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The Solana on-chain memes trading platform sweeps the market with daily revenues reaching millions of dollars.
Solana on-chain memes trading platform rapidly became popular
Recently, a platform called "some platform" for issuing and trading Solana on-chain memes has attracted widespread attention. The platform focuses on a fair issuance model and has quickly risen to fame since its launch in January 2024, becoming an important force in driving the meme coin craze into a new phase.
The platform's data performance is impressive, with cumulative revenue exceeding $200 million. During peak periods, daily revenue can reach millions of dollars, once surpassing a well-known DEX to become the fourth largest protocol across all blockchain networks. If speculating on memes is akin to gambling, then this platform is undoubtedly the most profitable casino. As a phenomenal product in this cycle, it is worth in-depth study and learning.
Team Background
The platform is built by a European team, which is generally young and has strong technical skills. It is worth mentioning that their CTO, despite only having a high school education, has a remarkably high technical level. The youthful energy and innovative thinking of the team enable them to view problems from a unique perspective and demonstrate sharp intuition in product development.
The key to the success of this project lies in the team's innovative capabilities. Although similar ideas may exist in the minds of many, only they truly put them into practice and persevere until the end. This also proves once again that the road to success is not crowded, because most people find it difficult to stick it out to the end.
Operating Principle
The platform uses a joint curve pricing model ( Bonding Curve ) to achieve fair issuance without the need for pre-sales or team allocations. Unlike traditional DEXs, it directly uses a function curve to determine price changes, eliminating the need to create liquidity pools.
In this model, the token price has a positively correlated exponential increase with the quantity. As users make purchases, tokens will be gradually "minted" or "released". This mechanism causes the price to rise more slowly during early purchases, while the same amount of funds can elevate the price more significantly in the later stages.
This design brings two main results:
When a certain market value is reached, the platform will automatically build a liquidity pool on the DEX, transferring trades to avoid excessive price fluctuations and provide a stable trading environment.
Overall Process
The operation of the platform can be divided into two stages: pre-listing fundraising and post-listing trading.
The platform charges a 1% transaction fee during the fundraising phase and a fee of 6 SOL when listing a coin.
Highlight Features: Live Streaming
The platform's recently launched live streaming feature has sparked heated discussions. The live content is diverse, ranging from adult performances to bizarre hype, encompassing everything. This "live streaming with coin" model further amplifies the entertainment value of memes, creating a new type of attention economy model.
Live streaming provides instant promotion and real-time marketing opportunities for memes, making the issuance and trading of tokens more social and entertaining. However, the lack of effective management can also lead to the proliferation of undesirable content, and the platform needs to seek a balance between attracting user attention and maintaining a healthy ecosystem.
Summary
The platform demonstrates strong product capability and innovation, meeting the market's demand for the issuance and speculation of memes. Its live streaming feature further propels the platform's popularity, creating the model of "meme+live streaming=attention economy explosion."
Although memes are essentially still speculative and hype-driven, they reflect the crypto culture and the ideals of decentralization. This phenomenon tells us that, beyond the complex blockchain technology and high barriers to entry of Web3 applications, ordinary users also desire to participate, experience the thrill of trading, and chase the dream of getting rich.
Memes can be said to be the most original and purest form of funding, and this platform meets the demand for everyone to issue coins and trade coins, becoming an undeniable force in the current crypto market.