Original｜Odaily Planet Daily (@OdailyChina)
Undoubtedly, Meme has become the "version answer" of this cycle.
In previous articles such as “One-click token issuance becomes the ‘new password of crypto,’ which platform can compete after pump.fun?” and “Vista skyrockets a hundred times in one day, reviewing 7 major one-click token issuance potential platforms”, we introduced several one-click token issuance platforms. However, at that time, various platforms were more inclined towards application projects rather than "ecological platforms"—this is also one of the important reasons why many projects gradually faded into obscurity. Without ecological-level support and a sustained wealth creation effect, it is difficult for liquidity to accumulate over a long period. The launch of the ApeChain mainnet and the subsequent decline of its one-click token issuance platform, Ape Express, 24 hours after its explosive popularity, is the best example of this viewpoint.
Odaily Planet Daily will briefly summarize the development status of various one-click token issuance platforms in different ecosystems over the past few months for readers' reference.
Solana Ecosystem pump.fun: The Pioneer of the Current Meme Coin Craze
As we enter 2024, the official approval of Bitcoin spot ETFs has further deepened the coupling between the cryptocurrency industry and traditional finance. VC projects with "high FDV and low circulating market value" have gradually been abandoned by the market after the frenzied token issuance wave in the first half of the year. In their place, Meme coins, which emphasize "fair launches and high odds," have become popular investment targets pursued by countless people.
Despite the overall high risk of Meme coins, no one wants to miss the opportunity in the face of repeated wealth miracles. The emergence of pump.fun has provided a major "on-chain casino" that combines liquidity and attention for "on-chain gamblers" and "PVP players." It is no wonder that the phrase promoting the Meme coin craze has spread widely and has become a true reflection of the current cycle—“Value investment is in vain, go all in on meme and live in the palace.”
On October 23, pump.fun officially announced that it now supports token issuance via video. Users can choose to upload videos and create tokens, allowing other users to access them on the main page. Thus, this one-click token issuance platform, which began to emerge in March, finally took on some characteristics of the Web2 social media king TikTok—multimedia content, low token issuance thresholds, high odds projects, and other factors combined to bring unprecedented high activity to on-chain transactions in the Solana ecosystem.
pump.fun Basic Data
As of October 23, according to Dune data, the operational data related to the pump.fun platform is as follows:
A total of 2,623,866 token issuance projects;
Protocol revenue reached 985,654 SOL;
On August 12, its daily protocol revenue peaked at 35,076 SOL;
On October 18, the total number of on-chain transaction operations in the Solana ecosystem DEX reached 21.49 million, of which pump.fun-related operations accounted for 13.604 million, approximately 63.3%.
Latest news indicates that daily transaction fees on the Solana blockchain have risen to the highest level since early May 2024. In the past 24 hours, transaction fees on the Solana chain surged to $3.85 million, significantly higher than the average over the past six months.
According to DefiLlama website data, as of October 23, the total revenue of the pump.fun protocol reached $136 million. Additionally, according to reports, the number of active addresses on pump.fun has recently increased to 85,000, of which 37,000 are new wallets, indicating strong user demand for Meme; and the airdrop plan revealed by the founder of pump.fun** has sparked a new round of "interactive enthusiasm" in the market. Whether it can bring users a new wave of "big profits" remains to be seen.**
pump.fun Peak Data
Base Ecosystem: No Successful One-Click Token Issuance Platform Yet
Unlike the standout performance of pump.fun in the Solana ecosystem, the Base ecosystem, which took over the Meme craze from Solana in March this year, has seen a series of Meme coin projects that triggered FOMO emotions, including DEGEN, MFERCOIN, BRETT, TOSHI, BYTG, etc. However, perhaps due to the Base ecosystem's official restraint on speculative projects, or the difficulty for Base ecosystem Meme coins to develop independently from Ethereum ecosystem Meme projects, there has yet to be a successful and stable one-click token issuance platform.
Previously, the Meme coin project MIGGLES, which was openly supported by Coinbase, also experienced a surge in market value around July 20 (with a single token price exceeding $0.1 and market value surpassing $100 million) before disappearing into the vast sea of Meme coins.
It must be said that for Meme coin projects, being able to remain active for three months is already a rare occurrence. For top platforms like pump.fun, according to statistics, this month the platform launched a total of 248,400 types of tokens, with only 3,255 types listed on the Solana ecosystem DEX Raydium, of which only 2 tokens have a market value exceeding $100 million, highlighting the harsh reality of survival of the fittest in the Meme coin field.
