The mainstream market has been volatile lately, but Memecoins continue to gain traction. On August 13th, Pump.fun achieved a new peak in protocol revenue, with total earnings surpassing $100 million. Shortly after its launch, Sun.pump saw the market value of several Memecoins on its platform quickly exceed $1 million. Gas fees on the Tron chain skyrocketed, and TRX, which had been quiet for years, reached a nearly three-year high. Sun.pump essentially single-handedly reignited the entire Tron chain.

Meanwhile, Moonshot has introduced a new issuance mechanism, and Meme activities on the BNB chain are thriving. Memecoin platforms across different blockchains are flourishing, but which one can rival Pump.fun? And where should users play to make money? This article will guide you through an overview of Memecoin platforms across various chains and provide insights into their competitive strengths.

Solana

Since last year, with Bonk and Sol rising together, the groundwork for this wave of prosperity has been laid. This year, Bome was listed on Binance within three days, with thousandfold gains becoming commonplace. The influx of users and capital has set the stage for Pump.fun’s success. Memecoin issuing platforms on Solana continue to innovate and beyond Pump.fun, there are many platforms worth watching.

Pump.fun: From Attention Economy to Asset Issuance Innovation

Pump.fun is the undisputed leader among Memecoin issuing platforms. While many new players have emerged, most are copycats. Pump.fun still commands significant market attention and remains popular. Launched at the end of January this year, it initially attracted little interest but gradually gained traction by April. Pump.fun’s success is not only due to its mastery of the attention economy but also its clever asset issuance design. From a product perspective, it has clear competitive advantages:

• Clear Positioning - A focused market + a clear user base = solving real problems. “Users want a simpler, faster, low-cost way to achieve higher returns.”

• Mechanism Innovation - Further refinement of asset issuance methods. Internal fundraising + a reasonable price curve, reducing issuance costs and increasing speed.

  In August, Pump.fun rolled out an update: token creators are now exempt from the $2 creation fee, and if their token launches successfully, they receive a 0.5 SOL reward. This update has effectively brought the cost of asset issuance down to zero, staying true to Pump.fun’s original aim of making UGC (User-Generated Content) asset issuance more efficient.

• Closed-Loop Commerce - Huge trading volumes bring considerable profits. Profit sources are transparent: 1% of platform transaction fees before listing on Raydium, and a 6 SOL “listing fee” during the Raydium listing process.

• Generating Buzz — Frequent “super” platforms draw in traffic and create hype. Every month, a “super” platform emerges, leading to a spike in trading fees. (As shown in the figure: the rise in fee revenue on Dune coincides with the appearance of these platforms.)
• User Interaction Optimization - Extremely simple participation process, with a highly vivid interface. This further lowers the participation barrier and encourages engagement.

MakeNow.Meme: Enhancing the Market-Making Model

MakeNow.Meme, a newer issuance platform, maybe seeing low popularity now, but it created a major buzz when it first launched, with celebrity coins taking off one after another. On a single day, over 2,600 Memecoins were issued, generating more than 230+ SOL in revenue. Compared to Pump.fun, MakeNow.Meme’s issuance mechanism not only simplifies the asset issuance process even further but also introduces a new approach to the market-making model.

• Further Simplifying Asset Issuance — On Twitter, users post a tweet in a fixed format (starting with the $ symbol and a stock code, followed by a token description/video/images, etc.), and tag the official account. Then, they wait for the official account to reply in the comments with the token contract address.
• Market-Making Model Enhancement — While the launch method appears fair, requiring everyone to scan the chain to get the contract address first, in reality, influencers, project teams, or others might privately strike deals with the platform to buy low-priced tokens ahead of time.

Moonshot: Leveraging DEX Screener’s Natural Traffic

Moonshot, developed by DEX Screener around June this year, maybe backed by DEX Screener and even integrated into it, but its metrics still fall short compared to Pump.fun. In my opinion, Moonshot hasn’t fully tapped into DEX Screener’s natural traffic for conversion. DEX Screener, as a trading aggregation platform, offers limited functions and lacks transparency within Moonshot. MetaData isn’t displayed before launching, historical launches are not easily accessible, and it lacks a social comment feature like Pump.fun. These shortcomings make it hard for hardcore players to trace origins, retail investors to communicate, and market makers to set up strategies. Moonshot’s interface design is minimalistic and clean, but it seems that a Memecoin issuance platform developed by traditional developers may not be well-suited for the “wild” market. However, Moonshot is continuously iterating, and in mid-August, it announced a partnership with Meteora to introduce a new mechanism for issuing Meme tokens to incentivize developers.

