Today, a friend recommended the "class representative" tweet to me and asked if this counts as #BTCFi. I'm quite conflicted about it, don't you think? It is indeed a Meme launch platform based on the #BTC second-layer network (Merlin), and to some extent, it can be considered as launching Memes on BTC.

(Isn't it a bit strange? Inscriptions are essentially Memes on the #Bitcoin chain, just presented in a different way. In reality, a Meme is still a Meme, and BTC is still BTC, but the difference lies in whether there is a new wealth creation effect.)

In fact, many friends have told me that the significant development of #Solana in this cycle is largely due to the popularity of Memes and the emergence of Pump Fun, which has led many investors to lock up #SOL to participate in PVP. Memes can be an independent track that is completely unrelated to the current market, liquidity, or macro factors, and they have never lacked wealth creation myths, with returns of a thousand or eighteen hundred times being quite common.

Therefore, we can see that many public chains in the market have started to adopt the Pump Fun model, but there are indeed not many successes. One reason is that everyone is accustomed to PVP on SOL. The same Meme has completely different depths on #ETH and SOL; in most cases, SOL's depth is better, so ultimately, the competition has also shifted to Ai Agent on Solana.

Does this mean that other public chains' Meme launch platforms are not viable? I don't think so. On one hand, as mentioned earlier, the "wealth creation effect" is why Solana can become a PVP hotspot—because at the same time, Memes on Solana can yield the highest returns, capturing the most attention. Therefore, the wealth creation effect is something that launch platforms must consider first, as long as the scale is large enough, like #Sui, which also has the confidence to compete with Solana.

On the other hand, it is essential to have a sufficient user base. If wealth creation is a money-making machine, then the user base is the traffic weapon. If BTC Fun can attract users from previous inscriptions and allow them to participate in PVP, then there is indeed an opportunity. After all, one of the two legends of 2024 is inscriptions and Memes; the user base for inscriptions is large enough, and the losses are significant, so the reversal effect is not impossible.

However, if we bind the users of inscriptions to the Meme launch platform, we need to consider that the early users of Merlin were from inscriptions. By staking a large number of inscriptions, they could receive airdrops from Merlin. Now, BTC Fun is using locked $MERL to form LP. Essentially, this is no different from Sol, but what needs more consideration is how to create interaction between the users of inscriptions and MERL, as this will drive more inscription users to enter the market.

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