Trader Joe DEX is creating a protocol to compete with existing memecoin generators.Memecoin generators collectively generate an average of $1 million in daily revenue. The top meme coins have a total value of $42.6 billion.
Decentralized exchange Trader Joe's, which counts $135 million in user deposits, is targeting the red-hot memecoin market with a suite of new products.
The project revealed three new additions to its technology stack Thursday X post ― A token mill, a bid barn and an aggregator.
Token Mill is the exchange's answer to profitable incumbents like Trader Joe's MemeCoin Generator and Solana's PumpDotFun and Tron's SunPumpDotMeme. Those protocols collectively average $1 million in daily revenue.
Trader Joe focused on the memecoin wars
Token Mill has similar design elements to existing memecoin generators. It uses bond curves to set the prices of newly created tokens to a certain limit before they start trading on the DEX.
Bonding curves track the price of an asset as its supply decreases. Crypto developers often use them to create a price discovery mechanism that causes the price of a token to rise as more traders buy it.
However, the co-founder of Trader Joe's, nicknamed CryptoFish, said Token Mill is more than a memecoin generator.
“Token Mill is designed to launch any type of coin, not just memecoins,” CryptoFish Said Thursday X. “So think less about memes and autism [sic] And an even more unattractive creative playground for token creators.
Memecoin wars
On Wednesday, three major memecoin generators – Pumpdotfun, Sunpumpdotmeme and Fourdotmeme – earned more than $820,000 in fees. Collectively, they are average $1 million In last week's income.
Join the community to get our latest articles and updates
Fourdotmeme, the most recent of the group, is on the BNB chain. It was launched on August 21.
Solana's PumpDotFun has dominated the memecoin generation market since its launch in January but is now facing competition from its Tron-based rival.
On Wednesday, Sunpumpdotmeme surpassed Pumpdotfun in daily earnings for the first time, earning nearly $600,00 against the latter's $360,000.
Cashing in on memes
These protocols have cashed in on the popularity of memecoins among crypto traders this year.
The trend also extended to celebrities in early summer, who launched dozens of tokens to short-lived buzz.
Memecoins are a $42.6 billion The crypto market sector tracks only major tokens listed on centralized exchanges, according to CoinGecko data.
Osato Awan-Nomayo Our Nigeria based DeFi representative. He covers DeFi and technology. To share tips or information about articles, please contact him here [email protected].
Related TopicsMEMECOINS