Hotcoin Research | The War of One-Click Token Issuance Platforms Has Begun: The Reshuffling of Meme Launchpads Starts, Industry Status and Speculations on the Final Outcome

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12 hours ago

The future winners may not necessarily be the platforms with the lowest fees, but those that can build a content flywheel, community consensus, and a platform trust mechanism, growing into fertile ground for innovation.

Author: Hotcoin Research

I. Introduction

Pump.fun has ignited an unprecedented wave of Meme coin issuance, allowing users to deploy tokens and start trading with a single click, triggering a new "coin minting craze." As a pioneer, Pump.fun has almost monopolized the Meme Launchpad market. Other blockchain networks have also launched Meme launchpads; Tron network's SunPump has experienced rapid growth under the strong promotion and support of founder Justin Sun; Four.meme has become the Meme launchpad officially supported by Binance, driving the prosperity of Meme on the BNB chain.

Due to the Pump.fun team continuously liquidating the SOL they earn, it has become the second-largest source of selling pressure in the Solana ecosystem after FTX/Alameda. Raydium once derived about 41% of its Swap fee revenue from the liquidity brought by Pump.fun, but the launch of PumpSwap by Pump.fun significantly reduced Raydium's earnings. In response, Raydium launched LaunchLab to begin direct competition with Pump.fun. Additionally, the on-chain aggregator Jupiter has also attempted to introduce a similar one-click token issuance service, while the established DEX tool DexScreener's Moonshot has attracted some players, but overall results have not been favorable. Pump.fun continues to hold an absolute advantage in terms of the number of Meme issuances and user trading volume. However, recently, with well-known NFT collector Dingaling launching Boop.fun, the BONK community launching the LetsBonk.fun launchpad based on LaunchLab, and Believe rebranding, the one-click token issuance platform race has entered a competitive phase, and Pump.fun is no longer the only option. A reshuffling battle around the "right to issue tokens" has begun.

However, behind the booming one-click token issuance platforms lie various issues and challenges, including token oversaturation, KOL manipulation, frequent Rug Pulls, and regulatory gray areas. How will this war over the "right to issue tokens" develop? What will the future of the sector look like? This article will delve into the current landscape and future direction of the one-click token issuance platform industry, revealing the true logic behind the Meme Launchpad war.

II. Analysis of the Meme Launchpad Mechanism Model

1. Operation Model of Meme Launchpad

The reason one-click token issuance platforms can attract a large number of users in a short time lies in their significant simplification of the technical process for token issuance. Their operation model can be summarized as: no-code contract deployment + instant liquidity trading, making "anyone can issue tokens" a reality.

  • Contract Design and Issuance Process: These platforms come pre-equipped with standardized token contract templates and trading pool logic. Users only need to fill in simple information such as token name, symbol, and initial supply, without any programming skills, to automatically deploy the token contract and establish a trading pool with a single click. Once issued, the new token will immediately be available for trading in the platform's AMM pool, without the project party needing to inject liquidity in advance. This no-code, instant launch process has lowered the technical barrier for ordinary people to issue tokens from "requiring professional development" to "fill out a form and click a button," greatly broadening the participation of creators.

  • Pricing and Trading Mechanism: Platforms like Pump.fun have innovatively adopted a Bonding Curve model for issuing and pricing tokens. In traditional models, new token issuance typically occurs in one of two ways: either through a presale/IDO, where the project party prices and sells a certain proportion of tokens to raise funds; or through free listing, where the market determines the price. However, Pump.fun's approach is that after a user issues a token with one click, the platform establishes the relationship between token price and supply based on a preset mathematical curve. Users mint and purchase tokens by paying SOL or other underlying chain coins to the curve contract, with the price increasing as the purchase amount rises. This model ensures 100% fair issuance: no private placements, no team allocations, and the initial tokens and prices are entirely determined by the open market.

