Intro
- Hi, I’m Matt but I go by ‘Gwei2High’ or ‘Gwei’ online and I’ve worked in DeFi, primarily on EVM compatible networks for the past 3 years. In talking to users and community members, getting rugged or seeing a once exciting investment dump to oblivion is an all too common occurence in the entire crypto industry. My cofounders and I have experienced this firsthand in both tokens and NFTs. Additionally, we’ve also seen it happen time and time again from the sidelines. It’s something that brings the people who keep working, trading, creating or contributing within the crypto industry together; however, it’s also one of the primary reasons that newcomers are quick to just pop their heads into the space before getting rugged and leaving forever. This is a big problem and with Solana’s unique properties, it’s one that can be addressed in a fun, gamified way. Enter DumpFun.xyz.
What’s DumpFun.xyz?
- DumpFun is an innovative Solana DAPP designed to help cryptocurrency holders eliminate bad tokens from their wallets and portfolios. In the rapidly evolving crypto landscape, many investors find themselves holding tokens that have lost value, become illiquid, or were parts of questionable projects. DumpFun provides a fun and rewarding way to cleanse your portfolio by burning these bad tokens to reclaim Sol while also earning $DUMP points that can be used within the ecosystem. By leveraging smart contracts, game theory and decentralized finance (DeFi) principles, DumpFun aims to bring a sense of relief and entertainment to crypto enthusiasts who are tired of holding onto worthless tokens while generating awareness and encouraging caution to newbies.
Core Team members
- Matthew Powers Founder/CEO X: @Gwei2high Discord: gwei.gwei
- Ved GPT Founder/CTO X:notvedgpt DC:vedGPT
- Andy Keh Founder/CTO X:ayekeh
- Karan Patel Senior Developer X: karnpatel21 DC:karanp_
Background information in the ecosystem
*My team and I bring a ton of experience from the EVM, Polygon and Solana networks alike. I, Matt, worked for the O3 Swap team for 2+ years as a Business developer and marketer before I conceived of this idea. Ved is a fullstack developer and chief Based Brett admin (the top memecoin on Base), investor and bullposter who created an NFT launchpad called Kometverse on the Polygon blockchain and Andy is a fullstack dev with AI experience, who was previously the founder of a copytrading project on Solana. His his past experience as a founder on Solana has been extremely valuable to our progression from the seed of an idea to a working site and Dapp demo. Karan’s worked on Kometverse and a litany of other projects in the past as a frontend and UI/UX developer.
Jupiter Ecosystem and you
- There are good memecoins, but there are also millions upon millions of ‘sh!tcoins’. Most people following this space can acknowledge this fact. Anybody who’s been in the space for the last 6 months has heard of PumpFun, the phenomenon of Q2 and Q3 in 2024, but I’m here to tell you that Jupiter and the Jup DAO can get in on the ground floor of the protocol that’s doing the inverse of PumpFun, DumpFun.
Why’s that exciting? For the past 5-6 months, Solana users have had varying degrees of luck in the creation and proliferation of their very own meme coins thanks to PumpFun and later MoonShot. Dumpfun is going to reward users for doing the opposite- dumping their worst meme coins to earn $DUMP points and a Solana rebate, all thanks to the way that the Solana network functions differently than other chains.
Users can already get Solana rebates thanks to Sol incinerator, a project that allows you to burn coins and NFTs forever and get a small 0.01 Solana rebate for doing so. Where DumpFun differs is that we can reward users for both selling (dumping) and burning (flushing) any and all of their coins to get Solana and an added $DUMP bonus. We can provide devs/founders added incentive to burning, all while users convert their worst memes into Solana or else reduce supply for their favorite projects via our burning mechanism. Currently, there’s not much of an incentive for supply reduction, forcing normal founders to, quite literally set money on fire, without any direct incentive for doing so other than a small Sol rebate. DumpFun changes this.
Flush the supply of good coins forever, dump any bad token whatsoever!
Partners, supporters, and collaborative efforts
We are open to any and all collaborative efforts with projects within the Solana ecosystem, especially within DeFi. Currently we do not have any official partners or supporters. We’re striving to change this soon.
What we do have is the frontend of a working Dapp and a need for a backend and smart contract developer. We’re also applying to all the grants and talking with a number of investors to give us the runway to further foster the memecoin dumping meta!
Potential synergies between you and Jupiter users, DAO, holders
Using the Jupiter API as part of our buy/sell functionality on the DAPP would be a no brainer for us. Users could earn $DUMP points (eventually tokens) simply for using our frontend UI/UX, thus creating a funnel to the burning mechanism. We’d also provide a way for all Jupiter users to clean their wallets in order to get $DUMP points as added incentives. We’re also huge admirers of Jupiter’s DAO ecosystem and would love to tap emulate it when it comes to governing our own DAPP. As for holders of $JUP, we’d be happy to offer an allocation of our own token at TGE. It’d be irresponsible not to offer it.
Approximate date for TGE
Approximately 12/31/2024 or December 31st, 2024.
** Vision Category**
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If your project were to succeed, how would it fundamentally change the web3 space?
It’d be the first gamification of burns and sells that effectively becomes the ‘Blur of memecoins’ in the space. It’d make a huge impact to eliminate bad tokens and highlight bad actors in a gamified way while showcasing the best of the best projects that deserve more attention. -
What would you say is your biggest challenges or obstacles as a project?
Doing a better job than Sol Incinerator will be a challenge. We’re very much admirers of the project but we think the dump and flush mechanism has so much potential, especially when paired with a memecoin incentive that’s focused on an anthropomorphic toilet such as Dumpy, our main character!
*It’s also been pointed out that ‘dumping’ might be hard to market effectively because of the negative connotations, but for now, I like the name better than FlushFun for obvious reasons~ it rhymes with PumpFun, which has been a huge success. Dumping is also a common term in the crypto space whereas ‘flushing’ is not.
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What advice would you give to another team launching a token in web3?
Don’t do it unless you’re willing to commit years of blood, sweat, tears and cramped fingers which is something I’m currently experiencing. This is what I bring to the table. I’m asking you not to just bet on the horse, in this case DumpFun, but also on the jockey, in this case me, Gwei. -
What is something most tokens get wrong, and what steps are you taking to ensure that you won’t experience these pitfalls?
I think most tokens make their utility too complicated and users get lost in the sauce. Jup’s an excellent counterexample because all you have to do is stake and vote. The votes are cut and dry. Nobody’s done governance better.
I am following the example of Jup by making $DUMP a governance token that will essentially govern the gamified burning mechanism and the cosmetics of how the DAPP looks to suit the majority of the community fairly and democratically. Without their input, the DAPP won’t be successful anyway. We’re going to give them a clear, simple answer to the quesiton ‘Why would I hold $DUMP when I can dump it?!’ You’ll want to hold $DUMP because you’ll be building a public DeFi utility together with the Dump team. That will benefit everyone on Solana for the long haul.
Where we’ll differ from Jup is that $DUMP will also be a memecoin focusing on Dumpy, the anthropomorphic toilet. We think that people spend more time than ever on the toilet, and let’s face it, pooping or dumping, is hilarious. 
Appendix/About
- Website: dumpfun.xyz
- DumpFun’s X: @dumpfunxyz
- Telegram: Telegram: Contact @DumpFunDotxyz