Overnight, the hottest narrative in the cryptocurrency field has become “Internet Capital Markets,” with a multitude of crypto projects and founders, led by the Solana ecosystem’s new Launchpad platform Believe, releasing this phrase, along with “Believe in something,” as the new slogan to kick off the bull market on the chain.

What exactly is the so-called ‘Internet Capital Market’? Will it become a speculative slogan like Content Coin in the Base ecosystem, and what related targets are available for selection?

Financing methods in the post-VC coin era

In a financing PPT a few years ago, Solana mentioned wanting to create a “Nasdaq on the chain,” or a blockchain that operates at the speed of Nasdaq. From the current perspective of the crypto ecosystem, Solana has indeed achieved this in terms of speed. However, as “asset issuance” gradually becomes the biggest meta-narrative in the crypto space, Solana being just a Nasdaq that provides trading functionality is not as appealing.

After experiencing a series of product updates such as Pumpfun, Timefun, and Clount, Solana’s high throughput and low latency make it suitable for building a global decentralized capital market, rather than just imitating the trading model of Nasdaq. The market currently needs a more open, permissionless financing and trading ecosystem, covering a variety of assets from meme coins to NFTs to startups, which aligns more with Solana’s technical advantages.

Solana Foundation Chairman Lily Liu is a proponent of Solana’s mission to build the ‘Internet Capital Markets.’ She has explained in various online and offline settings that Internet Capital Markets refer to using blockchain technology to create a global financial infrastructure that enables all 5.5 billion internet users to participate in asset transactions in the capital markets. This vision defines ICM as a decentralized financing method that breaks down traditional financial barriers, such as complex paperwork and high thresholds.

By the end of December 2024, Akshay BD, the head of Solana’s ecosystem Superteam, mentioned the concepts of ‘Internet Capital Market’ and ‘F.A.T. Protocol Engineering’ in Solana’s 2025 marketing memorandum. He believes that in 2024, companies will go public directly ‘on the Internet’ and will be able to reach over a billion investors holding private keys - they use their funds to vote for the future they desire, not limited to stocks, but covering all asset categories, cultures, and ideas worth owning.

The rapidly warming AI issuance platform Virtuals is also doing the same thing recently. Its launched tokenization mechanism Genesis allows users to accumulate points by buying Virtuals ecosystem tokens, staking VIRTUAL, VADER, etc., and gain access permission to participate in the issuance of new projects, which is a choice for new projects to issue tokens and successfully boot up.

However, the Virtuals ecosystem mainly focuses on the Crypto+AI track, and the platform currently receiving the most attention is a coin issuance platform called Believe, formerly known as the social influence assetization platform Clout. The slogan of the Believe platform is similar to ‘Believe in Something,’ and users can reply to any tweet below @launchToken name, you can turn it into a token.

Since its launch on April 27, Believe has shown strong market momentum. It has not only gained attention from mainstream projects and founders in the Solana ecosystem, but also achieved considerable revenue. According to Believescreener data, Believe platform’s estimated revenue in the past 24 hours reached 7.62 million US dollars, with creator revenue reaching 3.81 million US dollars.

With the skyrocketing of LaunchCoin, the platform coin of Believe, other tokens launched by Believe platform have also gained market attention. These tokens are classified into the concept of ‘Internet Capital Markets’ mentioned earlier, because they have created actual products in comparison to the tokens on Pump.Fun that only have a single image.

ICM related concept coins

The current leading concept of ICM is the platform coin LAUNCHCOIN by Believe. In fact, Believe is no different from previous token launch platforms in terms of technology. If you have an idea, just launch it on X.@launchcoinAnd write the token name, you can create a token. If others believe in your idea, they will buy your token. As the creator, you can withdraw fees to put your idea into practice.

LAUNCHCOIN currently has a market capitalization of $2.35 billion, with a 24-hour increase of 220%.

Related readings: “LaunchCoin 200 times in one day, how did Believe create 200 million US dollars after returning to zero? | 100x Review》

BSCREENER

BSCREENER is the platform currency of BelieveScreener, which is a dashboard platform of Believe. The initiator is @nanowispThe token trading fee will be used to pay for website and hosting costs. There’s no token utility, no reward mechanism, and no roadmap - just a simple token to help keep the project running.

Currently, the market capitalization of BSCREENER has reached 13.6 million US dollars, with a 24-hour increase of 2500%. Due to the recent launch of the token, its subsequent performance is still to be observed.

DUPE

DUPE (Deal Unlocking Price Engine) is a tool for ‘seeking price equivalence,’ developed by @nikitabierand@ghoshalIntroducing. Just add ‘dupe dot com’ before any product page link, and the system will automatically help you find similar products at a lower price.

