Angelo retweetledi
I'm not one to call things out like this in public, but given the current state of things, especially following a lot of the discourse related to the falling out with core Bonk coin communities, I feel like I need to air some things out. It is not a single thing, but more a culmination of many things that compounded.
Remember the USD1 slippage issues, especially with Axiom (and perhaps other trading platforms I was unaware of)? I got in contact with the Raydium/Bonk team and brought that up while simultaneously explaining how I stumbled upon it (developing BOMP). No response for two days, so I follow up. They get back and are looking into it, and they do identify some routing issues, particularly with axiom and USD1 pools. Awesome. Two more days go by. Nothing from them. I follow up again. "Hey was there ever any resolution with that?"
I get a "yes." That's it. No update, nothing more.
This isn't a small issue. I was consistently noticing anywhere from 5%-12% slippage needed through axiom. Over hundreds of millions of $ in volume over time...we are talking millions of dollars lost to slippage on USD1 pairs. Not even a 'thanks for bringing this to our attention' or acknowledgement. I was the one who had to follow up with them to see if anything was done about it, when this is something that helps THEIR users.
Ok whatever. At least some of the routing stuff is resolved, hopefully this at least opens the door to talk more openly about some of the larger issues with launchpads and I can share my thoughts on how we can start shifting back to a more PvE mentality. I do a lot of lengthy explaining, going in depth on BOMP itself but also broader market dynamics, showing that I understand the nuances of this market and genuinely care about making it a better experience for user (but in a way that can still benefit launchpads). I get a few nothing responses after a few follow ups, and then eventually ask to speak to tom. Then crickets.
A few days to a week later, I tag Tom in an X post to try and get his attention (not the first time). That same day I finally get a DM from Tom, "hey what's up". No more than 10 minutes go by and I respond, once again, speaking specifically to my goals with BOMP, but also broader launchpad issues and dynamics, and I just want to spark a discourse. A day goes by. I follow up. Nothing. 2 More days, follow up. Nothing. A week now, still no response.
I know...big surprise that the folks who work on some of the most extractive on-chain products don't have users interests in mind, but it's clear to me at this point that despite the optics they try to present on X, most are either too out of touch to realize what is needed to change things, or they simply don't care.
This isn't the first time I've reached out with good intentions and been met with complete lack of interest or flat out resistance. Many many months ago I even created a pitch deck outlining a full rework for creator fee structure and was basically told to fuck off.
And although the bulk of my interactions have been with BonkFun related people, the same obviously goes for PumpFun and any other launchpad that exists.
So what now? Building a launchpad from scratch, the right way, is very hard. I'm not talking about using raydium's launchlab or Meteora's DBC and slapping a frontend on it and calling it a new launchpad. The entire model and infra needs to be reworked. Incentives need to be aligned so that the same things that benefit the launchpad, benefit the users. I have some ambitious ideas for how that happens, but as a single person with other work, I do not have the time nor the money to take that on alone.
So what I can do for now, is continue building on top of what exists, in hopes that it can move the needle in the right direction. I love the BOMP project as it is and I think even if it doesn't see full adoption as a launchpad peg 'wrapper,' it's a bold on-chain experiment and a statement in itself. But that being said, I've said since the beginning of this that I see it as a fluid project. I've been quiet but have actively been testing some things related to creator fees. I don't want to promise a timeline but just know that I'm still here iterating.
It's a shame that in an attempt to get a message across I have to resort to calling things out publicly, but here we are. I'm still very open to talking to teams of either launchpad and I do believe there is a path forward, if the goal is to truly make the on-chain experience a better one (even if it means sacrificing short term profit for longevity). My DMs are always open.
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