Snek.Fun Meme Coin Launchpad Sparks Record Activity on Cardano Blockchain

Cardano founder Charles Hoskinson has lauded Snek.Fun, a meme coin launchpad, for increasing the network's activity.

Cardano activity surged to record levels on September 6 after the launch of Snek.Fun, a meme coin launchpad.

This development marked the highest 24-hour DEX trading activity in Cardano’s history, indicating a major increase in network engagement.

How Snek.Fun Contributed to Record Activity on Cardano

The surge in activity was driven by the September 5 launch of Snek.Fun, a meme coin launchpad created by SNEK and Splash, a decentralized exchange on Cardano.

This platform enables users to create tokens for a fee of 25 ADA.

Once 75% of a token supply is purchased, a bonding curve is triggered, and the market cap reaches 42,069 ADA.

At this stage, 25% of the supply is added to a liquidity pool on Splash DEX.

The platform then burns LP tokens to prevent the team from withdrawing liquidity.

This initiative generated immense interest, with 20,000 users attempting to access the platform within 10 seconds of its launch.

However, the massive influx of users and an unoptimized script led to network congestion.

“We take ALL responsibility for any issues. While we shared that some wallets and DEX’s are having issues, that doesn’t mean we are offloading blame. Ultimately it’s our product and our responsibility. Don’t blame Cardano,” Snek stated.

Despite these initial challenges, the Snek.Fun team quickly optimized the platform, leading to impressive results.

In the first 24 hours, over 2,000 tokens were created, and trading volume surpassed 5 million ADA.

Market Impact of Snek.Fun on Cardano

According to market analysts, Snek.Fun could aid in the popularization of meme coins on Cardano, attracting new users and traders.

They compare its potential influence to how platforms like Pump.Fun and SunPump increased user engagement on Solana and Tron.

Cardano analytics platform TapTools suggests that Snek.Fun could have a similar impact.

TapTools highlights that Snek.Fun lowers the entry barriers for new projects and fosters experimentation within the ecosystem.

It could also serve as a blueprint for future community-driven initiatives on Cardano.

“[Snek.fun] should bring new users to our blockchain and encourage current ecosystem participants to become more active on-chain, either by launching a token or taking part in a token launch,” TapTools added.

However, crypto analyst Store Optimal提出了一些担忧，认为 Snek.Fun 需要实施更多功能，例如创作者版税和消息系统，才能确保长期成功。

“除非你改变我的想法，否则我假设 Snek Fun 上的任何内容都将持续存在。这是因为没有创作者版税等激励措施。我还怀疑其中一些代币存在恶意机器人操作，这进一步降低了长期模因的积极性。不过，这只是我的猜测。随时欢迎反驳我，”他表示。

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