Moonshot: Can fiat currency also buy Memecoin?

Author: shaofaye123, Foresight News

Recently, Moonshot has attracted a wave of attention. Under the super cycle of Memecoin, more and more projects and users are starting to participate. The emergence of Moonshot at this time is not just about simple fiat deposits and optimizing user experience. The Cat Meme Popcat has a market cap of 1 billion but cannot list on CEX, while new users still face significant barriers to using on-chain trading. The demand for user purchases is hard to meet, and the flow of funds in Memecoin remains limited to on-chain. Moonshot positions itself between CEX and on-chain, creating conditions for injecting off-chain funds into on-chain Memecoin, and may become the next application with a coin listing effect. This article will give you a quick overview of this Memecoin trading application.

What is Moonshot

Moonshot is an app on the App Store that allows users to directly buy and sell Memecoin using fiat currency, deployed on Solana. It aims to enable Web 2 users to seamlessly enter and easily experience Web 3. Its account registration uses common Web 2 methods, requiring no mnemonic phrases; users only need an email and FaceID to register. When trading, users do not need to understand the complex underlying knowledge of blockchain, nor do they need to have Gas, and can trade directly on their mobile devices.

Fee Standards

Deposits and withdrawals on Moonshot will incur fees charged by Moonpay. In addition to the Gas required on-chain, Moonshot's trading fees will also include a certain management fee, which will be tiered based on the transaction scale, with a minimum fee.

Advantages of Moonshot

Convenient operation method.

The typical path for users to purchase Memecoin on Solana is:

Users register a wallet address and save the mnemonic phrase ------ Withdraw SOL from CEX to serve as Gas and funds ------ Withdraw to on-chain wallet address ------ Trade on DEX/aggregator ------ Profit and withdraw SOL to CEX ------ Cash out through CEX.

In this process, users need to understand the wallet and Gas required for the blockchain, have an account on CEX and save the on-chain mnemonic phrase, and be familiar with the DEX for trading on that blockchain.

Moonshot simplifies this path by allowing trading through mobile devices using Web 2 login and registration methods, enabling users to recharge using Apple Pay / credit card / Paypal. No Gas is needed for trading, and profits can be seamlessly cashed out. From account creation to deposit arrival takes only a few minutes, greatly shortening this trading path.

Basic security attributes.

Memecoin trading carries extremely high risks, and there are often issues like RUG and PiXiu on-chain. New users facing the dark forest of Web 3 are highly likely to encounter scams. However, before listing coins, Moonshot conducts certain screenings, which will provide a protective barrier for new Web 3 users.

Strong dissemination effect.

Moonshot has a strong dissemination effect in Web 2, due to the lowered entry barriers and its ongoing new user invitation activities, which have brought in considerable organic traffic. This creates conditions for Memecoin to break out of its niche, and this strong breadth of dissemination will bring about significant wealth effects; GOAT has seen a 30-fold increase since being listed on Moonshot.

Capital flow brings new wealth effects.

In addition to the wealth effects brought by dissemination, the influx of new funds and users will bring more liquidity. Moonshot has only been launched for 3 months since July, but it has already sparked widespread discussion. The simplification of social login and fiat deposit processes may bring more new users and new funds to the Solana ecosystem, bridging the connection between on-chain Memecoin and off-chain funds.

New users who want to invest in Memecoin but do not know how to purchase it may find a convenient trading platform with a strong coin listing effect and security guarantees to be essential. The emergence of Moonshot may exert some pressure on the survival space of third-tier exchanges, and whether on-chain Memecoin can attract greater liquidity is worth looking forward to.