Butterflies, coffee, socks, and 4, who can define the next generation of BNB Chain's Meme form?

Written by: Nicky, Foresight News

On the early morning of September 7, a new launchpad on BNB Chain named Brew, which was established only a few days before, saw its platform token BREW surge to a market value of $30 million within 4 hours, with an increase of over 1100%, according to GMGN market data. That afternoon, another launchpad almost born at the same time, Sock Market, did not remain quiet, as its platform token SOCK increased over 1200% within an hour, and its market value briefly touched $2.78 million.

Within a day, two new platforms built by anonymous teams garnered market enthusiasm on BNB Chain, and they are pointing towards a new narrative that has recently formed in the BNB Chain and cryptocurrency market: making Meme coins trade not just against mainstream tokens like BNB, but directly using tokenized stocks on the chain as trading pairs.

To understand why all this is happening now, we need to extend the timeline slightly. In June of this year, Binance officially launched bStocks, bringing over 7,000 stocks, options, and ETFs from the U.S. stock market to the chain in a tokenized form, and supporting 1:1 redemption with real stocks. According to official data, as of September 7, the total transaction volume on bStocks has exceeded $30 billion.

For launchpads on BNB Chain, this infrastructure signifies the emergence of a new liquidity pool option: before this, the liquidity of Meme coins was almost entirely priced in BNB or USDT; afterwards, a cat-dog themed token can be traded directly against the on-chain stocks of NVIDIA or SpaceX, with buying and selling inherently participating in the price fluctuations of U.S. stock assets. Meme and RWA, two originally unrelated tracks, have thus been tied together.

The first to seize this opportunity was Flap. This project, which started at the ETHGlobal hackathon and has a team of fewer than 10 people led by founder Cedric, has an official Chinese name chosen by community voting: "butterfly," symbolizing the wings taking flight.

Flap made key modifications based on the joint curve launchpad: it allows tokens to use bStocks as the liquidity pool, while setting stocks as dividend assets. Token holders not only hold the Meme itself but will continuously receive on-chain stock tokens based on their holding ratio, creating a dual revenue structure of "trading Meme while receiving stocks."

On September 4, Binance launched the spot trading pair for MarsCoin, which briefly exceeded $0.26 on September 5, with a market value of $260 million, with a rise of over 100% in two days. According to data from Flap's official website, the Meme coin "Niu Lai," which has launched contracts on Binance, has distributed 2,033 QQQB (approximately $1.465 million) in dividends, while MarsCoin, which has launched spot trading on Binance, has distributed 29,703 SPCXB (approximately $4.473 million). According to DefiLlama data, Flap's current 24-hour fees are approximately $2.88 million, with revenues of approximately $575,000, ranking first among all launchpads on BNB Chain. After "Niu Lai" and MarsCoin launched on Binance, the wealth-making effect of this model was completely ignited.

Brew and Sock Market are two different solutions and subsequent forks of this narrative after Flap validated market demand on BNB Chain.

Brew's approach is simpler; it completely eliminates the joint curve and graduation migration, with the token entering the PancakeSwap V3 pool directly upon creation, and the liquidity permanently locked through Brew's locker function, with creators unable to withdraw the principal or transfer out positions. The trading pairs are entirely at the discretion of the creators, which can be BNB, USDT, other Meme coins, or bStocks stock tokens. The launch pool charges a fixed transaction fee of 1%, with all assets on one side of the token being destroyed, while the paired asset side is shared between the creator and the protocol, with the protocol taking a maximum of 50%.

According to Brew's official website data, the current top two tokens by market value on the platform are the platform token BREW and COLD, with values of approximately $1,640 and $79,800 respectively, with the COLD token using BREW as the trading pair. The total fees accumulated by the creator of the platform token BREW have reached approximately 30.58 WBNB (around $22,700), and 39.61 million tokens have been burned, accounting for around 3.96% of the total supply. Regarding the platform token BREW itself, the official documentation contains no commitments for continuous buybacks, with the protocol fee direction simply stated as "distributed to the protocol."

It is worth noting that, according to the Fomo wallet, notable trader Bonk Guy holds approximately 2 million (valued at around $28,000) BREW tokens, which had a market value of about $626,000 when he bought in, and this position is shown to have been transferred from an external wallet.

The most critical difference between Brew and Flap does not lie in the simplicity or complexity of the launch process, but in the openness of the pool assets. Although Flap was the first to introduce bStocks to the launchpad, its quoted assets have long relied on a pre-set list, and creators can only choose pairing within the allowed stock token range. Brew, on the other hand, has given complete discretion to creators from day one: any on-chain compatible BEP20 token can be used as a paired asset, including mainstream crypto assets like ZEC, which have seen a surge in market heat recently. This means tokens on Brew can use ZEC as a trading pair, as well as any sufficiently liquid Meme coins or regular tokens, without being limited to the stock narrative. This difference was quickly amplified in the market on the morning of September 7, as BREW attracted market attention, Flap realized that its moat might be eroding due to more flexible competitors.

