Another meme coin platform has emerged, showcasing n ways to prevent rug pulls.

By: Joyce

At 4:30 am this morning, the meme coin platform TaxFarm.ing on Ethereum released its first tweet on Twitter, revealing the token "FARM" contract and the protocol platform entrance. Subsequently, FARM surged, with a market value exceeding 8 million USD within 6 hours of its launch, reaching a peak of 9.6 million USD. Calculated based on the buying price 10 minutes after opening, the highest increase was 150 times, achieved in 5.5 hours. At the time of writing, the price of FARM was 0.009 USD, with a total trading volume of 11 million USD.

What is TaxFarm?

Compared to other meme coin platforms, TaxFarm.ing's major mechanism lies in providing meme coin developers with a profit method other than token dumping and integrating this mechanism with the profit expectations of FARM token holders.

TaxFarm.ing has proposed a "Supply clogging" mechanism. When a new token is issued on the TaxFarm.ing platform, 1 ETH is required to be provided as initial liquidity, and 20% of the total supply will be "clogged" (locked). This portion of the tokens serves as a "refund fund."

If the token can generate enough transaction fees to cover at least 1 ETH of initial liquidity, the tax rate will remain in a 5/5 mode. When enough fees are accumulated and the locked portion is released, the tax rate will decrease to 1/1.

If the token fails to generate enough fees within 24 hours (insufficient to cover the developer's initial 1 ETH liquidity), an automatic liquidity protection mechanism will be activated. The clogged supply will be withdrawn and returned to the developer. This mechanism serves as an "exit mechanism" that can quickly reduce the developer's losses when the project performs poorly, giving developers the opportunity to redeploy the token or invest in other more promising projects.

Through this design, the TaxFarming protocol attempts to achieve a "game balance" in the market: for token issuers, it reduces the financial losses from project failures, safeguards the security of the initial investment, and encourages them to focus more on long-term development and project quality improvement. For token buyers, it provides a relatively secure investment environment. As the project develops and the 20% locked supply is released, buyers can enjoy lower and lower transaction tax rates, and a better trading experience.

In addition, TaxFarm.ing's platform token is FARM, and holders profit from meme coin transaction fees. Of the transaction fees generated by meme tokens on the platform, 80% goes directly to the developers, and the remaining 20% is allocated to the platform. Half of this (10%) is redistributed to users holding and staking $FARM tokens in the form of ETH.

User Experience

The TaxFarm.ing homepage is similar to Pump.fun, with a frontend layout almost identical at a 1:1 ratio. It also features Pump.fun's innovative token display switch, allowing users to view tokens based on market value or token income ranking. Currently, no tokens on TaxFarm.ing have achieved a stable market value of over 1 million USD, with the highest market value being 260,000 USD.

Furthermore, TaxFarm.ing provides a staking channel, with 260 million FARM tokens currently staked, accounting for approximately 21.6% of the total supply, and the total staking income is 23.3 ETH, worth approximately 56,000 USD.

Who is Making Money on TaxFarm.ing?

Protocol

TaxFarm.ing did not specify the exact cost of deploying tokens, only stating that it is "50% of the standard platform fee." If we calculate based on the token deployment fee of 0.02 SOL on the Pump.fun platform, the fee charged by TaxFarm.ing for deploying tokens is 0.01 SOL, approximately 1.3 USD, which can be considered negligible for a protocol.

According to TaxFarm.ing's introduction, the protocol's income mainly comes from a 10% share of the meme coin transaction fees on the platform. A screenshot from Blockbeats around 10 am shows that a token named $BEN (Farmer Ben) on TaxFarm.ing has already generated income of 140,000 USD.

TaxFarm.ing's official tweet also indicated around 10 am that the dev income from meme coins had exceeded 250,000 USD, although due to high traffic, the frontend data on TaxFarm.ing's official website is currently frequently displaying errors, with token income and market value numbers often showing as "0," and the total user count consistently showing as 551, with only the total token quantity continuously updating, currently at 92.

Smart Money

GMGN data shows that the traders who made the highest profit multiples on the FARM platform of TaxFarm.ing bought in at costs ranging from 1,000 USD to 7,000 USD. The wallet address starting with 0xb3 obtained a profit of 168,000 USD at a cost of 2,208 USD, a profit multiple of 92, and has already sold all chips.

In addition to FARM, the meme coin $BEN (Farmer Ben) showcased by TaxFarm.ing's official tweet, which generated 140,000 USD in transaction fees, also brought joy to many people. Among the top profit-making traders displayed on gmgn, nine out of the top ten traders had a buying cost of less than 500 USD, and four traders obtained a profit of 10,000 USD at a cost of around 50 USD.

However, after attracting 2 million in trading volume in 20 minutes, BEN began its path to zero, with a market value of only 300,000 USD at the time of writing.

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