The Solana-based token launchpad and decentralized exchange got off to a rocky start after its TGE, but has rallied fivefold from its opening day.
Just as it looked like the launchpad wars were cooling off, a new competitor has entered the arena – the Heaven launchpad and decentralized exchange (DEX).
The DEX’s native token, LIGHT, launched at roughly a $15 million market capitalization on Aug. 12, and is up 445% from its launch to an $80 million market capitalization.
Heaven launched its token via an initial coin offering (ICO), where users deposited funds into the ICO, but the team still decided the token’s opening valuation by retaining the right to refund a set percentage of the sale.
The sale concluded after just 11 hours with $27.3 million contributed, and the token launched with around 60% of the token supply circulating.
LIGHT’s began to rally after the launchpad officially opened to the public on Aug. 15. The launchpad has not birthed any major memecoins yet, but its most successful launch so far is the HALO token, representing the launchpad’s logo/mascot, which is changing hands at a $6.5 million market capitalization after reaching a high of $8.6 million on Aug 17.
Heaven touts a buyback system with 100% of revenue earned going towards LIGHT buybacks and token burns, which it calls “the god flywheel.”
According to Dune Analytics, the flywheel has purchased and burned $1.4 million worth of LIGHT after a little over three full trading days.