  • Trading Liquidity Assurance Mechanism: By integrating with the automated market maker mechanism, the funds from early buyers automatically form the project's initial liquidity pool, allowing later buyers to take over the sell orders of previous buyers, enabling instant trading of tokens on the platform without waiting for exchange listings. This allows tokens to instantly transform from ideas into market-priced assets, greatly satisfying the speculators' demand for "immediate buy and sell." To prevent common malicious manipulation and exit risks, one-click token issuance platforms have also innovated their on-chain mechanisms. For example, Pump.fun has introduced an LP share destruction mechanism: when a new token's market value reaches a specific threshold, such as Pump.fun's set market value of $69,000, which is a graduation condition, the system automatically transfers liquidity to mainstream DEXs like Raydium's liquidity pool and simultaneously destroys the corresponding proportion of LP tokens. This way, project parties cannot withdraw all liquidity and "run away," thus ensuring a degree of trading liquidity safety for early investors. This mechanism technically locks liquidity from being maliciously drained, reducing the probability of traditional Rug Pulls.

2. Incentive Mechanisms of Meme Launchpad

In addition to the basic functions mentioned above, different platforms have designed various unique incentive mechanisms such as Gas subsidies and reward/revenue-sharing mechanisms to attract users and creators.

  • Gas Subsidy Mechanism: To lower the cost of issuing tokens and trading for users, some platforms subsidize a large portion of on-chain fees, allowing users to issue tokens at almost no cost. For example, Tron network's one-click token issuance service SunPump allows users to pay Gas directly with USDT and subsidizes 90% of the Gas fees, making each transaction cost less than 1 USDT. The Clanker platform in the Base ecosystem allows users to create AI Agents and their tokens at zero cost; users only need to @Clanker on the social platform Farcaster and input the token name, and the system automatically generates the token and provides a management page, with the entire process requiring no Gas fees, significantly lowering the participation threshold.

  • Reward/Revenue-Sharing Mechanism: Launchpads typically allow project parties to obtain fundraising funds while the platform collects fees. However, emerging one-click token issuance platforms emphasize community win-win by returning a portion of the trading fees to token creators and contributors, forming a creator economy model. Raydium LaunchLab charges only a 1% fee, of which 25% is used to repurchase its platform token RAY, and founders can apply for an additional 10% revenue share. The Believe platform has written a 2% trading tax directly into the token contract: each buy and sell incurs a 2% slippage tax, of which 1% is directly rewarded to the token creator, 0.1% to "Scouts" (the earliest discoverers or promoters of the token), and the remaining 0.9% goes to platform operations, allowing founders and early promoters to continuously earn from token trading, effectively giving creators and evangelists "tips" from the community. Initially, Pump.fun charged a 2% fee on all transactions, which went entirely to the platform, but in response to competition, it recently announced that 50% of that would be returned to creators to enhance their motivation.

Through these profit-sharing mechanisms, Meme Launchpad has transformed the early "platform wins, users lose" zero-sum structure into a multi-win scenario, increasing user stickiness and creator retention.

3. Differences Between Meme Launchpad and Traditional Launchpad

The one-click token issuance platform, also known as MemePad, is fundamentally different from traditional token Launchpads.

  • Traditional Launchpad: Traditional blockchain project incubation platforms, such as Binance Launchpad and CoinList, typically serve projects with a certain quality and endorsement, conducting token public sales after screening and review, often involving fundraising, lock-up, KYC, and other processes. The number of projects is limited, and there is an emphasis on success rates and compliance.

  • AI Agent Launchpad: Virtuals has launched an AI agent launch platform called Genesis, using the $VIRTUAL token for financing, providing startup funds for emerging AI Agent projects. The AI Agent Launchpad is similar to traditional Launchpads but focuses on innovative projects involving on-chain AI agents. ai16z launched the auto.fun platform on April 17, aimed at helping users deploy their own AI agents through simple operations.

