Web3 version of Pinduoduo? Interpret the "inspiring flywheel" of the new Meme launch platform boop.fun

Original author: Fairy, ChainCatcher

Original editor: TB, ChainCatcher

During the May Day holiday, a Meme coin startup platform called boop.fun emerged.

Its token BOOP rose by as much as 309% in one hour, hitting US$0.50, and its market value soared to US$500 million. Well-known figures such as Solana Raj Gokal and Jupiter founder Meow appeared in the project investment lineup. The project landed in Binance Alpha just six days after its launch, and its momentum was rapid.

But behind the excitement, boop.fun is deeply trapped in a whirlpool of controversy due to the "single-to-order" routine of the airdrop mechanism and the founder's background. Can you have highlight moments when you make a high-profile appearance?

Challenge Pump.Fun's ambition

boop.fun directly targets Meme on Solana to launch the "overlord" Pump.Fun, but the style of play is more radical.

Unlike Pump.Fun’s minimalist charging model, boop.fun has built a more ambitious set of “incentive flywheels” around its native token $BOOP: launch is rewards, and pledge is dividends. As long as Meme coins successfully "launch foreign disk" (i.e. establish a liquidity pool on Raydium), the creator and coin holders can share the reward of $BOOP per day; and users who pledge $BOOP can also enjoy the dividends of the token airdrop of the new project and the platform transaction fee in proportion.

In terms of token model design, boop.fun also has a lot of effort: the total supply of $BOOP is 1 billion, of which 50% are used for platform incentives and project "graduation" rewards, 15% are airdropped to active users in the Meme community, 10% are reserved for the team, and the rest are allocated to liquidity, vaults, angel investors and pledge reward pools.

However, while the popularity soared, boop.fun also ushered in waves of doubts. How long does the “Buff Pull Full” design allow the Boop’s flywheel to rotate?

 Source: boop.fun official website

Founder's halo collapses

boop.fun founder dingaling has always been regarded as a star in the crypto industry, with investment footprints across 43 projects. Not only is the well-known NFT giant whale, it also claims to be the founder of PancakeSwap. But with the high-profile launch of Boop.fun, doubts about him have also fermented quickly...

Yesterday, Meta Era founder Vito posted an article on the X platform, pointing directly at a "mysterious founder" in the form of a "fiction story". He said that the founder started out with the Binance ecosystem and had a project that "looks awesome from afar, but actually returns to zero". Now he has launched a new platform on Solana to subvert Meme's gameplay, but in fact it doesn't change the medicine. Vito mocked, "Then it's better to cross the Binance Chain and rely on Binance Alpha to prosper."

CZ then appeared in the comment section to "fund it" and also pointed out that a former employee was fired for a rat dealer, but a few years later he called himself "Some Founder and CXO". He emphasized that Binance only has CEO, CTO, CMO, CFO, COO, and CCO, and there is no other "C O".

Although both of them were purely fictional, the community quickly pointed the finger at dingaling, the founder of boop.fun, believing that the allusion intention was obvious. KOL AB Kuai.Dong pointed out that the only one who calls himself "the founder of PancakeSwap and Binance CRO" on Twitter is currently the only one who calls himself "the founder of PancakeSwap and Binance CRO".

At the same time, some community users pointed out that dingaling has always been good at taking the path of "replica entrepreneurship": when Uniswap became popular, he launched PancakeSwap; when Opensea became popular, he created LooksRare; now he launched boop.fun against Pump.fun on Solana.

airdrop? Or Web3 Pinduoduo?

boop.fun's airdrop activity is divided into two ways, one is social airdrop and the other is degen airdrop. The following table shows the two airdrop methods:

Among them, social airdrop requires users to bind X accounts to send coins, and the airdrop is locked for 30 days by default. If you want to unlock it in advance, you must rely on the performance of the issued token: the successful launch of the token can be 10 days off, and when the market value reaches 200,000, 500,000, 1.25 million, and 5 million US dollars, each level will be unlocked for 5 days.

In short, if the user wants to receive the airdrop immediately, he has to issue a meme coin with a market value of US$5 million. This incentive design has caused a lot of controversy in the community, and some users joked: "Is this an airdrop? It's more like a Pinduoduo-style Web3 order-buying scam."

Many KOLs directly expressed their concerns. Encrypted KOL AB Kuai.Dong said that although Boop has allocated a large amount of airdrop quotas to many KOLs, some even as high as 500,000 BOOPs, this design is essentially to inspire bloggers to "cut fans" and exchange for airdrops. He said bluntly: "Everyone doesn't want to go to the coin-issuing community for airdropping. This design is a bit PUA KOL."

Community member @kunlun web3 also criticized that there are multiple problems with this mechanism. First, Boop mistakenly assumes that many KOLs will risk issuing coins for airdrops. More importantly, if no one is willing to issue coins, the airdrop will only be able to wait for 30 days to unlock. By then, the BOOP currency price may have already lost support.

In addition, the pledge dividend mechanism launched by boop.fun has also been questioned whether it is useful. Community user @BTCOld 8 believes that this incentive looks beautiful, but "once the popularity of the platform project declines and the quality of issuance declines, the so-called dividends will also lose their meaning."

boop.fun made a high-profile appearance with the challenger's attitude, building a set of seemingly ambitious Meme game rules, trying to reshape the track pattern with radical incentive mechanisms. However, Web3 never lacks imitators. Will Boop.fun's flywheel really turn the community enthusiasm, or will it be as quick as LooksRare? Is it a flash in the pelvis or a breaking situation?