Flap's response followed quickly that same morning. On the morning of September 7, Flap officially announced the launch of a "permissionless launch" feature on BNB Chain, supporting custom quoted tokens, with valued assets including RWA, mainstream crypto assets, popular Meme tokens, etc., no longer limited to the pre-set list, while allowing users to overlay Flap's programmable mechanisms, including creator wallets, dividends, burn, and liquidity. The timing of this move indicates that Flap clearly saw the threat from Brew: if it did not immediately open the freedom of pool asset selection, projects and traders wishing to use ZEC or other crypto assets as liquidity pools would migrate liquidity and market attention to new platforms like Brew.

If Brew represents "a minimalist asset pairing launch," then Sock is a product that pushes complexity to a new level. Its name itself is the setting officially written into the website: removing the letter "t" from 'stock' leaves 'sock', paired with the metaphor "stocks put into a drawer." The core mechanism of Sock allows users to create a Drawer consisting of 2 to 10 bStocks. Essentially, it's an on-chain stock basket, akin to a mini ETF. When a new token is launched, a PancakeSwap Infinity pool is opened for each stock in the basket, trading against real stock liquidity from the first block. When buying, users buy multiple stocks simultaneously according to their weights, and when selling, each pool settles independently.

This design allows the token to embed multi-asset exposure rather than traditional single-coin pricing. Regarding fees, during the Infinity phase, each transaction incurs a 1% base fee, with 70% going to creators and 30% to the platform; creators can also set an additional tax of 0% to 10%, which cannot be changed after launch. When the locked value of stocks in the pool accumulates to around $10,000, the tokens migrate to PancakeSwap V3, the additional tax is canceled, leaving only a 1% pool fee that continues to be shared 70/30. The platform token SOCK also has no continuous buyback plan, but on September 7, the official stated that it has burned 1% of the total supply of SOCK using platform income. According to GMGN market data, SOCK currently has a market value of around $970,000 and a 24-hour trading volume of about $3.9 million, with the platform having only SOCK completing the launch migration.

The commonality between the two platforms is that the team information has not been made public to date. The Brew official website and accounts do not disclose the identity of the founder, nor does Sock. Considering that the core logic of both platforms involves complex fee distribution and liquidity management, an anonymous team means higher operational risks. However, looking back at the entire track, anonymity has never been a barrier to entry; the real filter is whether the platform can produce enough blockbuster assets within a cycle.

Previously, the mainstream launchpad on BNB Chain, Four.Meme, which once held a leading position, has obviously fallen behind in this round of stock pool fever.

The rise of Four.Meme is almost a microcosm of the Meme cycle in the BNB Chain ecosystem itself. In July 2024, the GameFi project BinaryX incubated and launched this platform, which uses a traditional joint curve mechanism that is simple and direct: tokens trade on the internal curve, and after being fully utilized, they graduate and migrate to PancakeSwap. Creators can choose a trading tax of 1%, 3%, 5%, or 10%, which can be distributed to holders as dividends, burned, or added to the pool. This path was entirely adequate during the prosperous period of the BNB Chain ecosystem's Meme from 2024 to 2025, and it can even be said to be the industry standard.

However, when the market narrative shifted from "who can make tokens graduate" to "who can make tokens open against stocks," Four.Meme's response was noticeably delayed. According to DefiLlama data, Four.Meme's current 24-hour fees are only about $9,578, which is one three-hundred-twentieth of Flap platform's $2.88 million.

It is even more intriguing to see the latest choices in Binance contracts. On September 6, the Chinese token "Hakimi" launched on Binance contracts, and according to GMGN market data, the market value reached $90.56 million that day, with a single-day increase of 251%. Hakimi originates from the Four.Meme platform and was issued on October 7, 2025, almost unrelated to the current stock pool narrative. Similarly, "Binance Life," also from Four.Meme, has been launched on Binance spot and contracts, and its market value nearly approached $900 million in June this year.

This time lag is not difficult to understand. Stock-pool Meme tokens involve a liquidity structure linked to real stocks, making compliance review and market-making arrangements inherently more complex than ordinary BNB-priced tokens. Both "Niu Lai" and MarsCoin have launched on Binance, but both are top assets that have generated sufficient liquidity and market consensus on the Flap platform, not newly issued tokens on new platforms. In contrast, old platform stock coins like "Hakimi," due to their token structure, market-making history, and community size are more predictable and pose lower listing risks. At the same time, this also indirectly reflects that the Flap platform has become the leading launchpad in the current BNB Chain ecosystem.

From Flap's "butterfly" to Brew's "coffee fragrance," and then to Sock's letter puzzle, the competition among launchpads on BNB Chain is rapidly rewriting the landscape previously dominated by Four.Meme. Flap opened the stock pool narrative with a product innovation, Brew captured the first wave of attention with more open asset selection, and Sock attempted to define the next stage of direction with the heaviest design. But what truly determines who can survive is not whether the name is clever or the mechanism is exquisite, but in this round of the combination of bStocks and Meme, who can first produce a market value that is stable and deep enough to support continued pricing in the secondary market.