  • Meme Launchpad: The Meme one-click token issuance platform takes an extreme liberalization route: zero thresholds, zero reviews, and anonymous openness, allowing anyone to issue tokens and trade at any time. This means that the platform itself does not endorse project quality, leaving everything to market competition. This model aligns with the "trustless" spirit of the crypto world but also results in a plethora of junk coins and fraud risks, operating in a regulatory gray area.

In summary, traditional Launchpads resemble the role of "investment banks + exchanges," selectively issuing a small number of projects in an IPO-style manner; whereas MemePad is an endless creative testing ground or casino, with a vast array of tokens blooming simultaneously, coexisting with hits and scams.

III. Industry Status: Data Insights and Industry Landscape

1. On-Chain Data Insights: Number of Tokens Issued, User Profiles, and Capital Flow

Source: https://dune.com/adam_tehc/memecoin-wars

  • Number and Trend of Token Issuance: The daily issuance of one-click tokens on the Solana chain began to rise in mid-2024, peaking in October. At that time, almost all tokens came from Pump.fun, with a maximum of over 36,000 new coins launched in a single day. Although the overall issuance volume remained high afterward, it showed a downward trend, with a noticeable cooling by early 2025. This indicates that the early explosive growth phase is nearing its end, and the market is starting to return to rationality. However, even with this cooling, one-click token issuance still maintains thousands to tens of thousands of new tokens daily, demonstrating the resilience of this platform's long-tail prosperity.

  • User Profile and Distribution: From the user data of various platforms, early users of Pump.fun were mainly speculators from the Solana native community, chasing the myth of hundredfold or thousandfold coins; LaunchLab attracted many old DeFi users back due to its backing by Raydium, with daily active users continuously rising after its launch; Believe attracted many Web2 entrepreneurs and KOLs due to the social media token issuance feature, with a user composition leaning more towards creators and opinion leaders, while Boop.fun focused on the NFT player community.

  • Changes in Token Market Value: Observing some typical tokens born through these platforms, it can be found that most Meme coins have experienced rapid cycles of soaring and plummeting: for example, some tokens surged dozens or even hundreds of times upon launch, but many quickly fell back to zero within days. 99% of Meme coins are short-term speculative plays, with "long-lived coins" being extremely rare.

  • On-Chain Gas and Trading Situation: The one-click token issuance craze has also brought significant changes in transaction volume and fees to the underlying public chain. Solana experienced frequent network congestion during the meme coin frenzy of 2024-25, caused by a massive influx of small transactions in a short period, leading to increased block load. At the beginning of 2025, Solana's weekly fee revenue reached $55 million, setting a historical peak. As Pump.fun and others slowed down, this figure also dropped sharply, indicating that a significant portion of Solana's network activity was driven by meme coin trading.

2. Industry Landscape: One Dominant Player and Many Strong Contenders

Source: https://dune.com/adam_tehc/memecoin-wars

According to data from the Dune platform, the market share changes of newly issued tokens on the Solana chain show that Pump.fun once held nearly 100% of the market share for a long time. Moonshot and SunPump experienced a brief prosperity in 2024 but gradually fell into silence. After April 2025, competitors rapidly emerged, and on May 12, Pump.fun's daily issuance share dropped to about 57%. According to the latest data from May 21, Pump.fun's daily issuance share remains as high as 80%, while LetsBonk, Believe, LaunchLab, and Boop occupy the remaining approximately 20% of the market share, presenting a landscape of one dominant player and many strong contenders:

  • Monopoly Broken, Competition Intensified: Pump.fun long dominated the market, but its market share has gradually diluted. New entrants like LetsBonk, LaunchLab, and Believe have started to carve out market share, with new projects emerging continuously, breaking the monopoly pattern, which is also a sign of the sector entering a mature phase. Users and creators now have more choices, and they will "vote with their feet" to select platforms that offer higher returns and better experiences.

