In the past week, various meme token issuance platforms on the chain have emerged one after another, and all of them have run out of meme tokens with good growth. At 10 o’clock last night, Snek.fun, the first meme token issuance platform on the Cardano ($ADA) chain, was officially launched. More than 20 hours have passed since the meme community passed on the news. How is Snek.fun’s start?
What is Snek.fun?
Let me first introduce Snek.fun, which is a meme token issuance platform jointly launched by $SNEK, the meme leader on Cardano, and Splash, the Cardano ecosystem DEX. Snek.fun started preheating at the end of July and officially opened at 10 pm yesterday.
$SNEK was launched in May 2023. At the end of 2023, it increased 13 times in two months, with a market value of over 130 million US dollars. Currently, the market value of $SNEK is still 50 million US dollars.
The mechanism of Snek.fun is similar to that of Pump.fun. Here is a brief introduction. When 75% of the token supply is bought by the market and the market value reaches 42,069 ADA, a liquidity pool containing 25% of the supply will be created on DEX Splash, and LP will be destroyed.
Poor interactive experience
Shortly after the event started last night, snek.fun’s official Twitter account posted several tweets, saying that the wallet API was overloaded, 20,000 users were flooding into the site every 10 seconds, and the system was under pressure. In the comments section of the subsequent tweets, some users also reported that the transaction was stuck for up to 5 hours.
snek.fun currently supports Eternl, Nami and Vespr wallets. BlockBeats has tried Eternl and Vepr. The registration process of Eternl is cumbersome, the loading speed is slow, and the Chrome plug-in cannot be used for transactions in the form of pop-ups. The registration process of Vepr is relatively simple, and the experience is relatively light.
In terms of the trading interface, Snek.fun’s front end is a 1:1 replica of Pump.fun, but the trading experience is much worse than Pump.fun. In addition to the cumbersome cross-chain process, there are various problems in the trading process itself.
First, the default high slippage. Click on a meme coin on Snek.fun whose market value has not yet reached the DEX entry requirements, and the default transaction slippage of most meme coins is 50%.
If you want to trade tokens on Snek.fun that have reached the required market value and have been logged in to Splash, you will be prompted to jump to Splash for trading after clicking on the trading interface. However, Splash does not support the Vespr wallet supported by Snek.fun. If you used the Vespr wallet to trade meme tokens in the early days, you will need to change your wallet if you want to trade while watching the line after the token is logged in to Splash.
On Pump.fun, even tokens that have been listed on DEX can be traded on Pump.fun.
In addition, when previewing meme coins on Snek.fun, the market value unit of the platform notes is $ADA, and the current price of ADA is $0.32, which also brings inconvenience to meme players. Even if you click on the token transaction details interface, you can’t find the market value number in U.
In terms of trading auxiliary tools, the tool that can currently observe the trend of tokens is Taptools, and the top of its trend hot list has been occupied by meme coins.
Cardano Community Members@store_optimalBefore snek.fun opened trading, he wrote two tweets to express his expectations and warm up for it, and also hosted a space to discuss the tokens that appeared on snek.fun. But one day after his warm-up tweets were published, he published a long tweet about the various problems he encountered during the transaction, “I couldn’t buy ANYTHING”.
Hot Target
Despite the poor trading experience, a meme coin with a market value of one million was still created on snek.fun. According to data from Snek.fun and Taptool, the meme coin with the highest market value is ADADOG, with a maximum market value of 3.7 million US dollars and a 100-fold increase in 8 hours. The current market value is 1.14 million US dollars, a 70% drop from the peak.
According to official information, the first three meme coins established on Snek.fun are $bjorn, $keren and $THICC. The Snek platform once announced that bjorn was the first meme coin on the platform to reach a market value of 1 million ADA (worth about $310,000).
Bjorn experienced a 25-fold increase in three hours, then quickly dropped by more than 90%, and then began to fluctuate upward. As of the time of writing, the market value is $230,000. The market value of $keren is less than $40,000.
