A new fundraising model gaining traction on the Solana blockchain has generated over $2.8 billion in trading volume

A new fundraising model gaining traction on the Solana blockchain has generated over $2.8 billion in trading volume since its launch in late April.

A new fundraising model on the Solana blockchain has sparked debate among investors and industry figures as it rapidly generates billions in trading volume.

The platform, Believe, launched by Australian entrepreneur Ben Pasternak on April 27, allows anyone to create and issue a token by simply sending a tweet to the platform’s official account.

This model, which some have begun calling "Internet Capital Markets," is being touted as a decentralised, market-driven approach to early-stage fundraising, in contrast to the popular memecoin launchpad platform pump.fun, which focuses on the success of the launchpad.

However, critics argue that it may be yet another streamlined system for memecoin launches, leading to a lack of consumer protection and potential scams.

Since its inception, Believe has seen over $2.8 billion in trading volume across its supported tokens, with the platform’s native token, “Launch Coin on Believe”, surging from a minuscule market value to more than $250 million within days of launch.

The combined market cap of all ICM tokens, excluding Launchcoin, is now over $200 million.

The model has drawn comparisons to previous cycles in crypto fundraising, such as the initial coin offering boom of 2017. Some investors and analysts argue that ICM presents a more accessible and efficient way for software developers and entrepreneurs to secure funding, with tokens acting as early-stage equity proxies.

“This is a launchpad for internet apps, where builders can launch ideas, and you could speculate on their ideas by buying a token,” crypto founder Hitesh Malviya said.

While this idea has quickly gained traction in DeFi circles, it is not without its critics.

Some have expressed their concern that there is no notable distinction between Believe and other launchpad projects, which have been heavily criticised for their value extraction and propagation of pump-and-dump tokens.

Offering its services to those who lost money on Believe and LaunchCoin investments, Burwick Law, a law firm specialised in crypto, said the industry is “co-opted by sophisticated actors scamming retail buyers.”

“So-called ‘Internet capital markets’ promise frictionless token launches, yet many offerings arrive with minimal disclosures and little regard for consumer protection,” Burwick Law said Monday on X.

“On platforms like Believe, anyone can spin up a coin in seconds and market it as ‘utility’ or ‘ownership’ without real transparency about who controls liquidity, fees, or treasury wallets. Retail buyers rush in; early holders rush out.”

Despite the controversy, the trend appears to be gaining momentum, with competing platforms beginning to explore similar features.

Memecoin launchpad Pump.fun’s co-founder has hinted at bringing a similar service to their platform. “CTO feature for creator revenue sharing coming soon,” co-founder Alon said.

As the competition intensifies, Pasternak unveiled on Tuesday a demo of his upcoming Believe API, which makes for an easier connection between the product and its token.

“Please excuse autism during demo,” Pasternak said.