Snek.Fun pulls user attention in its first few hours of debut, with the Cardano-based protocol struggling to keep up with increased demand.
The Cardano network could be the next chain where the meme frenzy sojourns after the debut of a memecoin launchpad. Snek.Fun, a memecoin creator, went live on the network late Thursday and was met with enthusiasm and criticism alike.
Snek.Fun is a project affiliated with Snek, the most popular memecoin on the Cardano ecosystem. The deflationary memecoin took the Cardano ecosystem by storm after its April 2023 debut and has made notable contributions to the blockchain.
Its latest endeavor, Snek.Fun, gained traction immediately after launch, with users flocking to create memecoins on the platform. The protocol’s official X account noted that it had over 20,000 users in ten seconds, with the traffic stressing its platform.
Traffic Overloaded Snek.Fun APIs
Due to the massive influx, the protocol’s server became overloaded. This caused transactions on the platform to slow down, and users complained about unsuccessful token creation.
Moreover, users complained they made transactions on the platform and neither received their created token nor a refund, as the protocol was unresponsive for a long time. A few others criticized the developers behind the platform, noting that they didn’t stress-test before launch.
Notably, Snek.Fun posted a few hours later, confirming that it had worked on the overloaded API and transactions were flowing better. However, the team noted it was still working to improve the situation.
Transactions are starting to go through and trading is getting smoother. Still work to do, but making progress 🫡$bjorn is officially the first token to hit 1 Million ada market cap 🎉 pic.twitter.com/uVSs9TXFLK
— snek.fun (@snekdotfun) September 5, 2024
Meme Frenzy?
Meanwhile, tokens deployed from Snek.Fun has seen massive attraction after just a few hours of trading. At the time of writing, three memecoins have surpassed 1 million ADA market cap ($326,000).
Tractions of this nature were instrumental to SunPump’s success, which birthed a renewed interest in the Tron network. The Crypto Basic reported that the platform generated over $585,000 in revenue fees in 24 hours.
Notably, memecoin creation on Snek.Fun is similar to that of Pump.Fun and SunPump. However, the Cardano-based launchpad charges more than the two other protocols. To deploy a memecoin, the user would have to pay 25 ADA ($8).
Amid the Snek.Fun situation, the Cardano token saw a temporary boost, briefly rising above $0.33 before facing resistance. At the time of writing, ADA was trading at $0.3248, up over 1% in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
