A new wave of token launches is here: 10 launchpads worth watching
TechFlow Selected TechFlow Selected
A new wave of token launches is here: 10 launchpads worth watching
Platform core competition dimensions: fairness, accessibility, project resources, and business model innovation.
Navigating Web3 tides with focused insightsAuthor: Viee, Core Contributor of Biteye
Editor: Denise, Core Contributor of Biteye
From Memes to AI Agents, explorations linking Launchpad with traditional equity are also unfolding.
We've selected 10 representative platforms, breaking down their unique mechanisms and discussing how retail investors can seize opportunities while avoiding pitfalls.
01. Permissionless Platforms
1. Heaven
Mechanism: Heaven is an emerging AMM + Launchpad platform that integrates issuance and trading, eliminating the need for projects to migrate to external DEXs. All transaction fees remain on the platform, used to buy back and burn $LIGHT, allowing holders to directly share in dividends. In contrast, while Pump.fun generates revenue, it lacks such a回馈 mechanism.
Performance: $LIGHT surged consecutively for a week after launch, surpassing a $100 million market cap. The continuous buyback and burn mechanism has significantly boosted market confidence.
2. Zora
Mechanism: Zora is a social + creator economy protocol on Base chain, where the core concept is "posting content = launching a project." When you post text or an image, it automatically mints an asset.
Performance: $ZORA once rose tenfold over 20 consecutive days. In April this year, the official Coinbase Base chain account posted "Base is for everyone," which was automatically minted into an asset. Many mistook it for an official launch and rushed in, inflating its market cap to $17 million before crashing 90% shortly after.
3. Believe
Mechanism: Originally Clout, Believe started with the "celebrity circle" concept before shifting toward social tokenization, popularizing the ICM narrative. Users simply tweet with @launchcoin to automatically generate a project. Once market cap exceeds $100,000, it automatically lists on exchanges like Meteora.
Performance: $LAUNCHCOIN surged 50x in three days, reaching a $300 million market cap. Before rebranding, $PASTERNAK nearly dropped to zero but jumped from $1 million to $22 million within 24 hours after the name change. Many projects on the platform have offered retail investors gains of 10x or more.
4. Pump.fun
Mechanism: Pump.fun pioneered the on-chain asset issuance wave, essentially exploding the Meme model. By uploading a name, logo, and description, users can automatically generate a smart contract and initial liquidity pool. Prices follow a bonding curve model—increasing with demand. When market cap hits a threshold, the smart contract automatically migrates liquidity to external DEXs, seamlessly integrating into larger markets.
Performance: As the leading permissionless platform, Pump.fun has birthed countless notable Meme projects—too many to list here.
5. Bonk.fun
Mechanism: Launched by the BONK community in April 2025, Bonk.fun operates similarly to Pump.fun but emphasizes community dividends. A portion of transaction fees is returned to BONK holders and ecosystem builders, strengthening community incentives.
Performance: Notable projects include网红 cat $HOSICO (peak market cap $60 million, up 6x) and $USELESS (peak market cap nearly $300 million, up over 10x). Overall, projects backed by strong communities tend to stand out.
6. Virtuals
Mechanism: Virtuals focuses on the AI Agent sector. Users must lock $VIRTUAL to create an Agent and establish a pool. Upon reaching a bonding curve threshold, they "graduate," generating a liquidity pool paired with $VIRTUAL.
Performance: After fading from attention early in the year, Genesis Launch reignited interest, sending $VIRTUAL up 150% in a week with broader ecosystem gains. New project $BasisOS reached a $5.5 million market cap in 12 days, peaking at a 40x gain.
02. Permissioned Platforms
Unlike "open-access" models, these Launchpads implement strict screening, prioritizing quality over quantity.
1. Echo
Mechanism: Think of Echo as an "on-chain angel investment syndicate." A lead investor initiates a group, sharing private investment opportunities with members who co-invest. The lead then earns a performance fee. Echo requires KYC verification via email and Twitter accounts, making it more exclusive.
Performance: Echo has facilitated funding rounds for high-profile projects like Ethena, Morph, Usual, and Hyperlane, all of which have seen stable post-private development.
2. Buidlpad
Mechanism: Launched in late 2024 by Erick Zhang, former Binance executive, Buidlpad is a public fundraising platform. Unlike Echo’s closed-door private sales, Buidlpad enforces strict KYC but targets a broader audience. It launched its first public sale in January—Solayer’s LAYER token.
Performance: Solayer oversubscribed by 5x, surging 240% on TGE; Sahara oversubscribed by 8x, rising 120% on TGE. Upcoming, @Lombard_Finance will launch a community round on Buidlpad.
3. Kaito
Mechanism: In July, the Kaito team announced Capital Launchpad—an on-chain angel investing platform similar to Echo, but allocation isn’t based on speed. Instead, it considers on-chain holdings, social reputation, and other metrics.
Performance: Its first project, Espresso, valued at $400 million; second project, Theoriq, valued at $75 million.
4. Ventuals
Mechanism: Ventuals enables regular users to participate in Pre-IPOs—not through real shares, but perpetual synthetic assets tracking company valuations. Built on Hyperliquid's HIP-3 standard, it turns private company equity into on-chain derivatives, traded like "shadow stocks." In contrast, PreStocks and Jarsy offer 1:1 real stock backing, corresponding to actual shares, aligning more closely with traditional securities models.
Performance: As of August 20, Ventuals projects saw 24-hour gains ranging from 5% to 30%.
03. Launchpad Moats: Fairness, Barriers, or Ecosystem?
From the cases above, it's clear that Launchpad platforms often follow a "new king with each version" pattern, driven by two key factors: creating differentiated assets and retaining traffic within the platform. Beyond that, several dimensions are critical:
1. Fairness: Heaven ties user and platform interests together via buybacks and burns. If dominated by bots or insider trading, retail experience collapses.
2. Barriers: Echo’s invite-only model creates exclusivity; Believe leverages social network effects to grow—both hard to replicate.
3. Project Access: Platforms that consistently attract high-quality projects build a "winner-takes-all" advantage.
4. Innovation: Heaven’s integration, Zora’s content focus, Believe’s social triggers—all represent first-mover advantages.
04. Retail Strategy: How to Seize Launchpad Opportunities Without Getting Burned?
1. Know Your Preference: For high-risk plays, try permissionless platforms—small capital can yield big returns. For stability, choose permissioned platforms with better project vetting.
2. Manage Position Size: Never go all-in. High-risk allocations should not exceed 10–20% of total capital.
3. Follow Market Cycles: Memes, AI, Heaven, Zora—these are rotating hotspots. When a platform suddenly trends, short-term opportunities often emerge.
⚠️ Risk Warning: For informational purposes only, not investment advice.
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