Moonshot Launches Create Feature for Memecoins via Apple Pay

Moonshot, a prominent platform in the cryptocurrency space, has introduced a groundbreaking feature that allows users to create memecoins with just a photo and Apple Pay. This new functionality, branded as Moonshot Create, was unveiled on June 27 and represents a significant expansion of the platform's iOS application. Previously, the app was primarily used for buying and trading tokens, but with this update, users can now mint Solana-based coins by simply uploading an image and paying the network initialization fee through Apple Pay.

Each newly minted coin carries a 0.5% trading fee until it undergoes a protocol event known as "bonding." Bonding locks the coin's supply to an on-chain liquidity curve, reducing the trading fee to 0.3%. Once bonded, the creator earns up to half of every swap fee generated by the pool. This feature is designed to incentivize creators and encourage the growth of the memecoin ecosystem within the Moonshot platform.

Tokens that achieve a fully diluted valuation of $1 million and complete the bonding process become eligible for preferred verification status. This status includes front-page placement within the Moonshot app, which boasts millions of monthly active users. The company positions this preferred placement as a growth loop, where verified coins appear prominently in the discovery tab, attracting additional liquidity and increasing fee income for both creators and the platform. However, the exact percentage split between the platform and verified creators beyond the 50% cap was not disclosed by Moonshot.

On the same day, another memecoin launchpad, Pump.fun, announced updates to its mobile application. The new features include a feed to track tokens experiencing rapid price increases, a one-click buy option for portions of any supported token, and a news section highlighting trending tokens. These updates come at a time when interest in memecoins has been declining in recent weeks. In April, the monthly trading volume related to memecoins on Solana grew to nearly $12 billion. However, this growth has since slowed, with the volume standing at only $47 billion this month. The memecoin sector has been one of the worst-performing out of 24 crypto sectors over the past 30 days, with an average drawdown of 30.3%.

Despite the recent decline in interest, the updates from Moonshot and Pump.fun indicate a continued focus on innovation and user engagement within the memecoin space. The introduction of Moonshot Create and the enhancements to Pump.fun's application demonstrate the platforms' commitment to making memecoin creation and trading more accessible and user-friendly. These developments could potentially revitalize interest in memecoins and attract new users to the ecosystem.