Cooking.City Launches on Solana: A Recipe for On-Chain Success?

Cooking.City brings a fresh approach to Solana launches, focusing on sustainability and community. Will its innovative point system and conviction pool change the game?

Cooking.City Launches on Solana: A Recipe for On-Chain Success?

The world of Solana launches just got a little spicier! Cooking.City, a new fair-launch platform, has officially launched, aiming to shake things up with its focus on ecosystem sustainability and long-term development. Backed by institutional investors like Jump and CMT Digital, Cooking.City is bringing a unique flavor to the table.

Value Redistribution: The Core Ingredient

Forget the usual launchpad model. Cooking.City is all about redistributing value back to the community. They're not just extracting; they're giving back. Users can dive into the rules of rewards and point history on the dashboard, with top referrers and traders snagging some serious reward multipliers.

Cooking Points: A Multi-Layered Incentive System

So, how do you earn these coveted cooking points? Here's the breakdown:

• Trading: The more you trade, the more points you rack up. And if you're trading tokens with high market caps and healthy volumes – designated as Michelin Tokens – you'll get bonus points multipliers.
• Referrals: Share your referral code and earn up to a 10x multiplier based on your referrals' trading activity. Talk about a sweet deal!
• Social Quests: Liking, commenting, sharing official tweets, and using the #CookingCity tag can unlock even more point rewards. Get social and get rewarded!

Your personal dashboard updates daily, retroactively calculating points based on your activity since launch. And the best part? These points will be directly tied to future airdrop events. Cha-ching!

Conviction Pool: Putting Developers on the Hook

Cooking.City's Conviction Pool is a game-changer, holding developers accountable and helping traders identify quality launches. Developers who opt in deposit SOL and set a price that signals their conviction in the token.

If the token graduates, the conviction pool activates. If the price dips to a set level, users can swap their bought tokens into SOL from the conviction pool, acting like an insurance policy. If the price stays above that level, the developer gets their SOL back. It's a win-win (unless you're a low-effort launch, in which case, you're out!).

A Marketplace of Conviction

Cooking.City isn't just a launchpad; it's creating a marketplace of convictions, allowing builders and investors to put their faith where their mouth is. The team aims to diversify asset issuance and capital matchmaking through their evolving infrastructure and mechanisms.

My Take: A Promising New Ingredient?

Cooking.City's focus on community and sustainability is a breath of fresh air in the often-cutthroat world of crypto launches. The Conviction Pool, in particular, seems like a smart way to filter out low-quality projects and protect investors. The success of similar mechanics in traditional finance (like escrow accounts or performance bonds) suggests this could be a powerful tool.

However, the effectiveness of the point system will depend on its implementation and the overall health of the Solana ecosystem. Will it truly incentivize long-term participation, or will it simply attract short-term traders looking for a quick buck? Only time will tell.

The Bottom Line

Cooking.City is serving up a bold new vision for Solana launches. Whether it becomes a five-star Michelin experience or just another flash in the pan remains to be seen. But one thing's for sure: it's definitely worth keeping an eye on. So, grab your forks and get ready to dig in! Who knows, you might just find the next big thing simmering on the Solana blockchain.