Original | Odaily Planet Daily (@OdailyChina)

Author | Nan Zhi (@Assassin_Malvo)

On September 2nd, the Pump platform GraFun launched a registration and deposit activity. One day later, the official announced that 500,000 users had registered. Then on September 20th, GraFun announced the support of DWF Labs and Floki, and the community began to promote the project on a large scale, with the current number of registered addresses exceeding 2.39 million.

Users who complete the activity will receive GRA (the official has not yet specified whether it is a token or points), and the main way to obtain GRA is to hold BNB in the wallet. This activity will end in two days. What is the current distribution of points? Is there still time to participate? Odaily will analyze the on-chain data in this article to try to answer this question.

Protocol Mechanism Overview

GraFun is essentially a PumpFun type project, with modifications made to the Bonding Curve mechanism. GraFun disclosed that the Bonding Curve of its internal disk was designed by DeXe Protocol and named Fair Curve.

DeXe stated that traditional Bonding Curves have significant differences in purchase prices, leading to problems such as price manipulation and frequent Rug incidents. In the Fair Curve model of GraFun, a portion of the tokens purchased by traders will be allocated to a DAO treasury managed by token holders, aiming to reduce circulation and lower the risk of early buyers dumping.

In this model, early buyers have a lower purchase price but contribute a larger share to the DAO (effectively raising the price for early buyers). As more participants join, the token price rises, and the portion sent to the DAO gradually decreases.

After the token's internal trading is completed and liquidity is added to DEX (such as PancakeSwap), 42.5% of the token supply will be reserved in the DAO, controlled by the community, and can be used for long-term operations such as incentives, liquidity, and listings. However, DeXe has not yet disclosed how the community can operate this portion of the tokens through what channels and processes.

Points Activity

Basic Requirements

During the registration stage of GraFun, users need to complete wallet linking and verify their Telegram account. Since Telegram is a mandatory step, the number of points a user can obtain depends on how many Telegram accounts they have.

After completing the registration, basic tasks include inviting new users, subscribing to YouTube, and modifying the Telegram account name, suitable for users with a large number of Telegram accounts but limited funds.

The most crucial source of points is to hold BNB in the wallet:

BNB Holding Rules

After registration, holding 0.05 BNB or more in the wallet will earn GRA (without the need to deposit into the protocol), and points are settled every hour. After registration, the longer BNB is held in the wallet, the higher the additional GRA incentive will be. The official disclosed BNB to GRA correspondence is as follows:

• 0.05 BNB = 6.2 GRA/hour;
• 0.1 BNB = 8.3 GRA/hour;
• 0.5 BNB = 15.9 GRA/hour;
• 1 BNB = 20.7 GRA/hour;
• 10 BNB = 42 GRA/hour;

Obviously, as the amount of BNB held increases, the efficiency of obtaining GRA increases rapidly, so the efficiency of having multiple accounts is significantly higher. However, it depends on whether the user can register/purchase Telegram accounts in bulk.

In addition, the functional relationship between the two is approximately fitted by Odaily as f(x)= 19.58 ⋅ x^( 1/3). For example, holding 100 BNB will earn 89.5 GRA per hour. Readers planning to further refine this relationship can refer to this.

Detailed Points Situation

Odaily extracted 100,000 unique wallet addresses that had conducted transactions on September 21st, and used the official website API to check whether these 100,000 wallets had GraFun points. It was found that a total of 1612 wallets had these points, which were divided into "basic task points" and "BNB holding points". Among them:

• There were 890 addresses with a basic point total of 900 points (accounting for 55.2%), followed by 203 addresses with 300 points (12.6%), and the top three scores were 127200, 32000, and 24000 points. The average score was 1018 points.
• Among the 1612 wallets, 548 did not hold BNB, only completing basic registration and social media tasks. 1064 addresses had deposited BNB, with an average of 1539 points as of 21:00 on September 22nd. The distribution is shown in the following figure. Assuming that this point total needs to be reached within 48 hours, a single account would need to deposit 4.39 BNB ((1539/48/19.58)^ 3), while if operating with 5 accounts, only 0.05 × 5 = 0.25 BNB would be needed.

Furthermore, the approximately 100,000 unique wallet addresses experienced approximately 17,500 blocks (7 hours), with an average score of 2034 points among the 1612 addresses. Since this activity has been ongoing for 20 days, the total estimated points are 20 × 24/7 × 1612 × 2034 = 224 million. Readers can predict their share based on this total estimated points.

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