Currently, DUPE has a market capitalization exceeding 50 million US dollars, with a 24-hour increase of 30%.

AURA

AURA is the platform coin of Aurascope, a camera-first mobile application where users can scan real-world objects, places, and people to understand how they impact your energy, track your daily scores, build your collection, compete with friends to stay in sync with the surrounding environment, and reward contributors who post on the platform. Its founder is a former VC and Rising Star partner.@sabakarimm.

AURA currently has a market capitalization of 9 million US dollars, with a 24-hour increase of 800%.

BUDDY

BUDDY is by @AlexFinnXThe platform coin launched by CreatorBuddy, CreatorBuddy is an AI assistant with posting permission on your X platform. You can ask it any questions related to your past content. The functions include 8 AI tools: content coaching, algorithm analysis, content creation, reply assistant, account research, historical review, brain dump, and inspiration stimulation.

BUDDY currently has a market capitalization of 12 million US dollars, with a 24-hour decrease of 4%.

FITCOIN

@fittedclosetA virtual wardrobe application powered by AI, where users can upload their own clothes, mix and match outfits, resell idle items, and share with friends. Currently, it has over 300,000 downloads, 300+ million social media views, and over 1 million clothing items uploaded on the platform.

FITCOIN currently has a market capitalization of nearly $7 million, with a 24-hour increase of 96%.

In addition, the Believe platform also has a short video app Giggles, where users can interact to receive encrypted rewards; SuperFriend, a tool to help developers ‘visualize and interact with code repositories’; PNP, a prediction market platform that does not require liquidity support; Kayyo, an application focused on AI combat training and providing personalized training plans; CreatorGen, a tool for generating hyper-realistic AI celebrities; NinjaChat, which integrates multiple top AI tools, and other different applications, all of which have issued their own tokens on Believe. Readers can visit Believe for more information.billboardTo view.

ICM’s real proposition, who will tokenize good assets?

Despite the hype surrounding Believe driving up the market capitalization of Launchcoin, there are still many in the community who have doubts, believing that ‘Internet Capital Markets’ is just another bubble of token generation, similar to last year’s AI Agent frenzy, which did not generate much actual value in AI applications, but rather a frenzy of funds and traffic.

However, if we take a longer-term view, we will find that behind these phenomena, there is actually an implicit structural shift - the crypto world is transitioning from ‘fictional narratives’ to ‘real arbitrage’. As explained by Akshay BD in his latest tweet, from the perspective of the capital market, Crypto has already effectively addressed the issue of lowering the threshold for asset acquisition. No matter where you are, as long as you have a mobile app and some stablecoins, you can freely invest in assets on any chain, without the need to navigate complex banking and brokerage systems or wait for weeks to open an offshore account. This level of ‘freedom’ is unimaginable in the traditional financial system.

The problem is that the crypto market has not yet solved the ‘mechanism for issuing high-quality assets’. The current token market is full of meme, empty shell projects, and speculative concepts without intrinsic value. This is not a technological issue, but a natural result of the lack of regulation and distorted incentives. In traditional markets, securities issuance has clear thresholds, processes, and information disclosure mechanisms, while on the chain, anyone can easily issue tokens, and liquidity can catch up instantly, attracting speculators rapidly. This ‘highly free’ issuance mechanism actually makes it more difficult for truly valuable assets to stand out.

Akshay believes that building a system where ‘high-quality assets’ can also be issued in the same convenient manner is the next thing Solana needs to consider, in other words, the ultimate goal of ‘Internet Capital Markets’ should not be ‘anyone can issue a coin’, but ‘making those originally difficult to issue, difficult to access good assets, more accessible’.

The criteria behind the judgment are whether the assets can benefit from the current special economic/geopolitical environment and whether they are difficult to buy through traditional brokers and banks. If both conditions are met, there is a reason for them to be ‘tokenized’.

For example, over the past decade, the reason why the US dollar has become the dominant asset on the chain is not because it is technically easy to tokenize, but because global users have no choice but to resist the devaluation of their domestic currency. The rise of Bitcoin in the 2010s is also a form of ‘environmental arbitrage’—positioning itself as a decentralized hedge asset against currency overissuance. Today, if similar ‘structural demand assets’ can be identified and truly realized ‘freely accessible’ through on-chain issuance, this is the real meaning of ICM, not a mere narrative, but the realization of institutional dividends.

From this perspective, Believe and LaunchCoin may just be a beginning, a prototype, an experimental breakthrough with obvious entertainment and bubble characteristics—it may not necessarily leave behind value precipitation, but the mechanism path it is trying to open up is indeed a necessary route for some assets to take in the future. Ultimately, ‘Internet Capital Markets’ will not be about anyone randomly issuing a coin, but about everyone being able to easily acquire good assets.

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