Boop.fun, a nascent token launchpad and competitor to Pump.fun on Solana, is making waves in the crypto community by offering major crypto influencers on X (formerly known as Twitter) the chance to claim hundreds of thousands of dollars in tokens. There’s one catch – to claim these tokens, influencers have to launch their own.
This innovative launch and airdrop mechanism has brought Boop.fun under the spotlight, stirring ethical and moral debates among crypto aficionados. The question is simple: would you launch a token if you were offered a $200,000 airdrop in exchange? This query was posed by CirrusNFT, a pseudonymous crypto trader and personality on X. As the price of the underlying BOOP tokens increased, the question was rephrased to reflect a $350,000 value.
The dilemma of whether the potential fallout from launching a token is worth six figures in crypto tokens has also been a hot topic. Pseudonymous artist Bold Leonidas initially turned down the idea due to the token launch mechanic. Meanwhile, Cobie, another well-known pseudonymous crypto influencer, warned those mulling over a launch to be transparent about their intentions, suggesting they might use phrases like, “I am launching this token solely to unlock my airdrop,” and “Do not buy it, as complete loss of investment is guaranteed.”
Boop.fun’s airdrop offer to X personalities is part of a two-pronged approach to encourage users to launch and buy tokens from its platform. The platform, which launched Thursday morning, collaborated with data platform Kaito to categorize active crypto influencers based on factors like follower count, engagement, and X “meme stuff”. A select number of users from each tier can then claim the airdrop, but they must first launch a “cult” or token.
However, influencers cannot immediately claim the tokens. They must wait for 30 days to unlock their BOOP allocations unless the token they create meets certain market cap criteria, which would reduce their waiting time. For instance, if a creator’s token attains a $5 million market cap, the waiting period is reduced by five days.
Despite the moral quandary, launching tokens on the platform hasn’t been smooth sailing for users who reported issues with claims and token migrations. Pseudonymous platform leader Dingaling assured that these “migration and airdrop issues should be fixed soon.”
Boop.fun seeks to distinguish itself from other Solana token launchpads by offering daily BOOP token rewards to platform users. BOOP token stakers can also earn a portion of trading fees and a percentage of tokens for every meme coin that graduates the bonding curve on its platform.
Currently, BOOP has a market cap of $231 million and nearly $50 million in trading volume. The highest-tier BOOP airdrop, which was worth about $350,000 earlier Thursday, is now valued at approximately $162,000.
As the dust settles on the launch of this unique offering, the crypto community will be watching keenly to see how this ethical and moral debate unfolds.
Edited by Andrew Hayward.
