Original | Odaily Planet Daily (@OdailyChina)
Author｜Nan Zhi (@Assassin_Malvo)
On September 2, the Pump platform GraFun launched a registration and deposit campaign. One day later, the official announced that 500,000 users had registered. Later on September 20, GraFun announced that it had received support from DWF Labs and Floki, and the community began to promote the project on a large scale. The current registered addresses have exceeded 2.39 million.
After completing the activity, users will receive GRA (the official has not yet specified whether it is a token or a point), and the main way to obtain GRA is to hold BNB in the wallet. This activity will end in two days. What is the current distribution of points? Is it still in time for the last train? Odaily will analyze the on-chain data in this article to try to answer this question.
A quick overview of the protocol mechanism
GraFun is essentially a PumpFun-like project with modifications to the Bonding Curve mechanism. GraFun disclosed that its internal Bonding Curve was designed by DeXe Protocol and named Fair Curve.
DeXe said that the traditional Bonding Curve has problems with price manipulation and frequent Rugs due to the large difference in purchase prices. In GraFun's Fair Curve model, a portion of the tokens purchased by traders will be allocated to the DAO treasury managed by token holders, aiming to reduce the circulation and reduce the risk of early buyers dumping the market.
Under this model, early buyers pay a lower price but contribute a larger share to the DAO (which in turn raises the price for early buyers). As more and more participants join, the token price rises and the portion sent to the DAO gradually decreases.
After the internal trading of tokens is completed and liquidity is added to DEX (such as PancakeSwap), 42.5% of the token supply will be retained in the DAO, controlled by the community, and can be used for long-term operations such as incentives, liquidity, and listing. However, DeXe has not yet disclosed the channels and processes through which the community can operate this part of the tokens.
Points Activities
Basic Requirements
During the registration stage of GraFun, you need to complete the wallet linking and Telegram account verification steps. Since Telegram is a mandatory step, whether you can complete it depends on how many Telegram accounts the user has.
After completing the registration, basic tasks include inviting new users, subscribing to YouTube, changing the Telegram account name, etc. It is suitable for users who have a large number of Telegram accounts but limited funds.
The most important source of points is to hold BNB in your wallet:
BNB Holding Rules
After registration, you can get GRA by holding more than 0.05 BNB in your wallet (no need to deposit into the agreement), and the points are settled every hour. After registration, the longer BNB is stored in the wallet, the higher the additional GRA incentive will be. The official correspondence between BNB and GRA is as follows:
0.05 BNB = 6.2 GRA/hour;
0.1 BNB = 8.3 GRA/hour;
0.5 BNB = 15.9 GRA/hour;
1 BNB = 20.7 GRA/hour;
10 BNB = 42 GRA/hour;
Obviously, as BNB holdings increase, the efficiency of obtaining GRA slows down rapidly, so the efficiency of multiple accounts is obviously higher, but it depends on whether users can register/purchase Telegram accounts in batches.
In addition, the functional relationship between the two, which Odaily fits, is approximately f(x) = 19.58 ⋅ x^( 1/3 ). For example, if you hold 100 BNB, you will get 89.5 GRA per hour. Readers who plan to make further calculations can refer to this.
Detailed explanation of points
Odaily extracted 100,000 unique wallet addresses that had conducted transactions on September 21, and used the official website API to query whether these 100,000 wallets had GraFun points. It was found that a total of 1,612 wallets had this point, and the points were divided into two categories: "basic task points" and "BNB holding points", among which:
There are 890 addresses with a basic score of 900 points (accounting for 55.2%), followed by 203 addresses with 300 points (accounting for 12.6%), and the top three addresses are 127,200 points, 32,000 points, and 24,000 points respectively. The average score is 1,018 points.
Among the 1612 wallets, 548 have no BNB holdings and have only completed basic registration and social media tasks. 1064 addresses have deposited BNB, and as of 21:00 on September 22, they hold an average of 1539 points, as shown in the following figure. Assuming that this score is reached within 48 hours, a single number needs to deposit 4.39 BNB ((1539/48/19.58)^3). If it can be divided into 5 numbers, only 0.05 × 5 = 0.25 BNB is needed.
Furthermore, 100,000 non-duplicate wallet addresses experienced approximately 17,500 blocks (7 hours), and the average score of 1,612 addresses was 2,034 points. This activity lasted for 20 days, so the total score is estimated to be 20 × 24/7 × 1,612 × 2,034 = 224 million. Readers can predict their own share based on this total score.
