The space of Web3 is moving fast and changing every day. New platforms and new mechanisms are creating exciting opportunities to better fund projects and increase community engagement. One such platform making waves is Believe.app, an invention of 19-year-old Ben Pasternak. Believe.app, formerly known as Clout.me, has experienced a full rebranding. In the process, it has now completely dove into the Web3 ecosystem, proposing a new way to fund projects through bonding curves and its own native token, LaunchCoin. Our third article provides an in-depth look at the mechanics of Believe.app and early success stories. It also provides an important preview of how this app might change the crypto landscape.
Understanding Launchcoin on Believe.app
Believe.app functions as an “internet market capitals.” This enables anyone to launch a project and capture philanthropic funding via the platform’s innovative bonding curve mechanism. Unlike traditional fundraising methods that rely on venture capital or initial coin offerings (ICOs), Believe.app offers a more decentralized and accessible approach.
Overview of Launchcoin
LaunchCoin is the platform currency of Believe.app. It acts as the main currency of exchange in the ecosystem, allowing for the generation and trading of project-based tokens. LaunchCoin’s price is based on a bonding curve. This is so that when people buy tokens, the price increases and when they sell tokens, it decreases. This mechanism helps to establish a self-regulating market and rewards early adoption of the most promising projects. LaunchCoin recently blasted past a $200 million market capitalization all-time high. While it eventually calmed at an equally astonishing $160 million, the trend lines represented a momentous indication of what the platform can really do.
Purpose and Functionality
LaunchCoin’s main function is to allow holders to fund the development of new projects on Believe.app. It’s so easy that literally anyone can create a coin! Simply tag @launchcoin on x (formerly twitter), and tell us the name of your favorite future coin! This little barrier to entry means Believe.app is very easy to get into for developers and creators. The platform is unique focused on utility coins. Most importantly, it’s built for Web2 developers who are looking to make a shift into the Web3 world. This narrow focus on the mechanics of DeFi/crypto differentiates it from other platforms such as Pump.fun, which are primarily focused on memecoins.
The Reality of Launchcoin: Hype or Genuine Innovation?
Because of its novel and creative approach to funding projects and its early success stories, Believe.app has received lots of attention. It’s important to consider the long-term sustainability of the platform. This means we need to figure out whether its current popularity is because it’s truly innovative or if it’s hype.
Analyzing Market Reactions
As an Inc.com article outlines, the market seems eager Believe.app and LaunchCoin. Both have been subject to substantial price appreciation awash in trading volume. Many other projects released on the platform have gone on to earn similar acclaim. One gaming project, Noodle, recently shot up to an all-time high of $20 million. At the same time Goonc, another memecoin, hit a peak of $60 million and stands at a $40 million marketcap today. These success stories brought more users and projects to the platform, further accelerating its growth. The crypto market is extremely, excessively volatile. Just remember that history doesn’t always repeat and past performance does not guarantee future results.
Expert Opinions and Predictions
This move has drawn a lot of mixed opinions from industry experts on Believe.app. Others laud its out-of-the-box approach to funding projects and its ability to democratize access to capital for developers. They want to democratize access to capital and see security tokens as the best alternative to both traditional VC and ICOs. Others are more skeptical, pointing to the long-term sustainability of the bonding curve mechanism and concerns about the ability to manipulate. Thabo Selepe is a cross-chain technology analyst recognized for his technical, discovery-based commentary. He’ll tackle the protocol’s security and interoperability implications of Believe.app, providing a protocol-level analysis peppered with his trademark humor and devil-may-care wit. The dynamic nature of the platform offers rich potential. You need to learn to be a critical consumer and do your homework before putting the money to work.
Adaptations Made to the Platform Post-Launch
Since Believe.app first launched, we’ve made a number of adaptations to make our app more functional, user-friendly, and better for the overall ecosystem health. These updates are a result of Producer Sharenet’s ongoing commitment to improve the platform and willingness to listen to feedback from users.
Key Changes Implemented
We’ve made plenty of important updates since Believe.app released its first beta version. We’ve worked very hard to improve the UI. Relatedly, we’ve implemented robust security measures and added new features to encourage project discovery and increase community engagement. The platform’s development team has placed an emphasis on improving the bonding curve mechanism used by the platform to facilitate fair and transparent price discovery. These adaptations underscore Believe.app’s dedication to fostering an ecosystem that empowers the best projects to find the funding they need to prosper and grow.
User Feedback and Impact
Your user experience and feedback have always been the most valuable resource in planning the direction of Believe.app. The platform has been dedicated to proactively seeking input from its community and has continually utilized this feedback to guide their decision-making process. Creatives in particular, users have raved about the platform’s ease of use and its open door to fresh new creatives. Others have lamented the possibility that fraudsters will fleece people and pointed to the highly speculative nature of the market. Believe.app believes in doing their part to address these concerns. They’ve introduced stricter project vetting processes and developed education materials, such as rider reports, to help users take control and make smart investments.
Solaxy's Innovative Layer-2 Solution for Solana
Even though Believe.app is primarily concerned with powering projects through funding it, other creative, cutting-edge solutions are making their way into the larger crypto ecosystem. Another high-profile example is Solaxy, Solana’s Layer-2 NFT solution.
Overview of the $35 Million Funding
Solaxy recently raised $35 million in a funding round led by a16z to build out its Layer-2 scaling solution for the Solana blockchain. This funding round is a testament to the increased recognition of the need for scalable, efficient blockchain infrastructure. Solaxy is the next innovative solution to Solana’s growth problems, offering a swifter and more economical ecosystem for decentralized apps (dApps).
Implications for the Solana Ecosystem
Solaxy’s Layer-2 solution is revolutionary and has the power to drastically improve the Solana ecosystem. By offering a more scalable platform for dApps, Solaxy can help bring more developers and users to Solana’s ecosystems. This, in turn, can serve as a powerful catalyst to drive new innovation and growth opportunities within the broader Solana ecosystem. The success of projects such as Solaxy is testament to the hard work and dedication going into making blockchain technology more scalable and user-friendly.
An exciting new model for crypto project funding, Believe.app provides a democratized and decentralized alternative to traditional fundraising methods. Its success stories, most notably $Noodle and $Goonc, have captured imaginations and stoked its growth. All of these benefits put aside, it’s important to understand and view the platform critically. Doing your homework before investing your dollars is key. The digital asset space is moving quickly. Platforms such as Believe.app and solutions such as Solaxy are essential to determining the future of Web3 both in creation and community.
