boop.fun Activity Flounders After CZ Blows Whistle on Founder

Solana’s meme economy has become one of crypto’s fiercest battlegrounds, with dozens of token launchpads competing for dominance.

Promising a fresh, more rewarding incentive model to support creators, boop.fun has been touted by leading KOLs as the next great challenger to viral sensation pump.fun.

With daily active users plunging and CZ hinting at a history of foul play from its founder, boop.fun’s days could be numbered.

boop.fun DAU Down 56% Since Launch Day

boop.fun is a novel memecoin launchpad. Aiming to incentivise creators and $BOOP token holders, boop.fun features several unique reward mechanisms. 

For example, $BOOP stakers receive 60% of all $SOL trading fees on launched coins, as well as a share of 5% of the supply of all graduated tokens. Additionally, creators and holders of all graduated tokens, or ‘cults’, receive a share of tokens from a $BOOP rewards pool.

Despite boop.fun’s generous incentives, the platform has struggled to retain users after its roaring debut. 

Dune Analytics data suggests that boop.fun’s DAU (Daily Active Users) has fallen over 56% since launch, dropping from over 39k on day one to just over 17k on May 5th. Data from May 6th is inconclusive, but suggests boop.fun activity may be stabilizing and establishing a consistent user base.

CZ Sows Discord in Solana’s Newest Trenches

Shortly after its launch, boop.fun and the $BOOP token were mentioned in Binance Alpha, a feature of the Binance Wallet that highlights emerging products showing promise. 

However, despite the supposed seal of approval from the world’s largest crypto exchange, Binance founder and former CEO Changpeng Zhao wasted no time raining on boop.fun’s launch parade.

Best known for building PancakeSwap, BNB’s chain leading DEX and former DeFi powerhouse, boop.fun’s founder, Dingaling, has had his legitimacy and integrity called into question. While Dingaling claims he formerly held an executive position as CRO at Binance, CZ has asserted that no such position ever existed. 

CZ took his smear campaign one step further, stipulating that former Binance employees who had been fired for insider trading are known to re-emerge as founders, claiming to have held C-suite positions at the company.

While CZ’s post doesn’t explicitly name Dingaling, his assurance that Binance has never had a CRO suggests he is likely referring to the boop.fun founder. 

However, boop.fun defendants have suggested that CZ’s veiled attack comes from his frustration that an ex-Binance employee would opt to launch an application on Solana, a rival network to the BNB Chain.

Could Boop Challenge pump.fun Long Term?

Despite dropping activity and a debilitating FUD campaign, crypto KOLs are optimistic about the platform’s future.

Trader’s optimism is reinforced by boop.fun’s favorable token graduation rate. While only 1.29% of market leader pump.fun’s deployed tokens complete their bonding curve, boop.fun’s graduation rate is significantly higher at 2.08%.

Additionally, DefiLlama data suggests that boop.fun has witnessed a resurgence of trading volume. After languishing in the days following launch, boop.fun bounced back to witness $1.98M in daily trading volume, just 13.9% short of its day one all-time high.

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