Content
@
https://solana.com
0 reply
1 recast
2 reactions
Elliot
@elliotsol
Believe - an app that made $27m in fees in <30 days. It's an app on Solana that allows users on X to create a coin by tagging their bot. The primary use case was to build 'startups' and not memecoins. https://x.com/Ax19930/status/1924552296202944803
3 replies
2 recasts
30 reactions
Elliot
@elliotsol
Do I write a thread about what it did well and wrong?
2 replies
0 recast
12 reactions
MJC
@mjc716
my sense is that it did/does a very good job making money, as any launchpad that catches a trend does but it's the same hot money as any other memecoin trade and hasn't sustainably brought it anyone new to the ecosystem, while not really being a new kind of "experiment" once you get past a thin layer of marketing any disagreements?
1 reply
0 recast
1 reaction
Elliot
@elliotsol
Personally I'm not a fan of the execution, the idea yes. I wrote a thread about what went wrong in my opinion https://warpcast.com/elliotsol/0x4b3542fb
1 reply
0 recast
1 reaction
MJC
@mjc716
yea i don't think 2% fee rises to the level of extractive, when people are playing for 10-100x (they know their customer) putting aside that it's ultimately just memecoin trading, some elements of the execution are surprisingly bad https://x.com/mjayceee/status/1923421202908942790
1 reply
0 recast
1 reaction
Elliot
@elliotsol
I'd argue 2% per trade is extremely extractive. Let's not bring back the 'tax farm' meta.
1 reply
0 recast
0 reaction
MJC
@mjc716
speaking from a potential LP perspective (even though no sane person is LPing in these pools), the fee required to justify providing liquidity to these highly volatile tokens in order to counteract impermanent loss is probably even higher than 2%
1 reply
0 recast
1 reaction
