- Bags is a Solana memecoin launchpad.
- The platform rewards creators with royalties from memecoins.
- Significant uptick in memecoin trading in the last 30 days.
Memecoin launchpads are multiplying, but a platform called Bags seems to have found a way to stand out: pay royalties to the artists and internet personalities who created the memes.
The strategy seems to be working. The platform has amassed more than $1 billion in trading volume in the last 30 days, according to data from Jupiter, a Solana decentralised exchange aggregator.
The two market leaders’, Letsbonk and Pump.fun, 30-day numbers of $14 billion and $13 billion dwarf that figure.
Still, it’s a significant early grab at market share from a platform that only launched in May. Right now, Bags is the fastest growing memecoin launchpad on Solana based on revenue, according to DefiLlama.
The platform’s pitch puts a different spin on memecoin launches. Creators can spin up tokens based on art, memes, ideas, or even social and political movements.
But the creators must specify a recipient for royalties paid out from the fees collected from trading the token. The recipient is usually the artist, meme creator, or convener of the movement.
Launchpads likePump.fun and LetsBonk don’t work that way. Anyone can create a memecoin, even tokens potentially tied to copyrighted source materials.
In November, Phillip Banks, creator of the Chill Guy accused the creators of a memecoin tied to the character of copyright theft.
Yet for all of its creator-first posturing, Bags rewards still seem as lopsided as the wider memecoin market. Even as some creators are raking in six-figure royalty payouts, the tokens themselves have plummeted in the last week, leaving traders with significant losses.
The top two memecoins launched on Bags, BTH and NYAN, are down 20% and 32% in the last 24 hours. Both tokens have a combined market value of about $8 million.
Bags’ growing popularity comes at a time of resurgence in the memecoin market as the sector has topped $77 billion in value, an 11% uptick in the last 30 days.
Trading volume during this period has also risen by more than 45%. Solana, the major blockchain for memecoins, has also seen a surge in newly created tokens.
Bags didn’t return several requests for comment.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