  • Competing Platforms Reaching New Heights: To win in the competition, each platform continuously innovates, creating differentiated features. On one hand, there are innovations in functionality and models: for example, some platforms support cross-chain token issuance, some introduce NFT elements to enhance token gameplay, and others combine oracles to achieve more complex issuance curves. On the other hand, there is competition in incentives: for instance, LaunchLab attracts Pump.fun users with lower fees and creator dividends; Believe draws in creative communities with social media token issuance and Scout incentives; Pump.fun has also had to change its aggressive strategy, starting to share profits with creators to prevent user loss.

  • Multi-Chain Layout and Ecosystem Competition: Initially, the one-click token issuance craze was concentrated on Solana, but now a multi-chain landscape has become the norm. SunPump has emerged on the Tron chain, Genesis Launches is on Base, and even ecosystems like ICP and Avalanche have begun to experiment with similar projects. Major public chains view these platforms as tools to compete for active users and increase on-chain transaction volume—compared to serious DeFi applications, meme token issuance is more likely to attract newcomers to try, leading to higher transaction frequency and quickly boosting on-chain activity.

  • Narrative and Cultural Competition: The cultural positioning of platforms and community narratives have begun to become a form of soft power in competition. Each platform is establishing its unique brand image: Pump.fun advocates absolute openness and freedom; Raydium LaunchLab promotes fairness and technology; Boop.fun carries a personal idol color due to its founder Dingaling's IP; Believe emphasizes trust and value, attempting to attract the Builder community. Platform differentiation will not only remain in terms of fees and mechanisms but will also extend to the spiritual core and community atmosphere.

IV. Comparison of Mainstream Platforms and Case Analysis

With the rising popularity of the Meme and AI Agent concepts, various one-click token issuance platforms have emerged, forming a landscape of one dominant player and many strong contenders. Currently, there are several major players in the one-click token issuance field, including: Pump.fun, Raydium LaunchLab, LetsBonk.fun, Believe, and Boop.fun.

1. Pump.fun

As a pioneering platform, Pump.fun established the paradigm of one-click token issuance + bonding curves, attracting a massive user base with Solana's low fees. Its main features include zero thresholds and no reviews, allowing anyone to issue and trade tokens instantly. Pump.fun employs a two-phase model of "internal market" and "external market": new tokens first trade in the platform's AMM pool, and when the market value reaches about $69,000, they graduate to external DEXs, initially using Raydium and later switching to its own PumpSwap. The platform charges a 2% transaction fee. To prevent exit scams, Pump.fun ensures liquidity safety through LP locking and destruction mechanisms.

Pump.fun dominated the market in 2024, contributing over 98% of daily issued tokens. At its peak on October 24, 2024, the number of tokens created in a single day exceeded 36,000, averaging 25 new tokens every minute. Such an exaggerated "production volume" of tokens led to Solana being humorously referred to as the largest "casino" on-chain. However, beneath the surface of Pump.fun's success lies significant concern: the quality of the massive influx of projects is often questionable, with a "graduation rate" of less than 1%, and the vast majority of tokens quickly fade away to zero. The phenomenon of the platform making money while users lose is quite pronounced.

2. LaunchLab

LaunchLab is a one-click token issuance platform launched by the established Solana DEX Raydium in March 2025. Raydium previously derived about 41% of its Swap fee revenue from the liquidity brought by Pump.fun, but with the launch of PumpSwap, Raydium's earnings significantly decreased. Therefore, the launch of LaunchLab is seen as Raydium's counterattack. The overall model of LaunchLab is highly similar to Pump.fun, also featuring one-click token issuance on a DApp page + curve pricing + AMM trading, but with targeted optimizations in some details:

  • More Pricing Curves: Supports various curve models such as linear, exponential, and logarithmic, allowing project parties to choose based on token characteristics, providing more flexibility.

  • Lower Fees: The transaction fee is only 1%, half that of Pump.fun; there are no additional migration fees. In contrast, migrating graduated tokens to Raydium incurs a listing fee of 6 SOL on Pump.fun.

  • Lower Graduation Threshold: Requires raising 85 SOL (about $11,000) to transition to Raydium's external trading pool, which is easier to achieve compared to Pump.fun's fixed market value threshold, and LaunchLab supports a minimum launch mode of 30 SOL, further lowering the barrier.

