After Telegram founder Pavel Durov was arrested, the Ton ecosystem’s meme token, REDO, which has almost become the ecosystem’s mascot, saw a massive overnight surge. According to Coingecko data, as of August 26, REDO’s price had increased by 147.6% within 24 hours, reaching $0.71, with a peak of $0.90. REDO was launched in January 2024, and its mascot, a dog wearing a hat, was hand-drawn and named by Pavel Durov himself in 2018. The official Ton X account even switched to a REDO profile picture and pinned a tweet encouraging the community to update their avatars to feature Resistance Dog.

Ton X account homepage (source: X)

This “Resistance Dog” meme brought the Ton ecosystem’s memes into the spotlight, with one meme’s market cap exceeding $2 million. In this context, the one-click meme token launch platform BYIN emerged on TON. BYIN provides users a simple, fast, and secure way to create and launch meme tokens. This article will give a detailed overview of BYIN’s features, its technical architecture, and how it capitalizes on TON’s strengths to support meme token issuance.

BYIN Product Overview

Similar to Solana’s one-click meme launch platform Pump.fun, BYIN’s key features include easy token creation, platform-based fundraising, dynamic pricing through a Bonding Curve, and seamless integration with DEXs. Specifically:

1. Token Creation: Users just need to provide the token name, description, and an image. After paying a small fee, they can initiate the fundraising process for their token.
2. Platform Fundraising: Users choose their favourite meme token, enter the number of tokens they wish to buy, and by completing the purchase, they automatically participate in the fundraising for that token.
3. Dynamic Pricing: On BYIN, the initial sale price of meme tokens is determined by a Bonding Curve. As more users purchase the token, the price increases, reflecting market demand in real time. This approach prevents manipulation, promotes fairness, and allows more participants to enter at a reasonable price, creating a balanced and inclusive market. Since the product has not yet launched, BYIN has not disclosed the exact algorithm for its Bonding Curve. (Note: Bonding Curve is sometimes translated as “联合曲线” but a more accurate term would be “price variation function,” which means that token prices change as sales progress.)
4. DEX Integration: Once the amount of purchased tokens reaches a set target, BYIN will add liquidity to TON’s DEX platform, forming a trading pool and burning the corresponding LP (liquidity proof).

Source: BYIN Website

Additionally, BYIN offers special services via Telegram. These include a bot that provides alerts (such as portfolio amounts, trending tokens, quick responses to new tokens, etc.) and a management bot that makes it easy for users to issue and manage their meme tokens and communities.

Recently, BYIN launched a staking feature. According to the website, staking $BYIN unlocks exclusive rewards, including partner tokens and other perks.

The IDO UPer round opened on August 26 and is only available to $UP token holders. Holding and staking $UP allows users to earn token rewards and potential allocations.

Token Model

According to the whitepaper, $BYIN is the primary token of the BYIN meme token launch platform. It encourages user activity and can be used for various purposes, such as reducing transaction fees, meme issuance fees, and advertising costs. The team has promised to use platform revenue to buy back $BYIN.

The total supply is 1 trillion tokens, with 70% allocated to the community, 15% for liquidity, and 15% for the IDO. The IDO has been completed, and all tokens have sold out. BYIN has partnered with exchanges like Gate, OKX, Bitget, and several prominent TON projects.

Since its launch, BYIN has gained a large user base. Approximately 1.5 million users have claimed $BYIN through Telegram, with over 460,000 monthly active users (MAU) and over 200,000 stakers.

BYIN Token Model (Source: BYIN Whitepaper)

According to Cryptorank data, BYIN raised $200,000 during its IDO and now has a market cap of $1.01 million. The official roadmap outlines that BYIN will launch BYIN Launchpad Beta after the IDO, list tokens on exchanges, and then launch the BYIN Launchpad Public. These steps demonstrate BYIN’s clear strategy and steady progress in development.

According to DefiLlama data, as of August 27, the meme token platform Pump.fun in the Solana ecosystem had generated nearly $97.67 million in cumulative revenue, with a TVL of $5.1 billion. In comparison, TON’s TVL, where BYIN operates, is only $310 million, indicating a weaker foundation in the DeFi space.

Pump.fun Cumulative Revenue (Source: DefiLlama)

Despite this, BYIN benefits from the unique advantage of utilizing the Telegram social platform. With 9 million monthly active users, Telegram provides a huge potential user base and marketing channel. This strong social network support helps BYIN effectively promote and quickly grow its user base.

Conclusion

While BYIN may not yet match Pump.fun’s success in DeFi foundation or revenue scale, its future remains bright. With the backing of a robust social network and a growing user base, BYIN has the potential to expand its influence through continued innovation and strategic adjustments. Whether it can match or surpass Pump.fun’s achievements depends on how well BYIN capitalizes on its social advantages and deploys broader, more attractive DeFi applications in the TON ecosystem.