Launchcoin, the native token of the Believe launchpad, is surging after founder Ben Pasternak announced a series of updates surrounding fee distribution and transparency.
Pasternak revealed a new fee claim system, where fees are blocked for the first 24 hours of every new token launch. The Believe team also reserves the right to block fee claims for new coins to discourage scams and disingenuous attempts at token launches.
The update will also feature a public coin health status, creator earnings display, and a renewed effort to increase the proportion of tokens launched via the iOS-compatible application, as opposed to through social media. According to Pasternak, “currently ~1% of coins launch via the app, we will be near ~100% by EOM.”
The token is up 35% since the update to $0.18, or a $183 million market capitalization. It traded as low as $0.1 on June 1.
LAUNCHCOIN Chart – CoinGecko
The community views the move as a step in the right direction. Many participants on crypto Twitter have been requesting a response to all of the scam tokens, as well as a token buyback flywheel mechanism.
This update is likely to significantly address the scam token issue.
Pasternak has loosely addressed the request for token buyback flywheels, teasing the community with a picture of a wheel with wings on May 26. However, no actual tokenomics change has been implemented yet.
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