  • Creator Revenue Sharing: Introduces a 10% fee-sharing mechanism, allowing project founders to continuously receive 10% of their token trading fees after graduation, improving creator retention.

  • Ecosystem Integration: 25% of the fees are used to repurchase Raydium's platform token RAY and support LP locking, pricing diversity, and other functions, binding platform incentives with the Raydium ecosystem.

LaunchLab's advantage lies in leveraging Raydium's brand and liquidity depth, successfully attracting a number of projects to switch to its platform, thereby weakening Pump.fun's dominance. According to on-chain data, LaunchLab's daily active users are growing rapidly, and there are currently 14 token issuance platforms based on LaunchLab, accounting for about 10% of the total daily token issuance on Solana.

Source: https://raydium.io/launchpad/

3. LetsBonk.fun

LetsBonk.fun is a one-click token issuance platform built on the technical framework of Raydium LaunchLab by the popular Meme coin BONK community on Solana, specifically serving the token issuance needs of the BONK community and its derivative ideas. The token issuance process and rules on LetsBonk.fun are similar to those of LaunchLab, such as the default graduation at 85 SOL and a 1% fee, but the entry interface and community orientation lean more towards the Bonk style.

When LetsBonk.fun was first launched, it gained significant momentum, successfully capturing about 17-20% of the daily issuance share, and even surpassed Pump.fun at certain times to become the platform with the highest number of graduated tokens in a single day. This was seen as a victory of community power against the giants: Bonk, as a spontaneously rising Meme coin in the Solana community, leveraged its appeal to build its own Launchpad, forming a "wolf pack strategy" to besiege Pump.fun.

The popularity of LetsBonk.fun demonstrates the value of well-known Meme coin IP in platform competition, bringing built-in traffic and user base, allowing the platform to start with significant attention. However, its sustainability remains to be seen; currently, it appears more like a supporting strategy for LaunchLab.

4. Believe

The founder of Believe is young Australian entrepreneur Ben Pasternak. The platform was originally a social token application called Clout. Clout fell silent due to its over-reliance on celebrity endorsements, and in late April 2025, Ben returned with an upgraded version called Believe, changing the slogan from "Believe in Someone" to "Believe in Something," no longer promoting celebrities but instead seeking meaningful creative projects.

In terms of issuance, Believe innovatively uses social platforms as the entry point for token issuance. Users do not need to log into any DApp; they simply tweet to the account @launchcoin on the X platform with the name of the token they wish to create, and the Believe system will automatically detect the instruction, invoking the on-chain contract to create the token using the Meteora platform's joint curve model.

Source: https://x.com/launchcoin/

Believe also introduced a "B-point" mechanism similar to crowdfunding: each token will accumulate its transaction fee revenue after issuance, and if it reaches a certain critical value (B-point) set by the platform, the token's founder can withdraw these funds to fulfill their project roadmap; if the threshold is not met, it is considered that the market does not recognize it, and the funds remain in the pool or belong to the platform. This logic is similar to Kickstarter's all-or-nothing crowdfunding, but the B-point is not a fixed value; it is dynamically determined based on the project's situation, with the core idea being "trading heat is market voting." In terms of revenue distribution, half of the 2% tax on each transaction is returned to creators (1%) and Scouts (0.1%). This way, founders and early evangelists who help spread the project can also share in the profits, encouraging community participation in discovering quality content. Since its launch, Believe has recorded a total transaction volume of $1.8 billion, bringing approximately $9.5 million in direct income to various token creators.

The Believe platform has faced some controversies. The token LaunchCoin, issued by founder Ben himself, surged 200 times on its launch day. Subsequently, Ben sold off most of his LaunchCoin holdings in batches, making a profit of about $1.3 million, raising community concerns about whether the founder was exploiting trust for profit. Additionally, in the early stages of Believe's issuance, to prevent selling pressure, a high slippage tax was set on token transactions, which was heavily exploited by blockchain bots that bought tokens at low prices during high tax periods and then sold off massively when the tax rate decreased, causing many token prices to crash rapidly after reaching market capitalizations in the tens of millions. Some in the community joked, "The founder, Scouts, and the platform are all fine, but the retail investors taking over are getting hurt."

