With a special focus on DeFi, the Flow World Tour made its first stop at ETHGlobal in Singapore, where hundreds of new developers joined the ecosystem, 50 new applications were built, and at least a quarter of participants chose to hack on Flow. The World Tour’s next stop is ETHGlobal San Francisco this October 18-20th, 2024, with a special category for sports apps.
With so many entrants at ETHGlobal Singapore, choosing a winner was difficult. Ultimately, the team behind Pump.Flow, an app poised to be the first meme token launcher on Flow, won the hackathon.
Meet Pump.Flow
Meme tokens have captured the minds of Web3 traders. However, alongside the sometimes irrational hype that has the power to launch them into orbit, this sector also suffers from a dark shadow—the rug pulls launched by deceitful developers.
For the uninitiated, a rug pull happens when a malicious developer creates a token and hypes it to users, encouraging them to buy into the liquidity pool. Once the token has reached a sufficient trading volume, the malicious developer will typically withdraw or “pull” their liquidity from the pool, leaving the remaining token holders with worthless assets.
This can be done in several ways: directly removing liquidity from the Liquidity Pool (LP) tokens representing a stake in the pool, introducing transaction fees that absorb nearly all trading volume, or revoking trading privileges. In each case, the developer absconds with the funds, and holders are left with worthless tokens.
Pump.Flow debuts as the first meme token launch platform on Flow designed to be unruggable. As a telegram MiniApp, Pump.Flow has access to the chat platform’s billion or so users. A bonding curve attached to every token launched on the platform ensures fair pricing and a balanced supply.
To solve the major issue of rug pulls in the meme token space, Pump.Flow automatically burns the LP tokens, preventing a launching developer from withdrawing liquidity or manipulating the pool, thereby ensuring stability and security for token holders.
Why Pump.Flow Is Built On Flow
Flow provides the affordability, speed, and scalability needed for seamless technical integrations. Meanwhile, the Flow ecosystem presents a unique opportunity for a meme token launchpad, where strong community support plays a crucial role in the success of tokens.
The development of Pump.Flow saw two major challenges: implementing the bonding curve math and sending tokens to the DEX once they hit the curve. However, these hurdles were overcome thanks to Flow EVM, which made it possible to use Solidity for problem-solving. The team used Next.js to make the interface faster and smoother, while Supabase powers real-time data handling for a more responsive backend.
Everything on the app is attuned to a balanced user experience. The bonding curve ensures fair pricing by adjusting token prices as demand increases. Early buyers benefit from lower prices, but as more tokens are purchased, the price increases, creating a balanced system for both early and later participants.
A bonding curve helps keep the balance between supply and price by automatically adjusting the token price as more tokens are bought. The price starts lower, giving early buyers an advantage, but as more tokens are purchased, the price gradually increases. This ensures that the value of the token grows along with demand, creating a fair system for both early and later buyers.
Plans and Updates for Pump.Flow
“We're thrilled to have built Pump.Flow, but this is only the beginning. Our vision is to keep enhancing the platform with new features like leaderboards and referral codes, fostering a more engaged and interactive community. We are going to become the most used app on Flow EVM.”
Want to Build on Flow?
Join the Flow World Tour at ETHGlobal San Francisco this October 18-20, 2024, and check out the Flow Developer Portal to get started building the viral app of tomorrow, today.