Base

The Base chain has always been home to active users, and the interaction between Farcaster and Memecoin has rapidly boosted ecosystem activity. While there are many Memecoin issuance platforms on Base, most of them lack sustained momentum and fail to gain significant popularity.

Ape.Store: A Near Replica

Ape.store is almost a carbon copy of Pump.fun in terms of features and interface. When a developer creates a token (free apart from gas fees) and it reaches a market value of 69K, it will automatically be listed on UNISWAP at the same price, with the liquidity pool then immediately burned. After Pump.fun announced its update, Ape.store quickly followed up on Twitter, stating, “From now until August 31, 2024, any developer who launches a project on Ape.store and lists on UNISWAP will receive 0.1 ETH.” Unlike Pump.fun, this platform has a clear leaderboard based on trading volume, the number of invites, etc., hinting at a potential token issuance.

Rug.fun: A Horse Racing Game

Rug.fun, originating from the Farcaster ecosystem, offers a unique gameplay experience similar to a horse racing game. Players must correctly guess the 1st and 10th place finishers to win high-odds rewards. Each game round lasts 12 hours, during which players can create or purchase tokens. Initially, players can change their bet tokens freely without additional fees. However, as time progresses, the cost of changing tokens increases. Eventually, other projects will add liquidity to the 1st place pool, driving price growth. After two months of inactivity, the official Twitter account announced on August 15 that they are working on updates.

Trugly.meme: From MemeX to Meme 404

Trugly.meme, a Memecoin issuance platform, has an asset issuance mechanism similar to Pump.fun but offers more diverse gameplay options. The MemeX feature allows anyone to create meme-coins for a Twitter account, with only the account owner eligible to claim the MemeX meme-coins. Once claimed, 80% of the transaction fees are transferred to the account owner. Additionally, it uses the MEME404 token standard, which lets memecoin holders display their balances through NFTs and unlock different levels. MEME404 has a built-in mechanism that automatically mints and burns NFTs based on changes in the memecoin balance, ensuring levels are updated accordingly.

Bibobibo: Meme-Centered Social Platform with Bullet-Chat

Bibobibo, which sounds similar to Bilibili, shares some similar features. It is a meme-centered trading platform with bullet-chat capabilities, allowing users to engage in real-time communication while trading Memecoins. This expands on the comment functionality seen in Pump.fun. However, unlike MakeNow.Meme’s focus on the attention economy, Bibobibo captures attention at a later stage. The project is still in its early phases and has yet to officially launch.

BNB Chain

Four.meme: The Ties to “Four”

Four.meme, an issuance platform on the BNB Chain, has a name and brand logo that hint at a connection to BNB, adopting CZ’s iconic “Four” hand gesture. Additionally, the platform’s name may have been influenced by 4chan, a Web 2 platform where Memecoins have gained traction. Whether in speeches from the team founders or through various events, it’s evident that Four.meme has garnered substantial support from the BNB Chain. In collaboration with the FOUR tokens, Four.meme launched an airdrop event where users earned points by completing tasks on the platform. These points could then be exchanged for BNB Chain ecosystem Meme coins FOUR and WHY. Supported and promoted by BNB Chain, this news caused FOUR’s value to surge by more than 65% within 24 hours. In mid-August, Four.Meme launched a Meme creation contest with a prize pool including 1 million Four.Meme points and $20,000 in Meme tokens, featuring judges like In2Ventures founder Bili, NBA star Tristan Thompson, and teams from WHY and FOUR.

Flap: Advancing PvP Mechanics

Flap is a decentralized social application protocol on the EVM, developed during the ETHGlobal hackathon. The team behind Flap boasts impressive credentials, with members coming from institutions like KuCoin, Microsoft, MIT, and Morgan Stanley. Flap’s standout feature is its advanced PvP mechanism.