5. Boop.fun

Boop.fun is a token issuance platform on the Solana chain launched by well-known NFT collector Dingaling, featuring a strong personal brand color. Its model is similar to Pump.fun, also using a bonding curve + Raydium LP scheme, but it adds some proprietary token economics: for example, each new coin issued through Boop.fun will deduct a 5% "developer tax" to distribute to holders of the native Boop token, reflecting the platform's intention to create a value-returning ecosystem for its own token.

Thanks to Dingaling's influence in the community, Boop.fun attracted a group of loyal fan projects after its launch, but its overall scale is relatively smaller compared to the aforementioned platforms. Currently, its daily issuance accounts for about 1-2%, with a graduation rate slightly higher than Pump.fun.

Source: https://dune.com/adam_tehc/memecoin-wars

Boop.fun's differentiation lies in its small but beautiful community operation, with Dingaling backing the platform through personal credibility, uniting users via the $BOOP token. However, this also means its scalability is limited, playing more of a niche market role.

V. Issues and Challenges: Hidden Concerns Behind Prosperity

The one-click token issuance platform has made "quick coin creation" a reality, but it has also amplified the risks of speculation and fraud in the crypto market. The extremely low threshold acts as an invisible hand: it energizes the market but also allows bubbles to grow unchecked.

  • Extremely low thresholds lead to an influx of on-chain garbage: The ability for anyone to issue tokens means that a large number of worthless tokens flood the market. Only 1% of tokens can "graduate" successfully, while the remaining 99% are almost entirely speculative, causing losses for users and wasting on-chain resources, forever recorded on the blockchain as "on-chain garbage." Such a massive amount of worthless data also burdens nodes and the long-term operation of the blockchain. It can be said that the low threshold for one-click token issuance is a double-edged sword: it unleashes creativity but also unleashes garbage.

  • KOL manipulation and market makers lurking: Due to the platform's lack of background checks, the anonymous environment provides opportunities for bad actors. Some crypto KOLs or large holders use their influence to frequently issue tokens on these platforms to exploit retail investors. Additionally, professional market makers use bots to monitor all newly issued tokens, and once they detect rapid capital inflows, they follow up to pump the price and attract retail investors, only to dump it instantly. For ordinary users, it is difficult to profit without an information advantage.

  • Rug pulls and security risks: Although Pump.fun uses LP locking to reduce the likelihood of developers running away, "rug pulls" have not disappeared; they have just taken on different forms. Some project teams do not directly pull liquidity but reserve a large number of tokens to cash out at high points or exploit contract vulnerabilities/backdoors for profit; some unscrupulous developers add hidden transfer functions to the contract template, secretly transferring users' tokens once the price rises; others issue tokens under the guise of well-known projects to gain attention, or use social engineering to trick users into purchasing on fake websites. In the frenzy and greed, many people lower their guard and are easily deceived.

  • Regulatory gray areas: From a legal perspective, one-click token issuance platforms effectively provide an unregulated ICO market. Due to their decentralized and anonymous nature, these platforms have not yet become direct targets of regulatory crackdowns. However, when users generally incur losses and public opinion arises, platform operators may be held accountable. If regulatory red lines are crossed, they may face a crackdown. For users, there are also difficulties in protecting their rights.

VI. Future Prospects: Sustainability and Development Trends of One-Click Token Issuance Platforms

Looking ahead, can the one-click token issuance platform sustain its development, and where will the next phase lead? We can think about this from three aspects: market, technology, and narrative.

