The worst competitor of Pump.fun, is Cardano meme launch platform Snek.fun a dead light on the track? | Web3 scam today

Joyce

24-09-06 18:27

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In the past week, various meme coin issuance platforms on the chain have emerged one after another, and all of them have run out of meme coins with good growth. At 10 o'clock last night, the first meme coin issuance platform Snek.fun on the Cardano ($ADA) chain was officially launched. The meme community passed on various cross-chain, line-reading and wallet tools. Introduction. More than 20 hours have passed. How is Snek.fun starting?

What is Snek.fun?

First, let me introduce Snek.fun, which is a meme coin issuance platform launched by $SNEK, the meme leader on Cardano, and Splash, the Cardano ecosystem DEX. Snek.fun started warming up at the end of July and officially opened at 10 o'clock last night.

$SNEK was launched in May 2023. At the end of 2023, it rose 13 times in two months, with a market value of over $130 million. After falling more than 70% from its peak, $SNEK's current market value is still $50 million.

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, destroying LP.

Poor interactive experience

Soon 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 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 wallets such as Eternl, Nami, and Vespr. BlockBeats experienced Eternl and Vepr. Among them, the registration process of Eternl is cumbersome, the loading speed is also slow, and the Chrome plug-in cannot be used for transactions in the form of pop-ups during use. Vepr’s registration process is relatively simple, and the user 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, the trading process itself has various problems.

First, the default high slippage. Click on a meme coin on Snek.fun whose market value has not yet reached the requirements for logging into DEX. Most meme coins have a default transaction slippage of 50%.

On Snek.fun, if you want to trade tokens that have reached the market value requirements and have been logged into Splash, after clicking into the trading interface, you will be prompted to jump to Splash for trading. However, Splash does not support the Vespr wallet supported by Snek.fun. If you use the Vespr wallet to trade meme tokens in the early stage, you need to change your wallet if you want to trade while watching the line after the token is logged into Splash.

On Pump.fun, even tokens that have been logged into 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. The current price of ADA is $0.32, which also brings inconvenience to meme players. Even if you click into 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 member @store_optimal wrote two tweets to express his expectations and warm up before snek.fun opened trading, and also hosted a space to discuss the tokens that appeared on snek.fun. But one day after his pre-tweet, he published a long tweet about the problems he encountered during the transaction, "I couldn't buy ANYTHING".

Hot Targets

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 an increase of more than 100 times in 8 hours. The current market value is 1.14 million US dollars, a 70% drop from the high point.

According to official information, the first three meme coins established on Snek.fun were $bjorn, $keren, and $THICC. The Snek platform 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 and then quickly fell by more than 90%. It then began to fluctuate and rise. As of the time of writing, the market value is $230,000. The market value of $keren is less than $40,000.