Solana

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

An extractive fee system.

Believe's liquidity pools are set to charge 2% per transaction. This is split in 3 with 40% going to Believe, 40% to the token creator, and 20% to the DEX (Meteora)

It's clearly not made to last

Example of a pool created that generated ~$1.2M in fees

Advertising one thing, doing the other.

Users are told they are 'investing' in or funding startups while the token does not have any value. The startup behind the token is nothing more than 'digital merchandise' (their own words)

The idea is there, the execution just wasn't

https://believe.app/playbook

An extractive fee system.

Believe's liquidity pools are set to charge 2% per transaction. This is split in 3 with 40% going to Believe, 40% to the token creator, and 20% to the DEX (Meteora)

It's clearly not made to last

Example of a pool created that generated ~$1.2M in fees
https://app.meteora.ag/pools/FRSyH7ZYF8JwVbMBpHTtBoBhtNDQg5UJeUDF8MFR99dq

Indefinitely delaying creator fee rewards.

Creators were promised 50% of the fees (1% per trade) but due to how the liquidity pools were setup the majority of this was not paid out as their fee model collected funds in both SOL and <token>.

But they pay out only their SOL rewards.

Art lover, crypto enthusiast and gamer. Learning never ends.

they might end up resorting to desperate measures

well the model itself has flaws too, but generally the entire concept wasn't build to last

Sad how dishonesty destroyed a good model