1. Market Sustainability: Returning to Project Value

After nearly a year of frenzied growth, the meme token issuance craze has clearly cooled, and the "get-rich-quick effect" is difficult to replicate on a large scale. After the big wave of filtering, one-click token issuance platforms may settle on a few that operate steadily, continuously providing services for new projects. From a revenue model perspective, the early "harvesting" profit model of Pump.fun is unsustainable; now new platforms are exploring healthier win-win models. For example, guiding creators to improve project quality, supporting promising projects, and eliminating purely money-making tokens.

2. Evolution Direction: From Meme Frenzy to Empowering Innovation

The essence of one-click token issuance platforms is the combination of issuance + liquidity on the blockchain, and future evolution may take several directions:

  • Multi-chain interoperability and layered abstraction, allowing users to issue and trade tokens without perceiving differences in underlying chains;

  • Introducing more smart contract functionalities, such as options and DAO governance modules, allowing new tokens to come with more gameplay from the start;

  • Integrating with identity and content systems, such as automatically generating NFT badges for first-time creators or binding decentralized social identities, making tokens a form of reputation proof.

These technological improvements represent a vision: in the future, Launchpads will not just be speculative tools but incubators for Web3 innovation. If the narrative can successfully transform and win the trust of mainstream developers and entrepreneurs, then one-click token issuance platforms will undergo a qualitative change.

3. A New Paradigm for Web3 Entrepreneurship: Project Cold Start Infrastructure

When a developer or creative person has a new Web3 project idea, they used to have to write a white paper, seek investment, and assemble a team to create an MVP. Now, they can directly issue a token on a token issuance platform, packaging their idea into a story and testing community interest through market trading. If the token receives a warm response, they can obtain initial funding to hire a team and develop the product; the community will also become early users and promoters of the project by holding the token. This is almost a disruptive new paradigm for traditional entrepreneurial financing: no VC, no crowdfunding websites, but directly discovering and funding good ideas through the open market. This will attract more serious entrepreneurs to try this path, and token issuance platforms will not only be "token issuance tools" but will upgrade to "project cold start infrastructure," becoming a part of the Web3 entrepreneurial ecosystem.

4. Compliance and Governance: Finding a Balance

If one-click token issuance platforms are to have a long-term future, they must find a balance between complete disorder and excessive regulation. Possible directions include: community self-discipline + protocol governance, where the platform introduces a set of community guidelines and DAO governance mechanisms to vote to delist or mark warnings for obviously fraudulent or illegal projects; introducing optional KYC/real-name channels, allowing willing founders to prove their identity for higher trust, while also complying with anti-money laundering monitoring and other baseline requirements. Additionally, strengthening security audits and real-time monitoring of abnormal transactions can also reduce the frequency of malicious events.

Conclusion: The one-click token issuance platform has evolved from the wild growth of Pump.fun's dominance to the current landscape of one dominant player and many strong contenders, allowing us to witness the astonishing power of "decentralized creativity" in the crypto world. It has decentralized the power of financial experimentation to the public, giving countless imaginative ideas the opportunity to manifest on-chain through tokenization. The future winners will not necessarily be the platforms with the lowest fees, but those that can build content flywheels, community consensus, and platform trust mechanisms, growing into fertile ground for innovation. When every good idea can be freely experimented with in token form, it may be the kind of future full of infinite possibilities that Web3 seeks.

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Hotcoin Research, as the core research and investment hub of the Hotcoin ecosystem, focuses on providing professional in-depth analysis and forward-looking insights for global crypto asset investors. We build a "trend judgment + value excavation + real-time tracking" integrated service system, providing precise market interpretations and practical strategies for investors at different levels through in-depth analysis of cryptocurrency industry trends, multi-dimensional assessments of potential projects, and all-day market volatility monitoring, combined with weekly live broadcasts of "Hotcoin Selection" strategy and daily news updates of "Blockchain Today." Leveraging cutting-edge data analysis models and industry resource networks, we continuously empower novice investors to establish cognitive frameworks and assist professional institutions in capturing alpha returns, jointly seizing value growth opportunities in the Web3 era.

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