Believe Launches $1 Million Builders Fund to Revive Platform Activity

Believe, a Web3 SocialFi platform, has introduced the Believe Builders Fund, committing $1 million over the coming months to support high-potential builders and communities. The fund will be allocated through fellowship grants, hackathons, and targeted incentives, aiming to reignite developer engagement and restore momentum on the platform.

This initiative comes at a time when Believe is experiencing a significant decline in platform activity. Token launches on Believe peaked in early May with over 4,000 tokens launched per day, but this number has steadily decreased, dropping below 100 by late June. The Builders Fund is seen as a strategic move to address this decline and foster innovation within the memecoin community.

The fund is designed to provide financial support and resources to developers and projects, encouraging the development of high-quality memecoins. Fellowship grants will offer financial assistance to individuals or teams working on promising projects, while hackathons will provide a platform for developers to showcase their skills and collaborate on new ideas. Targeted investments will be made in projects that demonstrate strong potential for growth and adoption.

The launch of the Builders Fund reflects Believe's commitment to community engagement and support. By providing resources and opportunities for developers, the platform aims to build a stronger and more vibrant ecosystem. This approach aligns with the broader trend in the crypto industry, where platforms are increasingly focusing on community-driven development and user engagement.

In addition to the Builders Fund, Believe has introduced rug protection features to safeguard users from rug pulls and scams. These features include automatic and manual fee blocking on new tokens and a standardized “BLV” contract address suffix, further enhancing the platform's security and user trust.

The token closely tied to Believe, through its founder Ben Pasternak, has also seen a sharp decline in value, shedding nearly 50% in the past month. Its market cap currently stands at $95 million, down from a peak of $312 million on May 15. The token's market cap surged from $10 million on May 12 to over $240 million by May 14, driven by hype after Alex Leiman launched NOODLE, a crypto token for a game on the Believe platform. The price spike also aligned with Believe’s peak activity, with nearly 5,000 tokens launched on May 13 and 14.

The Builders Fund is expected to have a positive impact on the memecoin ecosystem by encouraging innovation and attracting new talent. By supporting high-potential projects, Believe aims to foster a more dynamic and competitive environment, ultimately benefiting users and investors. The platform's proactive approach to addressing declining activity and investing in the future of the memecoin community demonstrates its commitment to growth and sustainability.