In Flap’s duelling matches, when a Memecoin’s market value reaches $24,000, it automatically enters the duel candidate pool. These tokens then compete in one-on-one battles, where participants can only purchase tokens during the duel—selling is not allowed (driving the token price higher). Each match lasts 30 minutes, with the token that accumulates the most purchases during this time declared the winner. The liquidity of the losing token is entirely used to purchase the winning token, boosting its market value and community size. If the winning token’s market value reaches approximately $1 million, it will be listed on a decentralized exchange. The OKX wallet has already integrated Flap to enhance the user experience. Additionally, Flap has announced a trading competition where participants can earn airdrop points through trading, which can be redeemed for airdrops.

Tron

Sun.pump: Rapid Rise, Going Viral in Just One Week

Sun.pump, the first meme issuance and trading platform built on Tron, launched its Beta version on August 13th. It quickly formed strategic partnerships with Dex Screener, Huobi HTX, and Poloniex, and together with Trondao, launched a $10 million Meme ecosystem promotion and incentive plan. This sparked a flood of capital and rapid viral growth.

Within just a week of Sun.pump’s Beta launch, several meme projects reached market values exceeding $1 million. Among them, Sundog’s market value soared close to $300 million, with a 24-hour trading volume of over $5 million. The team continued to generate buzz, and when Justin Sun changed his Twitter profile picture to a Black Myth: Wukong, the market value of his Memecoin SUNWUKONG surged eightfold to $5 million in a short time. This ongoing momentum also contributed to further increases in TRX’s price.

Aptos

Uptos: Platform Token = Memecoin

Uptos is a Memecoin Launchpad on the APT chain. Beyond basic token issuance functions, it integrates developer tools like distribution and burn functions, with plans to introduce token claiming and linear release features in the future. The platform launched in April, and shortly after, its token UPTOS peaked at a market value of $13 million. However, subsequent platform assets failed to sustain capital inflow, and UPTOS’s price has since dropped to a market value of $1.2 million.

Avalanche

BellumExchange: A DeFi Twist on Memecoin Issuance

BellumExchange is a Memecoin Launchpad on the AVAX chain, using a liquidity order book similar to Trader Joe’s. Users can create various pricing curves on BellumExchange, forming tailored issuance strategies. Compared to other platforms, BellumExchange offers customizable pricing curves, customizable total supply, and no fees for token creation and LP migration, making it an affordable option. Additionally, it features a mechanism similar to Trader Joe’s, providing a 0.25% yield per Epoch to Memecoin stakers.

Fractal Bitcoin

Satspump.fun

Satspump.fun is a Memecoin issuance platform on the Fractal Bitcoin network. It has already partnered with UniWorlds, a game infrastructure in the Bitcoin ecosystem. On August 9th, the platform announced a BRC-20 airdrop, where users holding $300 worth of whitelist BRC-20 tokens (ORDI, SATS, PIZZA, SHNT, WZRD, HONK, RATS) or three Bitmaps in their wallet are eligible. The Fractal Bitcoin mainnet is scheduled to go live on September 1st.

Summary: A Diverse Market, But Liquidity is Splitting

Currently, every blockchain has its version of Pump.fun, and with the rise of Memecoin issuance platforms across various chains, the Memecoin market is becoming increasingly fragmented. The market lacks new liquidity, making it difficult to raise token market values, and the overall pie is being further divided. This competitive diversity is not decreasing PvP activity but rather intensifying it. In the Web 2 world, price wars often lead to significant user subsidies and benefits. However, in the Memecoin market, without new liquidity inflows, it becomes harder for users to profit as more platforms divide the market. Memecoins, being a zero-sum game heavily reliant on luck, suggest through Kelly Criterion calculations that without a solid strategy, it’s best to avoid this high-risk game where most players lose.

Looking at the current platform competition, Sun.pump, as a rising star, has recently attracted considerable attention, driving up the price of TRX. Capital is flowing in, liquidity is abundant, and new users are flocking to Tron, making it a platform with clear profit potential, though whether this can be sustained is uncertain. On the other hand, Solana, as the blockchain with the best Memecoin liquidity, has entrenched user habits that are hard to change, but it remains to be seen if it can regain attention after a short-term loss. Meanwhile, despite official events and support, the wealth effect on Base and BNB Chains is not particularly noticeable.

“Tokens are the new content, the buy button is the new like button, market value is the new engagement metric, and transaction fees are the new ad revenue.” While the current Memecoin issuance platforms appear to be flourishing, they are in a precarious position, urgently needing a new narrative to expand market growth.

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