch. While the concept was novel, it lacked the execution and incentives needed to drive mainstream adoption.
The resurgence of Pump.fun competitorsPump.fun’s dominance didn’t go unchallenged for long. A pivotal moment came when Pump.fun decided to migrate its “graduated” tokens, those that reached a certain market cap threshold, from Raydium to its own Pumpswap DEX. This move sparked a wave of competition, as Raydium responded by launching its own token launchpad, LaunchLab. Additionally, Believe launched a similar product to Makenow.meme which allows users to launch tokens on X, while Bonk introduced its own launchpad as well, built on Raydium’s LaunchLab technology stack. Most recently, Boop entered the scene, spearheaded by Dingaling, founder of Pancakeswap, LooksRare, and more.
Boop, the most promising newcomerBoop stands out as the most intriguing of the new entrants, thanks to its innovative approach and “fun” ponzinomics. Boop introduces fee-sharing mechanisms, a feature that addresses one of Pump.fun’s key criticisms: the lack of incentives for token creators and early adopters. Boop also employs aggressive onboarding strategies to attract users. To highlight this, some DeFi power users were given $BOOP airdrops, but with a catch. They must launch a token, market it, and rally others to buy it in order to claim their airdropped tokens. Additionally, Boop offers fee sharing, airdrops and other incentives for token deployers, $BOOP stakers and hodlers of recently “graduated” tokens. While it’s early days, Boop’s dynamic incentive structure and willingness to rethink what a launchpad can be could foster the growth of a loyal and committed user base over time.
Concluding thoughts
There is no doubt that the token launchpad vertical on Solana is becoming increasingly saturated. The ability to fork protocols is a fundamental feature of blockchains and not inherently negative. However, the proliferation of near-identical products risks stifling innovation as they offer little differentiation, thus contributing to a crowded market where user attention and liquidity are spread thin.
Instead, the crypto space should encourage projects like Boop, under Dingaling’s leadership, to iterate on the design of existing products. By introducing novel incentive structures and rethinking user onboarding, Boop demonstrates that there’s still room for innovation in this space. As the market evolves, the key to success will lie in balancing accessibility with sustainability, ensuring that token launchpads not only empower creators but also foster a healthier, more resilient crypto ecosystem.
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