Web3 version of Pinduoduo? Decoding the "incentive flywheel" of the new Meme launch platform boop.fun
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Web3 version of Pinduoduo? Decoding the "incentive flywheel" of the new Meme launch platform boop.fun
boop.fun directly targets Pump.Fun but adopts a more aggressive approach.
Navigating Web3 tides with focused insightsOriginal author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
During the May Day holiday, a meme coin launch platform named boop.fun emerged out of nowhere.
Its token BOOP surged 309% within an hour of launch, briefly touching $0.50 and pushing market cap to $500 million. Solana co-founder Raj Gokal, Jupiter founder Meow, and other notable figures appeared in the project's investor lineup. The project listed on Binance Alpha just six days after launch, demonstrating rapid momentum.
Yet behind the hype, boop.fun has become embroiled in controversy over its "group-buy" style airdrop mechanism and the background of its founder. After such a high-profile debut, can it sustain a moment of brilliance?
An Ambitious Challenger to Pump.Fun
boop.fun directly targets Pump.Fun, the dominant meme launching platform on Solana, but with a more aggressive approach.
Unlike Pump.Fun’s minimalist fee model, boop.fun has built a more ambitious "incentive flywheel" around its native token $BOOP: reward upon launch, dividends through staking. Whenever a meme coin successfully "launches externally" (i.e., establishes a liquidity pool on Raydium), both creators and holders can jointly claim daily rewards of 1 million $BOOP tokens. Users who stake $BOOP also receive proportional airdrops from new projects and a share of platform trading fees.
In terms of token design, boop.fun has put significant thought into its structure: $BOOP has a total supply of 1 billion tokens, with 50% allocated to platform incentives and "graduation" rewards for projects, 15% airdropped to active meme community members, 10% reserved for the team, and the remainder distributed across liquidity, treasury, angel investors, and staking reward pools.
However, as popularity surged, so did skepticism. How long can boop.fun’s heavily "buffed" design keep its flywheel spinning?
Image source: boop.fun official website
Founder's Halo Crumbles
Dingaling, boop.fun’s founder, has long been seen as a star figure in the crypto industry, with investment involvement in 43 projects. Not only is he a major NFT whale, but he also claims to be the founder of PancakeSwap. However, following boop.fun’s high-profile launch, doubts about him quickly escalated...
Yesterday, Vito, founder of Meta Era, posted on X using a “fictional story” to directly target a certain “mysterious founder.” He claimed this individual rose to prominence through the Binance ecosystem, previously orchestrated a project that “looked impressive at first glance but ultimately went to zero,” and is now launching a new platform on Solana claiming to revolutionize meme mechanics—yet in reality, it’s merely repackaged old tricks. Vito mocked: “And then still jumps back to Binance Chain, relying on Binance Alpha to survive.”
CZ later joined the comments section to “add insult to injury,” similarly framing his remarks as “fictional,” pointing out that a former employee had once been fired for insider trading, only to later rebrand himself as “founder, CXO of某某.” He emphasized that Binance only has CEO, CTO, CMO, CFO, COO, and CCO—no other “C-something-O” titles exist.
Although both labeled their posts as fictional, the community swiftly pointed fingers at dingaling, boop.fun’s founder, seeing clear implications. Crypto KOL AB Kuai.Dong noted that currently on Twitter, the only person claiming to be both “founder of PancakeSwap” and “Binance CRO” is dingaling.
Meanwhile, community members observed that dingaling has consistently followed a path of “replica entrepreneurship”: when Uniswap gained traction, he launched PancakeSwap; when OpenSea was popular, he created LooksRare; now he’s launching boop.fun on Solana to challenge Pump.Fun.
Airdrop or Web3 Pinduoduo?
boop.fun offers two types of airdrops: social airdrop and degen airdrop. The table below explains both:
The social airdrop requires users to link their X account and launch a token. Airdropped tokens are locked by default for 30 days. To unlock early, users must rely on the performance of their launched token: successful external launch reduces lock time by 10 days; reaching market caps of $200k, $500k, $1.25M, and $5M unlocks an additional 5 days per tier.
In short, if users want immediate access to their airdrop, they must launch a meme coin with a market cap of $5 million at listing. This incentive design has sparked widespread controversy in the community, with some users joking: “Is this really an airdrop? It feels more like a Pinduoduo-style Web3 group-buy scam.”
Many KOLs have voiced concerns. Crypto KOL AB Kuai.Dong stated that although Boop allocated large airdrop amounts to many KOLs—some receiving as many as 500,000 BOOP tokens—this mechanism essentially incentivizes influencers to “harvest their fans” in exchange for airdrops. He bluntly said: “Nobody wants to launch tokens just to exploit their community for airdrops. This setup feels like emotional manipulation of KOLs.”
Community member @kunlun web3 also criticized the mechanism for multiple flaws. First, Boop wrongly assumes many KOLs will risk launching tokens just for airdrops. More critically, if no one is willing to launch tokens, the airdrop remains locked for the full 30 days—by which time the BOOP price may have already collapsed.
In addition, boop.fun’s staking dividend mechanism has also been questioned. Community user @BTCOld 8 argued that while the incentives look attractive on paper, “once platform热度 declines and token quality drops, these so-called dividends become meaningless.”
boop.fun made a bold entrance with challenger ambitions, constructing what appears to be an ambitious new set of meme game rules, attempting to reshape the landscape through aggressive incentive mechanisms. Yet Web3 is never short of imitators. Will boop.fun’s flywheel truly ignite community enthusiasm, or will it fade into obscurity like LooksRare? Is it a flash in the pan—or a true disruptor?
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