In the past week, various on-chain meme coin issuance platforms have emerged one after another, and they have all produced meme coins with good gains. Last night at 10 o'clock, the first on-chain meme coin issuance platform for Cardano ($ADA), Snek.fun, was officially launched, and various Cross-Chain Interaction, viewing lines, and Wallet tools were circulated in the meme community. More than 20 hours have passed, how is the start of Snek.fun?

What is Snek.fun?

First, let's introduce Snek.fun, which is a meme launch coin platform on Cardano, created in collaboration with meme leading$SNEK and Cardano ecosystem DEX Splash. Snek.fun started warming up at the end of July and officially opened yesterday at 10 pm.

Launched in May 2023, $SNEK saw a 13-fold increase in market capitalization within two months by the end of 2023, surpassing $130 million. After a drop of over 70% from the peak, $SNEK's current market capitalization is still $50 million.

The mechanism of Snek.fun is similar to Pump.fun. Here is a brief introduction. When 75% of the supply of Token is bought in the market and the Market Cap reaches 42,069 ADA, a liquidity pool containing 25% of the supply will be created on DEX Splash, and LP will be burned.

Poor User Experience

Shortly after the start of the event last night, snek.fun official account posted several tweets, stating that the Wallet API was overloaded and there were 20,000 users flooding into the website every 10 seconds, putting pressure on the system. In the comments section of the subsequent tweets, some users also reported that the transaction was stuck for up to 5 hours.

Currently, snek.fun supports Wallets such as Eternl, Nami, and Vespr. BlockBeats has experienced Eternl and Vepr. Among them, the registration process of Eternl is cumbersome, the loading speed is also slow, and its Chrome plugin cannot conduct transactions in the form of pop-ups during use. The registration process of Vepr is relatively simple, and the user experience is lighter.

On the trading interface, Snek.fun's front end is a 1:1 replica of Pump.fun, but the trading experience is much worse than Pump.fun. In addition to the cumbersome Cross-Chain Interaction, there are various problems in the trading process itself.

First, the default Slippage is high. When you click on a meme coin on Snek.fun that has not yet reached the market cap required to log in to the DEX, the default trading Slippage for most meme coins is 50%.

On Snek.fun, if you want to trade tokens with a market cap that meets the requirements and have logged into Splash, when you click on the trading interface, you will be prompted to only trade on Splash. However, Splash does not support the Vespr Wallet supported by Snek.fun. If you traded meme tokens early using the Vespr Wallet and then want to trade while watching the line after logging the tokens into Splash, you will need to switch wallets.

On Pump.fun, even tokens that have already been logged into DEX can be traded on Pump.fun.

In addition, when previewing MEME coins on Snek.fun, the platform notes the Market Cap unit as $ADA, with the current price of ADA being 0.32 US dollars, which is inconvenient for MEME players. Even when clicking into the token trading details page, no Market Cap value in U units can be found.

On the trading assistant tool, the tool that can currently observe the trend of Token is Taptools, and its trend hot list is now occupied by meme coin.

Cardano community member @store_optimal wrote two tweets expressing his expectations and warming up for the trading on snek.fun before its launch, and also hosted a space to discuss the Tokens appearing on snek.fun. However, after one day of the warm-up tweet, he posted a long tweet about the various problems he encountered during the trading process, "I couldn't buy ANYTHING".

Popular Targets

Despite the poor trading experience, snek.fun still launched a meme coin with a market capitalization of one million. According to the data from Snek.fun and Taptool, the meme coin with the highest market capitalization at present is ADADOG, with a peak market capitalization of 3.7 million USD and an increase of over 100 times in 8 hours. The current market capitalization is 1.14 million USD, a decrease of 70% from the high point.

According to official information, the first three meme coins established on Snek.fun are $bjorn, $keren, and $THICC. Snek platform once announced that bjorn was the first meme coin on the platform to reach a market capitalization of 1 million ADA (worth about 310,000 USD).

After experiencing a rapid rise of 25 times and then a quick drop of more than 90% within three hours, Bjorn began to oscillate and rise again. As of writing, the Market Cap is $230,000. While Keren's Market Cap is less than $40,000.