In the cryptocurrency market of 2025, the heat has returned to its peak, but it has also become more complex than ever.
On one hand, capital and traffic are being re-concentrated. Institutional funds continue to flow into Bitcoin, the construction of Layer 2 networks has revitalized Ethereum, and public chains like BSC maintain ecological heat through activity and trading frequency. On the other hand, the focus of a new generation of users is shifting from "coin price" to "community." They are no longer satisfied with short-term arbitrage; instead, they hope to become participants, decision-makers, and beneficiaries from the very beginning of a project's inception.
The logic of token issuance has also been rewritten in this cycle. Early token issuance was a product driven by capital: financing, pump-and-dump, and exit were almost fixed processes. By 2023-2024, the rise of Pump.fun made "zero-code token issuance" a social phenomenon, allowing ordinary users to launch a new token in just a few minutes. Subsequently, the expansion and ecological support of public chains like X Layer and BSC made high-frequency issuance the norm. However, as speculative sentiment receded, a new problem emerged—when everyone can issue tokens, who is still willing to stay?
Thus, the industry began to seek new answers: turning "issuance" into a community action rather than a one-time event. At this turning point, some platforms began to shift from "tool logic" to "consensus logic." The "token community feature" recently launched by Gate Fun was born in this context. It did not reinvent the technology of token issuance but adjusted the mechanism of "what happens after issuance"—allowing users to enter the participation loop from the very first second.
In the past two years, BSC's high-frequency issuance has maintained strong momentum. Data tracking shows that the number of new tokens issued weekly on BSC has exceeded twice that of Ethereum's mainnet, while PancakeSwap's trading volume accounts for more than half of the entire on-chain DEX. It seems prosperous, but this "super-speed growth" also brings structural side effects: project lifecycles are compressed, narrative fatigue sets in, and users churn. Similar issues have also appeared in the minimalist token issuance model of Pump.fun. Its core mechanism is a bonding curve, where the price rises with buying volume and falls with selling. This gives new tokens natural virality in the short term, but after the heat fades, most tokens quickly lose trading depth.
The industry has begun to realize that relying solely on "speed" cannot yield compound returns. Investors need trust, and trust cannot be generated through curve pricing. Projects need consensus, and consensus must be based on real interactions. Speed creates peaks, but systems can extend half-lives. This is why more and more platforms are beginning to value "community-driven" mechanisms. Gate Fun's attempt is to make the community part of the "issuance" rather than just an "operational result."
When users create tokens on Gate Fun, they can directly check "one-click community activation"; the system automatically generates a dedicated discussion area for the project, supporting text, images, videos, and polls. More importantly, this community is not a decorative message board but has an incentive mechanism: the platform accumulates a portion of transaction fees into a reward pool, distributing rewards based on post popularity and user activity. In this design, token issuance is no longer a terminus after the starting point but a continuous loop entry—project parties, token holders, and potential users continuously engage through community content, building trust and consensus.
BSC, X Layer, and Pump.fun represent three directions:
BSC's speed dividend: Achieving large-scale token distribution through high activity and a retail base, but sacrificing narrative depth.
X Layer's ecological dividend: As OKX's public chain L2, it provides stable infrastructure and platform synergy through the Polygon CDK tech stack and EVM compatibility, making it easier for projects to connect with users and funds, but relatively conservative.
Pump.fun's emotional dividend: It occupies the attention high ground in the crypto circle through simplicity, fun, and social dissemination, but is also most easily replaced by new narratives.
Gate Fun attempts to carve out a fourth path—the relationship dividend. The so-called "relationship dividend" refers to the ability of a project to establish real community relationships from the early stages of issuance, allowing early users to not only buy tokens but also "participate in shaping" them. From the platform's perspective, the key to this mechanism is not the amount of rewards but the verifiable behavioral logic: the heat value is not "shouting volume" but the weighted result of real user interactions. This "behavior as asset" model allows part of the token's value to come from community contributions rather than short-term speculation.
In the past two years, the industry has experienced three waves of hot narratives: Meme coins, AI coins, and SocialFi. But each wave has proven one thing—hype will fade, but relationships will not.
Gate Fun's approach essentially aims to make "community relationships" the underlying support for tokens, just as early Bitcoin miners were rewarded for contributing computing power, future token projects may also generate value accumulation through community behavior.
In the past decade of the crypto world, we have witnessed the romance of "code as law," but we have also experienced the cost of "traffic as bubble." Today's market resembles a return—from excessive financialization back to mechanism building, from "pump culture" back to regulated consensus.
X Layer's route represents "infrastructure governance": through technical standardization and low fees, making on-chain interactions more stable and secure; BSC's continued activity indicates that there is still strong demand for "inclusive participation"; while Gate Fun's exploration is closer to a form of institutional innovation—writing community governance, incentives, and content production into the platform mechanism.
In this model, the platform is no longer just an intermediary for facilitating transactions but becomes a "builder of community order."
Gate Fun's community feature has clear content rules: no false advertising, no malicious marketing, no personal attacks. These seemingly ordinary institutional clauses signify that Web3 is moving from "autonomous utopia" to "order coexisting with responsibility and rules."
For the entire industry, the importance of this change is no less than the early revolution of "token economic models." In the past, token value was mainly determined by financial logic: price, liquidity, scarcity; while future value may come more from "participation logic": content production, consensus accumulation, governance behavior. In other words, tokens are no longer just financial products but the crystallization of community production relationships.
The era of token issuance will not end, but its significance is changing. From BSC's high-speed circulation to X Layer's structured ecology, and to Pump.fun's minimalist experiment, these paths do not replace each other but represent different stages of market logic. Gate Fun's addition adds a new dimension to this landscape—community-driven institutional growth.
It does not pursue explosive traffic but seeks relational compound interest;
It no longer asks "how much can the project rise," but "how long can the community survive."
This may be the underlying logic of the next bull market:
When attention becomes scarce, what can truly generate sustained value is not algorithms or trading volume, but those interactions and trust that are institutionally guaranteed.
Perhaps in the future, we will measure a project's success not by "how many times the token price has risen,"
but by whether its community can self-grow, self-govern, and self-sustain.
At that time, the act of "issuing tokens" will truly step out of the shadow of finance and become a starting point for social collaboration.
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