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Memecoin Launchpad GraFun Crosses $250M in Volume on BNB Chain Release
Memecoin-related tools are helping the crypto industry cater to more mainstream users than other crypto uses, according to B, a Floki core developer.
Updated Sep 30, 2024, 3:19 p.m. Published Sep 30, 2024, 3:19 p.m.
- GraFun, a memecoin launchpad supported by Floki and DWF Labs, saw over $250 million in trading volume in its first 24 hours on PancakeSwap.
- One project, BabyBNB, achieved a market cap peak of $132 million shortly after launch and was listed on exchanges like MEXC and Gate.
- GraFun introduced the "Fair Curve" model to reduce fraud and price manipulation in token launches.
The new GraFun launchpad and trading platform introduced memecoins that bagged over $250 million in volume from their automated deployment to PancakeSwap in the first 24 hours after the platform’s launch, according to one of the developers behind Floki, which is supporting the platform.
GraFun, released Friday on BNB Chain, saw over 5,800 tokens created on its first day, generating around $100,000 in fees for the blockchain. One GraFun-originated project, BabyBNB, reached a peak market cap of $132 million a day after issue and was eventually listed on centralized exchanges MEXC and Gate.
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"Floki is actively supporting GraFun, as we think it is poised to disrupt the memecoin ecosystem on BNB chain due to its innovative memecoin launch mechanics,” developer B said in a message.
GraFun uniquely offers a “Fair Curve” model that developers say minimizes rug-pull risks, reduces price manipulation and ensures fairer token issuances that result in fewer users losing money. Floki owns over 40% of GraFun, and other backers include DWF Labs.
"Floki has always strongly believed that memecoins will drive the true crypto revolution since retail more easily connects to memes than anything else, and we're seeing that playing out recently with memecoins going more mainstream than other crypto usecases,” B said.
“We also believe that the BNB chain is well-positioned to be the hub of memecoin activity due to how fast, cheap, and scalable it is," he said.
FLOKI jumped 6% in the hour after CoinDesk first reported on the launch of GraFun and the Floki ecosystem’s backing. It is 1.6% lower in the past 24 hours, CoinGecko data show.
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