Solana

The rise and fall of Boop - a memecoin launchpad trying to dethrone pump fun

A thread 🧵

1/ What is boop?

boop is a memecoin launchpad similar to pump fun with a few tweaks:
- the $BOOP token
- holder/creator rewards
- a substantial airdrop

2/ $BOOP token

by holding & staking $BOOP you would get:
- 5% of supply of every boop token after graduation
- 60% of trading fees (1%) after graduation

additionally, 30% of the trading fees (1%) are used to buy back the $BOOP token

3/ holder & creator rewards

everyday a specific amount of $BOOP is allocated to tokens that graduate, given out to token holders and the creator

- 10% to the token creator
- 90% to the token holders

4/ a substantial airdrop

in collaboration with Kaito, X (twitter) creators could unlock an airdrop that goes as high as 700k tokens (worth ~$350k at ATH)

this airdrop is vested for 30 days, to unlock it earlier they needed to launch their own coin and hit certain market cap milestones

5/ bonus: the platform support

not a tweak, but something that they definitely did right is ensuring the boop platform and their tokens are well supported alongside the Solana ecosystem

a major reason on why pump fun is difficult to defeat is the entire ecosystem of apps, bots, etc that is built on top of it

What do you think they could have done differently? Curious to hear your thoughts

2/2: Predatory fees, ineffective token model, complete 180 on airdrop model

Trading boop tokens both pre & post graduation comes with a 1% fee. This makes it 4x as expensive to trade boop tokens post migration compared to e.g. pump fun

Benefits are only for tokens post-graduation so $BOOP stakers miss out on all the revenue pre-migration

The influencer airdrop was changed a few days after launch, reducing the influencer share from 100% to 50%, with the other 50% going to holders of the influencer coin

1/2: So what went wrong? (personal opinion)

the things that were meant to make the platform rise also made it fall.

- the token benefits aren't enough to support the token and ensure people keep holding
- the creator/holder rewards were paused quickly, and is still on pause. so no $BOOP is given out
- influencers were forced to launch a token to unlock their airdrop early, those who did both dumped their own token and the airdrop