DEX Screener, a blockchain explorer designed for decentralized exchanges, announced on Monday, April 24th, the debut of a new launchpad called Moonshot. The launchpad’s development was specifically targeted at the meme coin ecosystem. The data platform launched Moonshot on the Solana network and has supported 333 new tokens, of which 27 have already achieved liquidity on Raydium.
DEX Screener has prioritized safety measures to ensure the projects launched on the Moonshot launchpad are safe and secure. The blockchain data platform guarantees users that all projects unveiled through the launchpad will be subject to intensive scrutiny and comprehensive audits.
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These security measures will prevent manipulation and insider activity while simultaneously promoting transparency and accountability of the projects to individual investors. Tokens launched in the pool will have a capped supply of 1 billion tokens. The liquidity pool for these projects will be supported by Raydium, a decentralized exchange, once investors allocate 500 SOL in the pool.
Moonshot to include a token-burning mechanism
The Moonshot launchpad will impose a token-burning mechanism for each project launched on Moonshot that achieves the staking requirements on Raydium. Once the liquidity pool achieves 500 SOL, which is approximately $63.7k, the launchpad will automatically burn 150 million to 200 million tokens, removing them completely from the circulating supply.
According to DEX Screener, the burn will reduce the circulating supply of these projects and increase the corresponding demand. Investors will then benefit from capital gains as the token’s price surges from the supply cut. After the burn, the liquidity is then securely locked in the existing contract.
Moonshot will reduce entry barriers for new Solana meme coins
According to an image provided by Moonshot, the launchpad will give blockchain investors an easy time to create new and safe projects by eliminating some of the major challenges faced by upcoming projects in their development stages.
Moonshot will reportedly offer features including no pre-sales, frequent and verifiable audits, a fixed token supply of 1 billion, a token-burning mechanism, and a secure, unruggable ecosystem. Moonshot detailed that users will be able to renounce ownership and gain access to free enhanced token information.
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Despite having hundreds of projects running on Raydium’s liquidity pools, Moonshot’s success story is limited to five projects that have recorded bullish price movement in the past hour. These projects are Long Horse (LONGHORSE), Stan (STAN), Pepe (PEPE), and Moon Cat (MC)Dex Mascot (EAGLE).
Solana-based meme coins have displayed the third-worst performance in the crypto industry. Data from Coingecko indicates that most meme coins on Solana are down by double-digit percentages despite Solana being down only 2% in the past 24 hours.
Cryptopolitan reporting by Collins J. Okoth