Original title: (Moonshot: Can legal currency also be used to purchase Memecoin?)
Original author: shaofaye123, Foresight News
Moonshot has attracted a wave of attention recently. In the Memecoin super cycle, more and more projects and users are beginning to participate. Moonshot appears at this time, not only for simple fiat currency deposits and user experience optimization. Popcat, a cat meme, has a market value of 1 billion but cannot be listed on CEX, and it is still very difficult for new users to use on-chain transactions. User purchasing needs are difficult to meet, and the flow of Memecoin funds is still limited to the chain. Moonshot is positioned between CEX and the chain, creating conditions for outside funds to inject on-chain Memecoin. Perhaps it will become the next application with a listing effect? This article will take you through this Memecoin trading application.
What is Moonshot
Moonshot is an app on the App Store that allows the direct purchase and sale of Memecoin with fiat currency. It is deployed on Solana. It aims to allow Web2 users to seamlessly enter and easily experience Web 3. Its account registration adopts the common method of Web2, without the need for mnemonics. Users only need email and FaceID to register. When conducting transactions, users do not need to understand the complex underlying knowledge of blockchain, and do not need to have Gas. Transactions can be conducted directly on the mobile phone.
Fees
Moonshot deposits and withdrawals will be charged by Moonpay. In addition to the gas required on the chain, Moonshot transaction fees also require a certain management fee, which will be charged in different levels according to the transaction size and has a minimum limit.
Moonshot Advantages
Convenient operation
The path that users usually take to buy Memecoin on Solana:
Users register a wallet address and save the mnemonic phrase - withdraw Sol from CEX as Gas and funds - withdraw to the on-chain wallet address - trade on DEX/aggregator - make a profit and withdraw SOL to CEX - withdraw funds through CEX.
In this process, users need to understand the wallet and Gas required for the blockchain, have an account on the CEX and save the on-chain mnemonic, and be familiar with the DEX for trading on the blockchain.
Moonshot simplifies this path. Through the Web 2 login and registration method, transactions can be conducted on mobile phones, and recharge can be performed using Apple Pay/credit card/Paypal. No gas is required for transactions, and cash can be withdrawn seamlessly after making a profit. It only takes a few minutes from account creation to deposit, which greatly shortens the transaction path.
Basic security properties
Memecoin transactions are extremely risky, and there are often problems such as RUG and Pixiu on the chain. New users are very likely to encounter scams when facing the dark forest of Web 3. Moonshot will make certain screening before listing coins, which will build a protective barrier for new Web 3 users.
Strong communication effect
Moonshot has a strong dissemination effect in Web 2. Due to the lower entry threshold and the current invitation activities, it has brought a lot of natural traffic. It has created conditions for Memecoin to go viral. This strong dissemination breadth will bring a lot of wealth effects. GOAT has increased 30 times since it was listed on Moonshot.
Capital flows bring new wealth effects
In addition to the wealth effect brought by the spread, the injection of new funds and users will bring more liquidity. Moonshot was launched only three months ago in July, but it has already sparked widespread discussion. The simplification of the social login and fiat currency deposit process may bring more new users and new funds to the Solana ecosystem. Open up the link between Memecoin on the chain and funds outside the circle.
New users want to buy Memecoin but don’t know how to buy it. A convenient trading platform with strong listing effect and security may be a necessity. The emergence of Moonshot may squeeze the survival space of third-tier exchanges to a certain extent, and whether the on-chain Memecoin can attract greater liquidity is worth looking forward to.
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