Author: Fairy, ChainCatcher

Editor: TB, ChainCatcher

During the May Day holiday, a meme coin launch platform called boop.fun emerged.

Its token BOOP surged by as much as 309% within an hour of launch, briefly reaching $0.5, with its market capitalization skyrocketing to $500 million. Notable figures such as Solana co-founder Raj Gokal and Jupiter founder Meow appeared in the project's investment lineup, and just six days after its launch, the project landed on Binance Alpha, gaining rapid momentum.

However, behind the excitement, boop.fun has found itself embroiled in controversy due to its "group purchase" airdrop mechanism and the background of its founder. With such a high-profile debut, can it still achieve a shining moment?

The Ambitious Work Challenging Pump.fun

boop.fun directly targets the meme launch "dominant" Pump.fun on Solana, but with a more aggressive approach.

Unlike Pump.fun's minimalist fee model, boop.fun has built a more ambitious "incentive flywheel" around its native token $BOOP: rewards upon launch and dividends upon staking. As long as the meme coin successfully "launches externally" (i.e., establishes a liquidity pool on Raydium), creators and token holders can share a daily reward of 1 million $BOOP; users who stake $BOOP can also proportionally enjoy airdrops of new project tokens and dividends from platform trading fees.

In terms of token model design, boop.fun has also put in considerable effort: the total supply of $BOOP is 1 billion tokens, of which 50% is used for platform incentives and project "graduation" rewards, 15% is airdropped to active users in the meme community, 10% is reserved for the team, and the remainder is allocated to liquidity, treasury, angel investors, and staking reward pools.

However, as the hype escalates, boop.fun has also faced waves of skepticism. How long can the "Buffed" design keep Boop's flywheel turning?

Image source: boop.fun official website

The Collapse of the Founder's Halo

boop.fun founder dingaling has long been regarded as a star figure in the crypto industry, with investments spanning 43 projects. He is not only a well-known NFT whale but also claims to be the founder of PancakeSwap. However, with the high-profile launch of Boop.fun, doubts about him have quickly escalated…

Yesterday, Vito, founder of Meta Era, posted on the X platform, pointing to a "mysterious founder" through a "fictional story." He stated that this founder started from the Binance ecosystem, managed a project that looked impressive from afar but ultimately went to zero, and is now launching a new platform on Solana to disrupt meme gameplay, which is essentially just a change of branding. Vito mocked, "Then he still crosses back to Binance Chain, relying on Binance Alpha to survive."

CZ later appeared in the comments section to "add a knife," also using "fictional" as a name, pointing out that a former employee was fired for insider trading but years later self-proclaimed as "some founder, CXO." He emphasized that Binance only has a CEO, CTO, CMO, CFO, COO, and CCO, and no other "C-something-O."

Although both labeled their comments as purely fictional, the community quickly directed its criticism towards boop.fun founder dingaling, believing the insinuation was clear. Crypto KOL AB Kuai.Dong pointed out that currently, the only person on Twitter claiming to be the "PancakeSwap founder and Binance CRO" is dingaling.

Meanwhile, some community users noted that dingaling has consistently excelled in the "replication-type entrepreneurship" path: when Uniswap was booming, he launched PancakeSwap; when Opensea was popular, he created LooksRare; now he is initiating boop.fun on Solana to compete with Pump.fun.

Airdrop? Or Web3 Pinduoduo?

boop.fun's airdrop activities are divided into two types: social airdrop and degen airdrop. The table below explains the two airdrop methods:

Among them, the social airdrop requires users to bind their X account and send tokens, with the airdrop defaulting to a 30-day lock. If users want to unlock it early, they must rely on the performance of the tokens sent: a successful launch can reduce the lock by 10 days, and when the market cap reaches $200,000, $500,000, $1.25 million, and $5 million, 5 days will be unlocked at each level.

In short, if users want to receive the airdrop immediately, they must launch a meme coin with a market cap of $5 million. This incentive design has sparked considerable controversy in the community, with some users joking, "Is this an airdrop? It feels more like a Pinduoduo-style Web3 group purchase scam."

Many KOLs have directly voiced their concerns. Crypto KOL AB Kuai.Dong stated that although Boop allocated a large amount of airdrop quotas to many KOLs, some even reaching 500,000 BOOP, this design essentially incentivizes bloggers to "cut their fans" for airdrops. He bluntly said, "No one wants to launch a coin to harvest the community for an airdrop; this design feels a bit like PUA for KOLs."

Community member @kunlunweb3 also criticized that this mechanism has multiple issues. First, Boop mistakenly assumes that many KOLs will take risks to launch coins for the airdrop. More critically, if no one is willing to launch coins, the airdrop can only wait for 30 days to unlock, by which time the price of BOOP may have already lost support.

Additionally, the staking dividend mechanism introduced by boop.fun has also been questioned for its usefulness. Community user @BTCOld8 believes that this incentive looks appealing, but "once the platform project loses popularity and the quality of coin launches declines, the so-called dividends will lose their meaning."

boop.fun made a high-profile debut with a challenger's posture, constructing a seemingly ambitious set of meme game rules, attempting to reshape the landscape with aggressive incentive mechanisms. However, Web3 is never short of imitators. Will Boop.fun's flywheel truly ignite community enthusiasm, or will it quickly fade like LooksRare? Is it a fleeting moment, or a game-changer?

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