Snek.Fun Launches on Cardano
9/6/2024
This week the Cardano ecosystem saw the launch of its own premiere memecoin launchpad. The project quickly gained traction, attracting significant cross-chain attention and generating buzz within the memecoin community. This surge of interest demonstrates both the platform’s potential and the growing enthusiasm for decentralized token launches on Cardano. This article will delve into snek.fun, it’s recent launch, and more.
Snek.Fun Goes Live
On September 5th, 2024, Snek.Fun went live at 10:30am EST/ 3:30pm UTC with an announcement from the project’s official X page. The project attracted quite a bit of cross-chain attention with the launchpad attracting 20,000 users within the first 10 seconds of its launch. The popularity of this launch along with an unoptimized script led to the chain being congested and a backlog of transactions, however the snek.fun team was quick to resolve this and improve the functionality of the platform. Since launch 50 tokens have successfully reached the bonding curve on the platform and had their tokens launched on the Splash DEX.
What is Snek.Fun?
Snek.Fun is a premiere launchpad on Cardano created by the Snek and Splash Protocol teams and has a focus on fair launches and memecoins. Anyone can launch a token on the platform for a fee of 25 ADA. After entering all required fields and paying the fee, the created token will go live on the platform. Once when 75% of the supply is purchased and market cap reaches 42,069 ADA, the bonding curve is reached a pool with 25% of the supply is created on the Splash DEX. The LP tokens are also burned in this process to ensure traders cannot be rugged by the team pulling the liquidity from the decentralized exchange.
How Can Snek.Fun Benefit Cardano?
The Snek.Fun launchpad stands to benefit Cardano in numerous ways. The launchpad has already attracted quite a bit of attention since it went live earlier this week. This 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. The platform empowers users to launch tokens on Cardano easily, streamlining the project initiation process while providing traders with some protection and confidence through fair launch mechanisms. A great example of how memecoin platforms can boost adoption is Solana’s Pump.fun. It rapidly became a hub for meme coin launches, generating millions in fees and spiking network activity. On Pump.fun, over 7,000 tokens were launched daily, resulting in a significant increase in new and active addresses. Snek.Fun could create similar momentum on Cardano, driving user growth and DeFi expansion while reinforcing the ecosystem’s overall appeal.
Conclusion
Snek.Fun’s launch marks an important step for Cardano, signaling a growing interest in decentralized, community-driven token launches. By offering an accessible platform for token creation, it lowers the barriers for new projects to emerge on the blockchain. Looking ahead, platforms like Snek.Fun could pave the way for increased experimentation within the ecosystem, potentially becoming a blueprint for more innovative, community-led projects. It will be interesting to watch snek.fun and the Cardano ecosystem evolve over the coming weeks and months.
You can visit Snek.Fun at the following link: https://www.snek.fun/
This article is strictly for informational purposes and does not constitute a promotion or financial advice. Our aim is solely to provide users with the latest news and updates within the Cardano ecosystem.
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