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Elliot
@elliotsol
The rise and fall of Boop - a memecoin launchpad trying to dethrone pump fun A thread 🧵
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Elliot
@elliotsol
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
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Elliot
@elliotsol
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
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Elliot
@elliotsol
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
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Elliot
@elliotsol
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
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Elliot
@elliotsol
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
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Elliot
@elliotsol
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
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Elliot
@elliotsol
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
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