GraFun：BNB 鏈上 memecoin 的新啟動板如何運作？

這是基於 BNB 鏈的下一代 memecoin 啟動板。其創新之一是所謂的公平曲線，旨在最大限度地降低風險

A new memecoin launchpad is getting ready to launch on BNB Chain, and it has already gathered more than 3.8 million pre-registrations.

一個新的 memecoin 啟動板正準備在 BNB Chain 上推出，並且已經獲得了超過 380 萬的預先註冊。

Over 300,000 users have already funded their wallets in anticipation of the launch.

超過 30 萬名用戶已經為該產品的推出做好了準備。

The launchpad, called GraFun, is a next-generation memecoin launchpad, based on BNB Chain.

該啟動板名為 GraFun，是基於 BNB Chain 的下一代 memecoin 啟動板。

One of its innovations is the so-called Fair Curve, created to minimize the risks of rug-pull, and price manipulation, with the aim of ensuring truly fair launches.

其創新之一是所謂的“公平曲線”，旨在最大限度地減少拉動和價格操縱的風險，以確保真正公平的發布。

The new launchpad is supported by Floki, DWF Labs, DeXe Protocol, and HOT Protocol.

新的啟動板由 Floki、DWF Labs、DeXe Protocol 和 HOT Protocol 支援。

Floki is one of the most important memecoin, while DWF Labs is a next-generation liquidity partner. DeXe on BNB Chain turns out to be one of the top 3 dApps for TVL, while HOT Protocol is a rapidly growing on-chain application with 20 million users.

Floki 是最重要的 memecoin 之一，而 DWF Labs 是下一代流動性合作夥伴。 BNB Chain 上的 DeXe 是 TVL 的三大 dApp 之一，而 HOT Protocol 是一個快速增長的鏈上應用程序，擁有 2000 萬用戶。

The innovation of the new memecon launchpad on BNB Chain: GraFun in detail

BNB鏈上新memecon啟動板的創新：GraFun詳解

The traditional bonding curve model on which memecoin launchpads are based tends to favor early adopters, at the expense of sustainable growth.

memecoin 啟動板所基於的傳統聯合曲線模型往往有利於早期採用者，但以犧牲可持續增長為代價。

This generates strong price fluctuations with the risk of market manipulation.

這會產生劇烈的價格波動，並有市場操縱的風險。

In such a scenario, pump-and-dump schemes and bot-driven attacks are frequent, but GraFun aims to correct these flaws with its Fair Curve.

在這種情況下，拉高轉儲計劃和機器人驅動的攻擊很常見，但 GraFun 旨在透過其 Fair Curve 來糾正這些缺陷。

This curve starts with the same formula as traditional launchpads, namely the classic AMM model x * y = k.

此曲線以與傳統啟動板相同的公式開始，即經典的 AMM 模型 x * y = k。

However, it also introduces a contribution fee, which decreases as the curve progresses.

然而，它也引入了貢獻費，該貢獻費隨著曲線的進展而減少。

So at the beginning, users on one side benefit from the lower price of the token, but purchases are subject to a contribution fee of up to 60%.

因此一開始，一方面用戶受益於代幣較低的價格，但購買時需要支付高達 60% 的貢獻費。

Instead, as more tokens are purchased, and the bonding curve progresses, the fee gradually decreases, reaching 0% only at the end of the token sale.

相反，隨著購買更多代幣以及聯合曲線的進展，費用逐漸下降，僅在代幣銷售結束時達到 0%。

This should ensure a fair entry even for subsequent buyers.

這應該確保即使對於後續買家來說也能公平進入。

The contribution commission

貢獻佣金

The contribution fee is not lost, and it is not absorbed by the creator, but it is deposited in a DAO Treasury.

貢獻費不會遺失，也不會被創作者吸收，而是存入 DAO 金庫。

Once the curve is completed and 80% of the tokens are sold, the token migrates to PancakeSwap and the DAO funded by the Treasury is created.

一旦曲線完成並且 80%​​ 的代幣被售出，代幣就會遷移到 PancakeSwap，並創建由財政部資助的 DAO。

At that point, the token holders automatically become part of the DAO, obtaining governance rights over the Treasury directly on the DeXe protocol.

屆時，代幣持有者將自動成為 DAO 的一部分，直接在 DeXe 協議上獲得對 Treasury 的治理權。

This also means that the first buyers, even though they are buying at the best price, have to wait for more buyers to arrive before making significant profits, as they have to pay the fees that go to the DAO.

這也意味著第一批買家即使以最優惠的價格購買，也必須等待更多買家到來才能獲得可觀的利潤，因為他們必須向 DAO 支付費用。

This design also serves to discourage bots and short-term speculators, to reduce volatility and to create a more stable price trajectory.

這種設計還可以阻止機器人和短期投機者，減少波動性並創造更穩定的價格軌跡。

The DAO: how to participate

DAO：如何參與

As the tokens are sold, and the fees are assigned to the DAO, the total supply available for the sale decreases, thus creating more room for potential price growth after the listing.

隨著代幣的出售，費用分配給 DAO，可供出售的總供應量會減少，從而為上市後的潛在價格增長創造更多空間。

The objective is to make the launches on GraFun safer and more attractive for long-term speculators.

目的是使 GraFun 上的發布更安全，對長期投機者更具吸引力。

The DAO is created on the DeXe protocol, and gives each token holder a vote.

DAO 是在 DeXe 協議上創建的，並賦予每個代幣持有者投票權。

This ensures that decisions are not centralized, as is the case on other launchpads.

這確保了決策不會​​像其他啟動板那樣集中。

The Treasury of the DAO can also be used for listing fees, liquidity provision, marketing, or even development grants, in order to provide a solid foundation for future growth.

DAO 的金庫還可用於上市費用、流動性供應、行銷，甚至開發補助金，為未來的成長提供堅實的基礎。

The DAO also supports rewards for on-chain voting, with 1% incentives per vote that encourage active participation in governance.

DAO 也支持鏈上投票獎勵，每票獎勵 1%，鼓勵積極參與治理。