Author: Biteye Core Contributor Viee
Editor: Biteye Core Contributor Denise
From Meme to AI Agent, the exploration of Launchpad linked to traditional equity is also underway.
We selected 10 representative platforms, dissected their unique mechanisms, and discussed how retail investors can seize opportunities while avoiding pitfalls.
01. Permissionless Platforms
1. Heaven
Mechanism: Heaven is a newly emerging AMM+Launchpad platform that integrates issuance and trading, allowing projects to operate without migrating to external DEXs. All transaction fees are retained on the platform for the buyback and burning of $LIGHT, allowing holders to directly share in the dividends. In contrast, while Pump.fun is profitable, it lacks this feedback mechanism.
Performance: After the launch of $LIGHT, it rose continuously for a week, with a market cap exceeding $100 million. The ongoing buyback and burn mechanism significantly boosted market confidence.
2. Zora
Mechanism: Zora is a social + creator economy protocol on the Base chain, where the core gameplay is that posting content equals launching a project. When you post a text or image, it automatically launches an asset.
Performance: $ZORA surged tenfold for 20 consecutive days, and in April this year, the official Coinbase Base chain account tweeted "Base is for everyone," which automatically minted assets. Many thought it was official, leading to a rush that inflated the market cap to $17 million, which then quickly fell back by 90%.
3. Believe
Mechanism: Believe, formerly known as Clout, initially focused on the "celebrity circle" before shifting to social assetization, popularizing the ICM narrative. Users only need to tweet with @launchcoin to automatically generate a project. Once the market cap exceeds $100,000, it will automatically list on trading platforms like Meteora.
Performance: $LAUNCHCOIN skyrocketed 50 times in three days, reaching a market cap of $300 million. The previous name $PASTERNAK nearly went to zero, but after the rebranding, it surged from $1 million to $22 million in 24 hours. Many projects on the platform have also provided retail investors with opportunities exceeding tenfold.
4. Pump.fun
Mechanism: Pump.fun is considered the pioneer of on-chain asset issuance, directly exploding the Meme gameplay. By uploading a name, logo, and description, users can automatically generate contracts and initial liquidity pools. The pricing uses a joint curve model, where the more people buy, the higher the price. When the market cap reaches a specified threshold, the smart contract automatically migrates liquidity to external DEXs, seamlessly connecting to a larger market.
Performance: As the leading permissionless platform, numerous well-known Meme projects have emerged from Pump.fun, which need not be elaborated further.
5. Bonk.fun
Mechanism: Launched by the BONK community in April 2025, this platform operates similarly to Pump.fun but emphasizes community dividends. A portion of the transaction fees is returned to BONK holders and ecosystem builders, strengthening community incentives.
Performance: The viral cat $HOSICO (peak market cap of $60 million, 6x increase) and $USELESS (peak market cap of nearly $300 million, over 10x increase). Overall, projects supported by the community are more likely to break through.
6. Virtuals
Mechanism: Virtuals focuses on the AI Agent track, requiring users to lock $VIRTUAL to create Agents and build pools. Once the joint curve threshold is reached, they can "graduate" and generate liquidity pools paired with $VIRTUAL.
Performance: After the initial hype faded at the beginning of the year, Genesis Launch reignited the market, with $VIRTUAL rebounding 150% in a week, and the ecosystem following suit. The new project $BasisOS reached a market cap of $5.5 million in just 12 days, with a peak increase of 40 times.
02. Permissioned Platforms
Unlike "no-threshold" platforms, these Launchpads strictly filter projects, prioritizing quality.
1. Echo
Mechanism: Echo can be understood as an "on-chain angel investment alliance." The gameplay involves a lead investor initiating an investment group, sharing project opportunities with the group, and everyone co-investing, with the lead investor taking a share of the profits. Echo requires users to undergo KYC verification through email, Twitter accounts, etc., making it more of a small circle.
Performance: Echo has facilitated financing for several popular projects, such as Ethena, Morph, Usual, and Hyperlane, with stable development following private placements.
2. Buidlpad
Mechanism: Buidlpad is a public fundraising platform launched by former Binance executive Erick Zhang at the end of 2024. Unlike Echo's small circle private placements, Buidlpad strictly requires KYC but is more accessible to the public. In January, it launched its first project—Solayer's LAYER public offering.
Performance: Solayer oversubscribed by 5 times, with a TGE increase of 240% on the day; Sahara oversubscribed by 8 times, also increasing by 120% on TGE day. Next, @Lombard_Finance will also start a community round pre-sale on Buidlpad.
3. Kaito
Mechanism: In July, the Kaito team announced the launch of Capital Launchpad, similar to Echo's on-chain angel investment platform, but the allocation method is based on on-chain holdings, social reputation, and other indicators rather than speed.
Performance: The first project, Espresso, is valued at 400 million. The second project, Theoriq, is valued at 75 million.
4. Ventuals
Mechanism: Ventuals allows ordinary users to participate in Pre-IPO, but instead of issuing real stocks, it issues perpetual synthetic assets that track company valuations. It is based on Hyperliquid's HIP-3 standard, turning unlisted company equity into on-chain derivatives, trading like "shadow stocks." In contrast, PreStocks and Jarsy are linked to real stocks 1:1, corresponding to actual shares, making them closer to traditional securities models.
Performance: As of August 20, Ventuals projects have seen 24-hour increases ranging from 5% to 30%.
03. Launchpad Moat: Competing on Fairness, Thresholds, or Ecosystem?
From the previous examples, it is evident that Launchpad platforms are almost always "one generation version, one generation god," relying on two key points: creating differentiated assets and retaining traffic on the platform. On this basis, several dimensions are particularly critical:
Fairness: Heaven binds user and platform interests through buybacks and burns; conversely, if controlled by bots and insider trading, the retail experience will collapse.
Threshold: Echo's invitation system creates a small circle barrier, while Believe leverages social network effects to attract users, making these difficult to replicate.
Project Resources: Platforms that can continuously attract good projects will form a "stronger gets stronger" dynamic.
Model Innovation: Heaven's integration, Zora's content approach, and Believe's social triggers all represent first-mover advantages.
04. Retail Investor Strategy: How to Seize Launchpad Opportunities Without Getting Buried?
Assess Preferences: If you enjoy speculation, you can play on permissionless platforms, where small investments may yield good returns; if you prefer stability, choose permissioned platforms, where project quality is more assured.
Control Position Size: Avoid going all in; high-risk positions should ideally not exceed 10%-20% of total funds.
Follow Market Trends: Meme, AI, Heaven, and Zora are all rotating hotspots; when a platform suddenly becomes popular, there is often a short-term opportunity.
⚠️ Risk Warning: For reference only, not investment advice.
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