Tron Ecosystem SunPump: Leveraging Meme Coins to Drive New Ecological Growth
Unlike the "everyone's Meme" atmosphere in the Solana ecosystem, the newcomer SunPump has successfully carved out a niche in the previous ecological development landscape of the Tron ecosystem with a "high-profile" strategy and a "fast-paced" approach.
At the beginning of SunPump's launch, we detailed it in a previous article titled “The Meme Revolution in Tron: SunPump Leads the Craze, Raising the Flag for Momentum”, where we mentioned that SunPump is an attempt at a "new growth point" in the Tron ecosystem based on the continuous development of the stablecoin sector. Subsequently, the emergence of several popular Meme coin projects such as SUNDOG and SUNWUKONG has significantly contributed to the protocol revenue, network activity, and overall development of the Tron ecosystem.
As of October 23, according to Dune data, the specific operational data of the SunPump platform is as follows:
A total of 90,873 token issuance projects;
Total protocol revenue reached 34,972,493 TRX;
On August 21, its daily token issuance volume peaked at 7,531.
According to DefiLlama website data, the total revenue of the SunPump protocol is $5.38 million. The latest news indicates that SunPump is continuously advancing various collaborations in trading, such as the ecological cooperation with the globally leading quantitative trading robot crypto trading platform Pionex.com; and the official launch of the SunPump Telegram Bot inviting rebate features officially.
SunPump Platform Data Overview
Sui Ecosystem Turbos: Token Platforms Working Together to Boost the SUI Ecosystem
As we entered Q2 and Q3 of this year, the development of the Sui ecosystem has also been significant. In addition to the price increase of the SUI token itself and the development of the DeFi ecosystem, the Meme coin craze in the Sui ecosystem has brought considerable attention, interest, and liquidity. Among these, the value of the Sui ecosystem DEX Turbos is particularly important.
On October 16, according to official data, the trading volume of the DEEP token on the Turbos CLMM DEX has approached $1 million in 24 hours, with liquidity supporting the trading volume at approximately a 1:15 ratio. Meanwhile, the annualized yield for DEEP/SUI liquidity exceeds 2000%, allowing liquidity providers to earn substantial trading fee income.
As one of the projects previously officially funded by the SUI Foundation, Turbos Finance has undoubtedly become a leading Meme coin DEX in the Sui ecosystem, comparable in market position to Solana's Raydium.
According to official website information, its daily trading volume once surpassed $39 million on October 9, setting a historical record; on October 14, its TVL exceeded $30 million, total account numbers surpassed 400,000, and cumulative trading volume exceeded $2.8 billion. The latest data shows that its TVL has stabilized around $23.9 million. Thanks to a series of excellent market performances, its platform token TURBOS (Turbos Finance) achieved a single-day increase of 15.7% on October 12.
In addition, Turbos Finance launched the LP locking feature on October 19, allowing LPs to permanently lock in full-range liquidity while continuing to earn trading fees and incentives. This also provides a new solution and path for the stable operation and development of Meme coin projects in the Sui ecosystem— to some extent, it can provide returns for both Meme coin project parties and LPs, while effectively reducing the risk of Rug pulls in Meme coin projects.
The latest data shows that Turbos Finance's cumulative trading volume is approaching $3 billion, with total account numbers exceeding 538,600.
Turbos Finance Platform Data
Conclusion: When Meme coins become the version answer, one-click token issuance has evolved from a platform to ecological infrastructure
If a few months ago, more people viewed Meme coins from a "project level," then their competitors and points of comparison could only be VC coins; however, after the business model of pump.fun has been successfully validated over the past few months, one-click token issuance platforms have upgraded from the "project level" to the "ecological-level weapon" level. In other words, wherever the hot topics of Meme coins are, market attention and liquidity flow will follow.
The rapid decline of the hype surrounding ApeChain and Ape Express can be attributed not only to limited official support but also primarily to the fact that the market value of leading Meme coins like CURTIS on the Ape Express platform did not break through certain milestone numbers in a short time. Additionally, the ecological applications were too barren to continuously attract user retention and liquidity.
However, in the future, as the mainstreaming process of the crypto industry continues to accelerate, Meme coins will continue to play the role of "version answer." Established Meme coins and new Meme coin kings will alternate, making one-click token issuance platforms an indispensable part of the infrastructure construction of every ecosystem. With the addition of AI as a significant variable in the "crypto battlefield," perhaps "AIxMeme" one-click token issuance platforms are already on their way.
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