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Evolution of token launchers:
1/ FT pioneered the bonding curve, each X account had “keys” on a steep bonding curve
2/ Pump pioneered graduation, after a token reached a market cap on the curve, liquidity moves to an AMM
3/ @clanker pioneered a “rug proof” launch, liquidity starts on a AMM, LP tokens are locked and fees get split between protocol and creator
4/ Whetstone is pioneering the “fair launch”, initial valuation is found through a reverse dutch auction, a bonding curve starts, and then graduates to an AMM where fees are split
There’s a ton more. Raydium on Solana, Rainbow on EVMs, Puf on Worldchain, and many more.
It’s not clear who the winner will be, it’s a short lived market so far where innovators quickly get spikes in fees. To me, the winners will be the ones that offer the best support for builders and keep up with innovation. 2 replies
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