jason (w/acc)
@jasonkim.eth
Introducing precoin.fun — a premarket for creator memecoins. Excited to launch our latest Farcaster mini app on Base! @precoin lets anyone mint a "precoin" — a tradable ERC-20 memecoin representing early belief in a creator's potential to launch a real coin. A permissionless speculation market on social clout. Each precoin has its own liquidity pool and trades freely. If the creator later launches (e.g. on clanker), the ETH from the precoin pool buys the official coin onchain — and users can burn their precoin to claim the real coin. Anyone can scout and launch a precoin for any caster. Scouting = being the first $1000+ ETH into the LP. Scouts earn 10% of all trading fees on that precoin which can be burned to claim real coin if creator launches one. We’re testing 5 casters today: @ace @horsefacts.eth, @proxystudio.eth @igoryuzo.eth and will be expanding to every Farcaster user soon.
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Garrett
@garrett
interesting experiment can people opt out?
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borodutch
@warpcastadmin.eth
how do you see people opting out? simply don't launch a coin :) precoins are basically groups of people who think that buying a coin a person launches early is neat
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Garrett
@garrett
I guess I'm wondering how the mechanics work around the precoin burn to claim the launched coin. Would like to better understand how that works and if it's a custom setting with clanker or something like that. I think this is neat fwiw but it's also deeper down the crypto rabbit hole than 90% of people in crypto go which makes it pretty limited in terms of potential users/groups imo
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borodutch
@warpcastadmin.eth
you buy precoin of X -> eventually X launches a clanker -> precoin buys the clanker for all the money you gave it -> you burn precoin of X to get the clanker proportional to your precoin holding precoin is a simple erc20 that you can swap into and out of :)
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