GraFun：BNB 链上 memecoin 的新启动板如何运作？

这是基于 BNB 链的下一代 memecoin 启动板。其创新之一是所谓的公平曲线，旨在最大限度地降低风险

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

一个新的 memecoin 启动板正准备在 BNB Chain 上推出，并且已经获得了超过 380 万的预注册。

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

超过 300,000 名用户已经为该产品的推出做好了准备。

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

该启动板名为 GraFun，是基于 BNB Chain 的下一代 memecoin 启动板。

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.

其创新之一是所谓的“公平曲线”，旨在最大限度地减少拉动和价格操纵的风险，以确保真正公平的发布。

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

新的启动板由 Floki、DWF Labs、DeXe Protocol 和 HOT Protocol 提供支持。

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 是下一代流动性合作伙伴。 BNB Chain 上的 DeXe 是 TVL 的三大 dApp 之一，而 HOT Protocol 是一个快速增长的链上应用程序，拥有 2000 万用户。

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

BNB链上新memecon启动板的创新：GraFun详解

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

memecoin 启动板所基于的传统联合曲线模型往往有利于早期采用者，但以牺牲可持续增长为代价。

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

这会产生剧烈的价格波动，并存在市场操纵的风险。

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.

在这种情况下，拉高转储计划和机器人驱动的攻击很常见，但 GraFun 旨在通过其 Fair Curve 来纠正这些缺陷。

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

该曲线以与传统启动板相同的公式开始，即经典的 AMM 模型 x * y = k。

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

然而，它也引入了贡献费，该贡献费随着曲线的进展而减少。

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%.

因此一开始，一方面用户受益于代币较低的价格，但购买时需要支付高达 60% 的贡献费。

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，随着购买更多代币以及联合曲线的进展，费用逐渐下降，仅在代币销售结束时达到 0%。

This should ensure a fair entry even for subsequent buyers.

这应该确保即使对于后续买家来说也能公平进入。

The contribution commission

贡献佣金

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

贡献费不会丢失，也不会被创建者吸收，而是存入 DAO 金库中。

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.

一旦曲线完成并且 80%​​ 的代币被售出，代币就会迁移到 PancakeSwap，并创建由财政部资助的 DAO。

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

届时，代币持有者将自动成为 DAO 的一部分，直接在 DeXe 协议上获得对 Treasury 的治理权。

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.

这也意味着第一批买家即使以最优惠的价格购买，也必须等待更多买家到来才能获得可观的利润，因为他们必须向 DAO 支付费用。

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

这种设计还可以阻止机器人和短期投机者，减少波动性并创造更稳定的价格轨迹。

The DAO: how to participate

DAO：如何参与

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.

随着代币的出售，费用分配给 DAO，可供出售的总供应量会减少，从而为上市后的潜在价格增长创造更多空间。

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

目的是使 GraFun 上的发布更安全，对长期投机者更具吸引力。

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

DAO 是在 DeXe 协议上创建的，并赋予每个代币持有者投票权。

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

这确保了决策不会像其他启动板那样集中。

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 的金库还可以用于上市费用、流动性供应、营销，甚至开发补助金，为未来的增长提供坚实的基础。

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

DAO 还支持链上投票奖励，每票奖励 1%，鼓励积极参与治理。