BNB Chain Joins the Memecoin Party With Its New Launchpad GraFun

Memecoins have dominated this market cycle, and more chains have positioned themselves to ride the growing speculative interest. At the end of September, BNB Chain joined the party with its memecoin launchpad GraFun.

Memecoins have had a strong presence in this market cycle, and several chains have positioned themselves to capitalize on the growing speculative interest.

At the end of September, BNB Chain launched its memecoin platform, GraFun, ahead of Binance’s former CEO CZ’s release from jail.

Andrei Grachev, the head of DWF Labs, highlighted that the launchpad earned $100K in fees and launched 5.8K meme coins on the first day.

“Happy to support @grafunmeme, it brought ~250m$ DTV and ~5.8k new memes to @BNBCHAIN, and make 100k$ in fees in 1 day!”

GraFun launchpad overview. Source: Floki team

The Floki team, which also supports the launchpad, noted that the platform will be similar to Solana’s Pumpfun but superior.

Moreover, the team will own 40% of GraFun, including its generated revenue. DWL Labs is also mentioned as a strategic partner, but its ownership was not disclosed at press time.

Other partners of GraFun include BNB Chain, DeXe protocol, and HOT protocol. The meme coin launchpad will compete with Tron’s Sunpump and Solana’s Pumpfun, which have generated millions in revenue within months of operation.

However, these platforms earn even if a meme coin fails to launch due to not meeting the demand and liquidity threshold.

According to the Floki team, GraFun is a different platform that focuses on fairness. It added,

“GraFun focuses on ensuring a fair launch model that allows only memecoins that users want to get listed on DEXs.”

As of 1 October, the platform had launched over 9K meme coins, with Baby BNB[BABY] being the most notable one with over $80 million in market cap.

Before it debuted, the platform had 3.9 million whitelisted users and now has 4.3 million subscribers on its Telegram channel, indicating strong traction.

However, at press time, the traction was yet to positively impact Floki[FLOKI] or BNB’s prices, which declined amid an overall sell-off linked to geopolitical tensions.