Welcome to the “Prop AMM” moment of token launchpads
| 🐣 Hatch | 💊 Pump | |
|---|---|---|
| Liquidity (For Traders) | Deep: smooth trades | Thin: fragile charts |
| Liquidity Position (For Dev & LPer) | Active, high-frequency, precise | Passive, diluted |
| Price rally | Liquidity remains thick as token price rises | Liquidity gets thinner as token price rises |
| Trading UX | Transparent order book | Blind bonding curve |
| Fee generation | >10x more | Small, negligible |
| Liquidity Provider (LP) access | Immediately after launch | Bottleneck until LPer pays pool creation cost |
| Token attention & discoverability | Instantly on screeners | Instantly on screeners |