Can you still make money by destroying meme coins? Junk Fun launches Solana, offering $75,000 in rewards
The Junk Fun platform is now officially launched on the Solana mainnet. It provides an innovative service that allows users to effectively clean up expired or worthless meme coins in their wallets and convert them into actual rewards.
(Preliminary summary: Memecoin alchemy? Junk.Fun is online, can it turn Solana’s Memecoin graveyard into gold?)
(Background supplement: Commentary "Attention Arbitrage: Memecoin is the most honest narrative in the crypto market")
Contents of this article
After a two-day invitation-only pre-release event, Junk Fun has accumulated more than 75,000 USD bonus pool, and officially launched on the public mainnet. The platform provides an innovative way for users to clear their wallets of any expired memecoins on Solana and earn rewards for them.
During the pre-launch period, Junk Fun’s daily active users (DAU) surged to 20,000, demonstrating high interest in the new model for cleaning up the large amounts of useless meme coins in Solana user wallets.
Junk Fun’s reward pool mainly comes from two parts: one part is the SOL reward pool that continues to grow with user transactions (destroying meme coins and opening reward chests); the other part is the initial reward provided by its creators Manta Network and Bonk.
How to win: weekly draw
Each season lasts for one week, and prizes will be awarded from the total prize pool. The prize pool for Season 1 is currently worth approximately $40,000. Junk Fun expects the prize pool to grow significantly next week as the season progresses. Users can use points to participate in weekly prize pool drawings, with results announced at the end of the season.
How to win: Open the treasure chest
Users will receive points (credit) after destroying meme coins (called "junking" in Junk Fun). These points can be instantly redeemed for small SOL rewards, or used to open treasure chests. Chest prizes currently include "points" that can be used in weekly draws, as well as rare SOL rewards.
SOL rewards will be issued in the form of points, which can be redeemed for SOL at any time. During the two-day pre-launch event, approximately $3,000 worth of SOL rewards were given out through chest openings. A growing reward pool (currently worth approximately $7,000) will continue to reward users in the future.
The remaining $25,000 in awards will be reserved for the next two seasons. Junk Fun's total reward pool will continue to grow as more users participate.
How Junk Fun works
The working mechanism of Junk Fun is an innovative application of Solana’s rent mechanism. The so-called "rent" is a small fee that Solana users need to pay when storing data on the chain (such as purchasing meme coins). This rental fee is refundable when the storage space is released (such as by selling the meme coins). Junk Fun centralizes the recovery of these rental refunds (approximately 0.002 SOL per meme coin) by batching the token burning process for users.
These rental refunds will be converted into user points (credit) after deducting the 2.3% platform fee. Platform fees will be used to expand the bonus pool and platform operations. Users can exchange points for SOL at any time, or use them to open treasure chests to obtain "points" and additional "points" (which can also be exchanged for SOL). "Points" can be used to participate in weekly draws and redeem other unannounced prizes.
About Junk Fun
Junk Fun is the world’s first meme coin recycling platform that converts expired tokens into valuable rewards. It helps users clean up their assets by automatically destroying expired tokens in user wallets. Junk Fun is now live on Solana and powered by Bonk and Manta Network.
