Internet Capital Markets (ICM) are drawing significant attention within the Web3 ecosystem

Internet Capital Markets (ICM) is a concept that is drawing significant attention within the Web3 ecosystem, especially in May 2025

Internet Capital Markets (ICM) is a concept that has been drawing significant attention within the Web3 ecosystem, especially in May 2025.

What is Internet Capital Market (ICM)?

Internet Capital Markets (ICM) is a capital market system built entirely on blockchain infrastructure, enabling developers or startups to raise funds directly from the community by issuing tokens that represent future ideas or products. Unlike traditional fundraising models that rely heavily on venture capital (VC) firms, ICM democratizes the investment process, allowing retail users to participate from the earliest stages. According to DexU.ai, the price index of tokens under the ICM narrative surged nearly 14% within 24 hours, outperforming categories like CEX, Lending, DeFi, AI, and RWA, signaling a strong influx of capital and attention into this trend.

What makes ICM stand out is its rapid deployment, instant liquidity creation, and high transparency. However, the model also comes with a high degree of speculation, as token valuations are largely driven by expectations and community attention rather than actual product value.

Source: DexU.ai

How the ICM Works

The operational process of an Internet Capital Markets project typically includes the following steps:

The process typically begins with a simple post on X, where a developer announces their token using a syntax such as “$TICKER + Name”. This triggers the automatic deployment of a token, initialized through a bonding curve with limited supply and high early transaction fees to bootstrap value and discourage early exit.

From there, the token is live on Solana – the chain of choice for most ICM activity due to its low fees and fast settlement, with initial liquidity seeded via bonding mechanisms. If market participants find the idea compelling, speculative trading begins. The more convincing the narrative or community engagement, the faster the token gains traction.

Source: Believe

One of the key milestones is “graduation”, triggered when a token’s market cap reaches $100,000. At this point, liquidity deepens through integrations with Meteora pools, enhancing price discovery and stability. Builders can then claim 50% of all trading fees, with the other half going to Believe. Fee distributions are time-locked to align long-term incentives and prevent premature abandonment.

If the project succeeds in gaining attention, trading volume increases, and the developer receives a portion of the transaction fees as a reward. This provides an incentive to build an actual product, creating a self-reinforcing loop:

Token → community belief → market cap → product development → value creation.

Source: Believe

According to Believe.app, over 9,000 tokens have been launched with a combined market cap exceeding $350 million as of mid-May 2025. In some cases, developers have earned over $7 million in trading fees within the first 24 hours of launch.

Top Internet Capital Capitals Projects

The main platform behind the current ICM wave is Believe.app, which allows anyone to easily create idea tokens. The platform’s native token, $LAUNCHCOIN, has reached a market capitalization of $192 million, making it a flagship representative of the decentralized funding trend.

Some other prominent tokens within this ecosystem include:

In addition, data from posts on X show that over 31,000 wallet addresses have interacted with tokens on Believe.app, indicating strong community engagement across the Web3 landscape.

Opportunities and Risks of ICM

Opportunities and Benefits

For developers, Internet Capital Markets open up a new path to accessing capital without the need for traditional approval or fundraising processes. They can raise tens of thousands of USD within just a few hours if the token gains strong community support.

For individual investors, ICM offers a chance to get in early on breakthrough ideas, with the potential for multi-fold returns if the project succeeds. This is reminiscent of the early ICO boom in 2017 or the DeFi Summer of 2020.

For everyday users, becoming an “on-chain shareholder” goes beyond simple trading – it includes participating in governance, proposing ideas, and receiving rewards from the project’s growth.

User Score

9.9

Promotion

-10% Trading Fees

Get 10% Lifetime Cashback on Every Trade

Risks and Controversies

While Internet Capital Markets represent a bold reimagining of early-stage crypto fundraising, the model is far from risk-free. In fact, many industry observers are beginning to draw comparisons between ICM and previous speculative bubbles that promised transformation but collapsed under the weight of their own hype.

The first major risk is extreme volatility. Tokens within the ICM ecosystem are often created and listed within minutes, usually without a working product or roadmap. As a result, their prices tend to be driven purely by sentiment. When attention fades or narrative momentum stalls, the crash can be brutal.

For example, the token $NOODLE lost over 50% of its market value within 24 hours of launch