The blockchain explorer DEX Screener has announced the launch of its new launchpad for meme coins called Moonshot.
The announcement was made on early April 24th by Dex Screener.
The platform was launched on the Solana network and is detailed to support up to 333 tokens in its listing.
As of the details available as of now 27 of the tokens that have been listed have already achieved their targeted liquidity on Raydium.
In this article, we will look at the details regarding the new announcement, how the new Moonshot launchpad functions, and what the launch of Moonshot means for the future of Solana meme coins.
What is Moonshot?
Moonshot is a launchpad that was introduced by the blockchain explorer website Dex Screener to facilitate the launch of Solana-based tokens.
The new Moonshot launchpad will be managed by its monitoring entity DEX screener to make sure that utmost priority is given to the safety and security of the tokens in the platform and that the occurrence of any form of fraudulent or deceptive activities is reduced by any means necessary.
If we look at the workings of the Moonshot ecosystem, each coin will be printed with a total supply of 1 billion.
After meeting up with the liquidity pools these tokens will find a home in the decentralized exchange for Raydium.
The Moonshot launchpad has introduced a token-burning mechanism for each project that achieves the staking requirement on Raydium. The limit that has been set is 500 SOL, which equates to almost $63.7k.
Beyond this target launchpad will automatically burn anywhere between 150 million and 200 million tokens, to regulate their saturation in the ecosystem while increasing the demand for the token.
Now let us look at how the ecosystem of Solana will be affected by the launch of Moonshot and how the launchpad will fit into its larger ecosystem.
What were the changes in the world of Solana-based meme coins after Moonshot’s introduction?
One of the major impacts that Moonshot had on the project groups has been that they have been playing a pivotal role in reducing the entry barriers that many of the Solana meme coins face by offering features like the exception of pre-sales, processing of frequent audits, and regulating a fixed token supply of 1 billion using the burning mechanism.
A total of 333 tokens have already been introduced using Moonshot with 27 of them having successfully transferred to Raydium’s liquidity pools.
In the world of Solana-based meme coins displaying some of the worst performance in the industry with many coins down by double-digit percentages despite Solana itself being down by only 2% a few of the coins introduced in the platform have shown a positive run.
Pepe, Stan, Long Horse, Dex Mascot, and Moon Cat are a few of these coins.
The tokens introduced using Moonshot do however face the risk of oversaturation and its subsequent dilution of value. With the continued launch of newer coins one of the challenges that one faces has to be distinguishing between legitimate projects and speculative token offerings.
The decentralized nature of the launched token on Solana may also risk conflicts with the frameworks that exist as of now.
The utilization of Moonshot for token launches will thus help in the smoother integration of tokens with the liquidity pools in Raydium.
The security checks and other monitoring measures that the DEX screener provides have instilled a sense of confidence on the part of users with regard to the legitimacy of the token.
One thing to still keep under the radar is the fast-moving pace of the token launches increasing market saturation and volatility making it difficult for investors to find the way through the landscape of decentralized finance.
Final Thoughts
As final thoughts on this new move from DEX Screener, it must be noted that the new launchpad has not yet been able to fully realize its potential with its coin listing platform Moonshot owing to a multitude of factors that include the current state of the Solana meme coin economy, the slow pace of adoption from investors and the risks that the decentralized nature of the website brings along with it.
It is thus recommended that users investing in any of the tokens that have been launched in the platform do so by conducting extensive research and further verifying the legitimacy of the project before doing so.
