Launchpad概念一蹭即涨，金铲子是目前最好的叙事？
Original - Odaily
Author - Azuma
“The Golden Shovel” is becoming the best narrative on the market right now.
The rise of inscriptions has reignited the discussion on fair distribution of tokens, but with the accelerated influx of “scientists”, ordinary users are now unable to match the efficiency of the former in the minting process, leaving only scraps to fight for.
Ever since, the institutionalized fair distribution platform has begun to emerge.
Earlier, the veteran Launchpad project Bounce entered the Bitcoin ecosystem and incubated popular assets such as MultiBit (MUBI) and BitStable (BSSB) through a relatively fair lottery and pledge distribution plan. Its governance token AUCTION also became popular due to its golden shovel effect. It has risen sharply and is currently trading at US$41.83 as of the time of publication, a monthly increase of 334.7%.
The first batch of new Bitcoin Cats launched by NFT trading platform BakerySwap after entering the Bitcoin ecosystem was oversubscribed 150 times. BAKE itself has been soaring. As of the time of publication, USD 0.74, a monthly increase of 414.8%.
TurtSat, a Launchpad project native to the Bitcoin ecosystem, also performed well. TURT was temporarily trading at US$0.079 as of the time of publication, with a monthly increase of 1795.8%.
The immediate appreciation effect is stimulating more and more projects to expand into the Bitcoin ecosystem through launchpad. Dego Finance announced this transformation at the beginning of the month. As of the publication of this article, although the first issue has not been published, DEGO has still achieved 123.3%. Monthly increase, temporarily reported at $4.18.
Crazy emotions are not limited to the Bitcoin ecosystem. Analysoor, the new platform of the Solana ecosystem, has also been widely sought after by the community through a unique lottery mechanism (only one address in each block can win the prize), and its token ZERO also refreshed this morning. The ATH was once close to $3.
Looking back at the past ten years of Crypto, from the 100% mining allocation of PoW, to the chaos of the ICO era, to the unlimited glory of major exchanges in the IEO era, and then the DeFi craze set off by liquidity mining, it can truly last through time. The only innovation at the beginning and end of the line is the endless supply of token distribution methods.
PoWs token distribution is actually relatively inefficient and is impossible to replicate in todays environment.
In the most fervent era of ICO, due to the lack of systematic project review and post-investment restraint mechanism, a large number of inferior projects flooded the market. It was not uncommon for cases to raise huge amounts of funds based on white papers alone. Many projects failed to even issue coins in the end.
Although the problem of lack of review was alleviated to a certain extent in the early days of IEO, as projects had to pass the screening of exchanges before reaching investors, but as competition became increasingly fierce and low-quality projects became rampant again, this model eventually went silent. Compared with the previous era, IEO does directly solve the problems of token listing. However, the inherent licensing drawbacks of CEX determine that the exchange can control the life and death of the project. In addition, the high market making fees and opaque charging mechanism also give The project side has brought a huge burden.
Although the liquidity mining model achieves the permissionless distribution of tokens, the project team has to choose to overdraft the future value to incentivize liquidity providers. Continuing incentives will only lead to continuous selling pressure, and once it is cancelled, it will You will immediately see the retreat of speculative funds, leaving you in a dilemma.
As for Launchpad or IDO, this model can indeed solve some of the problems existing in the above-mentioned early models, but it is by no means perfect. In the long term, how to ensure the fairness of the distribution mechanism and how to screen the quality of new projects are ongoing challenges facing all Launchpad platforms.
At the beginning of the last bull market, we saw many projects with the Launchpad concept shoot into the sky, but in the end they fall into the dust. The reason is that the above two major challenges cannot be effectively solved, especially the second one. After the novelty fades, the valuation of new targets will become increasingly rational.
At present, short-term emotional support can create crazy wealth effects, but whether this effect can be maintained remains a question mark for the time being.
Don’t be FOMO, remember DYOR.
