GraFun enters the memecoin race, rivaling Solana’s Pumpfun – details here
10/03/2024 07:00
BNB Chain has unveiled a memecoin launch platform in collaboration with Floki and other partners. Is memecoin season about heat up?
- BNB Chain has launched its memecoin launchpad GraFun.
- The platform generated strong traction, just as Pumpfun and Sunpump did.
Memecoins have dominated this market cycle, and more chains have positioned themselves to ride the growing speculative interest.
At the end of September, BNB Chain joined the party with its memecoin launchpad GraFun. It debuted before Binance’s former CEO CZ was released from jail.
Andrei Grachev, head of DWF Labs, noted that the launchpad earned $100K in fees and launched 5.8K meme coins on the first day.
“Happy to support @grafunmeme, it brought ~250m$ DTV and ~5.8k new memes to @BNBCHAIN, and make 100k$ in fees in 1 day!”
GraFun launchpad overview
The Floki team, which also supports the launchpad, noted that the platform will be similar to but better than Solana’s Pumpfun.
Additionally, the team will own 40% of GraFun, including generated revenue. DWL Labs is also mentioned as a strategic partner, but its ownership was not disclosed at press time.
Other GraFun partners include BNB Chain, DeXe protocol, and HOT protocol. The meme coin launchpad will compete with Tron’s Sunpump and Solana’s Pumpfun, which has generated millions in revenue within months of operation.
But the platforms always make money even if a meme coin doesn’t launch after failing to attract the demand and liquidity threshold.
According to the Floki team, GraFun is a fair and different platform. It noted,
“GraFun focuses on ensuring a fair launch model that allows only memecoins that users want to get listed on DEXs.”
Source: GraFun
As of the 1st of October, the platform had launched over 9K meme coins, with Baby BNB[BABY] being the most notable one with over $80 million in market cap.
Before it debuted, the platform had 3.9 million whitelisted users and now has 4.3 million subscribers on its Telegram channel, which underscored strong traction.
However, at press time, the traction was yet to trickle to Floki[FLOKI] or BNB’s prices. Their prices declined amid an overall sell-off linked to geopolitical tensions.