Launchpad concept surges with just a touch—could Golden Shovel be the best narrative right now?
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Launchpad concept surges with just a touch—could Golden Shovel be the best narrative right now?
Looking back over the past decade, the only innovation that consistently spans the entire timeline is the ever-growing variety of token distribution methods.
Navigating Web3 tides with focused insightsBy Azuma, Odaily Planet Daily
"Gold shovel" is becoming the best narrative in today's market.
The rise of inscriptions has reignited discussions around fair token distribution. However, as "scientists" flood in with increasing speed, ordinary users can no longer match their efficiency during minting phases, leaving only scraps to fight over.
As a result, mechanism-driven fair distribution platforms are beginning to emerge.
Earlier, veteran launchpad project Bounce expanded into the Bitcoin ecosystem, incubating popular assets such as MultiBit (MUBI) and BitStable (BSSB) through relatively fair lottery and staking allocation models. Its governance token AUCTION also surged due to the "gold shovel" effect, temporarily trading at $41.83 at time of writing—an increase of 334.7% over the past month.
Following closely behind was another familiar face—NFT marketplace BakerySwap. After launching on Bitcoin, its first initial offering, Bitcoin Cats, achieved 150x oversubscription. Meanwhile, BAKE itself skyrocketed, reaching $0.74 at time of writing—a monthly gain of 414.8%.
Native Bitcoin ecosystem launchpad TurtSat has also delivered impressive results, with TURT trading at $0.079 at time of writing—a staggering monthly increase of 1795.8%.
The immediate appreciation effect is encouraging more projects to enter the Bitcoin ecosystem via launchpads. Dego Finance announced this strategic shift earlier this month. Despite not having launched even its first offering yet, DEGO still achieved a 123.3% monthly gain, trading at $4.18 at time of writing.
This frenzy isn't limited to the Bitcoin ecosystem. Solana-based launchpad Analysoor has also gained widespread community popularity thanks to its unique lottery mechanism—only one address wins per block. Its token ZERO hit a new all-time high this morning, briefly approaching $3.
Looking back at crypto’s last decade—from PoW’s 100% mining distribution, to the chaotic ICO era, to the golden age of IEOs led by major exchanges, followed by yield farming fueling the DeFi boom—the only innovation that consistently runs through it all is the evolution of token distribution mechanisms.
PoW token distribution was actually relatively inefficient and is now impossible to replicate under current conditions.
At the peak of the ICO craze, a lack of systematic project vetting and post-investment oversight allowed countless low-quality projects to flood the market. It was common for teams to raise massive funds based solely on whitepapers, with many failing to ever launch or list their tokens.
While early IEOs somewhat alleviated the vetting issue—requiring projects to pass exchange screening before accessing investors—as competition intensified, poor-quality projects resurfaced and the model eventually faded. Compared to the prior era, IEOs did solve the listing problem directly, but the permissioned nature of CEXs meant exchanges held ultimate control over a project’s fate. Moreover, high market-making fees and opaque charging structures placed significant burdens on project teams.
Although liquidity mining enabled permissionless token listing and distribution, project teams were forced to incentivize liquidity providers by discounting future value. Continuing incentives led to constant selling pressure, while removing them caused speculative capital to flee immediately—trapping teams in a dilemma.
As for Launchpads or IDOs, while this model does address some issues present in earlier approaches, it is far from perfect. In the long run, ensuring fairness in distribution mechanisms and maintaining high standards for project quality remain ongoing challenges for all launchpad platforms.
At the beginning of the last bull market, we saw numerous launchpad projects soar into the stratosphere—only to later crash back down to earth. The root cause? Their inability to effectively tackle these two core challenges—especially the second. Once the novelty wears off, valuations for new offerings gradually return to rational levels.
Currently, short-term sentiment can create explosive wealth effects—but whether this momentum can be sustained remains an open question.
Don’t FOMO. Remember to DYOR.
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