Original | Odaily Planet Daily (@OdailyChina)
Regardless of the overall market environment, blockchain continues to have vibrant local hotspots. Today, the time tokenization platform time.fun on Solana has caught the attention of market players and received clear support from Solana's official account. In the early hours of yesterday, the official Solana account published a tweet promoting time.fun, stating that several members of the Solana Foundation have created their own time tokens.
Today at noon, Solana co-founder Anatoly also created his own token on time.fun, with a peak market cap of $20 million, currently falling back to $6.7 million. He also commented on X platform tweet that time.fun is very interesting. So, how does time.fun operate, and what are the specific gameplay mechanics? Odaily Planet Daily will provide a brief introduction in this article for readers' reference.
Introduction to time.fun: Time Tokenization, an Advanced Version of friend.tech
time.fun was established in 2024 as a platform for time tokenization, similar to friend.tech, allowing KOLs or influencers to tokenize their time/influence and connect with fans. However, unlike friend.tech, KOLs can set prices for their private messages, group chats, and voice/video calls, and users need to spend a corresponding amount of tokens to redeem these services. If a KOL does not respond to a private message or call invitation within 5 days, the time tokens spent by the user will be refunded.
When users trade time tokens, transaction fees are generated, most of which will be automatically deposited into the token issuer's time.fun address. Additionally, when users redeem minutes to access KOL's corresponding services, these tokens will return to the liquidity pool, and the issuer will receive over 94% of the redemption value.
time.fun completed a $3 million seed round of financing in August 2024, led by Brevan Howard Digital, with participation from Coinbase Ventures, Breed VC, Zee Prime Capital, and Arthur Hayes' family office Maelstrom, as well as angel investors including Solana co-founders Anatoly Yakovenko and Raj Gokal, and Helius co-founder Mert Mumtaz and Santiago Santos.
Originally operating within the Base ecosystem, time.fun migrated to Solana in November 2024. Regarding the reason, time.fun co-founder 0xKawz stated that Solana has maintained absolute dominance in most aspects over the past year. Meanwhile, the Ethereum ecosystem has become exhausting. In most cases, they only care about technology and have a somewhat arrogant attitude… Ethereum feels like a group of philosophers looking down on ordinary people. If Ethereum cannot resolve its cultural issues, Solana will continue to dominate as more builders like time.fun choose to migrate.
Gameplay Introduction: Still the Core of pump.fun
The gameplay of the time.fun platform is relatively simple, similar to pump.fun, with both internal and external markets. The price of a person's time per minute is first traded in the internal market, and when the progress reaches 100%, it will be launched to the external market, with liquidity shifting from the joint curve to Raydium. However, unlike pump.fun, the maximum supply of tokens created on the time.fun platform is 100,000.
Currently, creating tokens on time.fun is not permissionless; to create a token, one must contact the team. Therefore, ordinary users can only participate in buying and selling other people's tokens on the platform. The specific operations are as follows:
Deposit to time.fun Platform
The time.fun platform requires email registration. After registration, users can bind their X account. Once registered successfully, each account will automatically generate a non-custodial address. time.fun operates on the Solana network but uses USDC for all transactions, so players need to transfer USDC to the address generated for their account.
Click on the profile icon in the upper right corner and select "Deposit funds" to send USDC from an exchange or other chain addresses.
Trading on time.fun
Generally speaking, once a person's token is launched to the external market, it can be traded using conventional trading tools like GMGN. Therefore, for tokens that have been launched, it is recommended to use other conventional Solana trading tools for purchasing, as the purchasing experience on the time.fun platform is currently not very good. The author personally experienced several failures during attempts. However, it is worth noting that even if the address only has USDC and no SOL for Gas, the purchase can still succeed.
Click on "Explore" at the top of the platform to see all tradable tokens and their categories.
Randomly click on a token still in the internal market, as shown below, the current joint curve progress is 47.53%, and the price is $0.48 per minute. If a player wants to send a private message, they need minutes worth $20. Players can select the number of minutes they wish to purchase on the right.
Celebrity Coins Making a Comeback?
In summary, time.fun can be likened to a celebrity coin issuance platform with additional holder rights. From the rights provided by the platform, it is suitable for KOLs, paid knowledge communities, and entertainment streamers.
Celebrity coins are not uncommon in blockchain history; the friend.tech that became popular in 2023 supports KOLs selling personal shares on the platform, which is essentially an early form of celebrity coins. Originally designed to create private communities for influential people to improve the quality of information received, it eventually evolved into pure consumption and price speculation of KOL influence, with almost no one caring about the platform's content development.
With pump.fun, celebrity coins became even more apparent, as entertainment stars, web2 entrepreneurs, and political figures rushed to issue coins on-chain to monetize their influence. It wasn't until the "savior" Argentine president issued LIBRA and harvested over $100 million that the market finally demystified celebrity coins, but at the cost of the Meme market's stagnation.
time.fun co-founder 0xKawz once stated that allowing celebrities to issue tokens arbitrarily without any process, utility, or plan is shortsighted. Celebrity/social tokens are inevitable but should be placed on a platform with dedicated income sources and utility. Celebrities do not need to buy/sell their tokens to earn income, and they can provide structured products for fans. As users, they can speculate on celebrity tokens for profit or use the tokens for exclusive access to them.
With strong support from Solana, can time.fun change the market's negative impression of celebrity coins, take over the baton from pump.fun, and raise the next flag for Solana? We shall see.
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