Internet Capital Market: New Trend or Another Meme Hype?

Written by: Mario @IOSG

TL;DR:

The Internet Capital Market (ICM) is a crypto-native alternative to the traditional capital market (TCM), allowing entrepreneurs to raise funds directly from online communities through tokenization, bypassing cumbersome procedures such as venture capital and initial public offerings (IPOs). Platforms like Believe App (formerly Clout) are leading this transformation on the Solana chain, where users can easily conduct project issuance and investment simply by @ing the platform on X (formerly Twitter).

Despite many criticisms, such as lack of regulation, low barriers to entry for projects, and the tendency to issue misleading tokens, ICM still has strong potential for mass adoption, especially in promoting Web3 to Web2 users through a clean user experience, fiat payment on-ramp, and viral narrative. To achieve long-term growth, platforms like Believe need to move beyond the short-term hype to drive founder accountability, optimize the token economic model, build DAO governance, and deliver real utility to truly transform ICM from a meme boom to a new paradigm of capital formation.

Background of traditional capital markets

In traditional capital markets (TCM), entrepreneurs often rely on expensive and time-consuming financing methods, such as initial public offerings (IPOs) or venture capital. This path itself presents several challenges.

From the perspective of the financiers, entrepreneurs need to deal with lengthy application processes, complex legal procedures, and continually cater to the preferences of investors, which often prevents them from focusing on product development or community building.

From the perspective of investors, early investment opportunities are basically monopolized by large institutions, such as hedge funds and mutual funds. Ordinary investors can hardly obtain shares and often have to wait until the project's valuation skyrockets before they can enter the market.

This model is not only inefficient and lacks openness, but also leads to a serious misalignment of incentives between creators and supporters. These structural issues reflect the urgent demand in the market for a more open, direct, and participatory financing approach, which is the core problem that the Internet Capital Market (ICM) aims to solve.

Figure 1: Cost comparison of direct listings (adapted from Lily Liu, TOKEN2049 Dubai 2025) [1]

Direct listing is a more cost-effective financing method that bypasses the expensive and time-consuming intermediary processes of traditional financing, providing entrepreneurs with new options. The Internet Capital Market (ICM) is similar to direct listing in many ways, but theoretically offers more advantages, as entrepreneurs are financing directly through blockchain.

What is ICM

ICM is a new narrative in the cryptocurrency industry. It allows entrepreneurs to raise funds for their products directly through the internet, bypassing the cumbersome processes of traditional capital markets. By simply tokenizing their ideas, they can immediately gain support from investors.

Unlike traditional markets, where investors' shares are typically held in custody by banks or brokers, in the ICM model, investors directly hold their funds (token assets) through self-custody wallets, fully掌握 the ownership and liquidity of the assets. This approach not only significantly lowers the threshold for ordinary people to participate in investments but also allows project parties to obtain startup funds more efficiently.

ICM Ecological Status

It is worth noting that the concept of ICM is not merely an experimental attempt at product narrative; it is highly consistent with Solana's strategic direction. According to a market memo released by the Solana Foundation on November 27, 2024, the foundation proposed the vision of building an "internet-native Nasdaq"—where anyone with a wallet and internet connection can participate in capital markets.

This memorandum depicts a future scenario where financial assets, whether stocks, real estate, or cultural tokens, can be freely accessed and traded by anyone at any time through a globally shared blockchain ledger, thereby eliminating many of the barriers and restrictions present in traditional finance.

Currently, the leader of the ICM ecosystem is the Believe App on Solana (formerly known as Clout). This platform allows founders to directly issue their tokens by @ mentioning an account on X (formerly Twitter). It aims to disrupt the traditional venture capital model, providing a decentralized, community-driven alternative that empowers creators and entrepreneurs.

Figure 2: LaunchCoin token economic model flowchart (adapted from @ManoppoMarco, X, 2025) [19]

Figure 3: LaunchCoin Price Timeline (with author's notes), screenshot source: Dexscreener [2]

It all started with Web2 entrepreneur Ben Pasternak, who was named in Forbes' "30 Under 30" list. He launched his own token $Pasternak [3] through the Clout platform in January this year, and its market value once soared to about $77 million, but due to technical issues—despite meeting the conditions, the token could not "graduate"—the project ultimately collapsed. [14]

In late April, the platform was officially rebranded from Clout to Believe, and its core focus shifted from "personal" to "ideas and projects", truly moving in the direction of ICM. $Pasternak was phased out, and the platform launched a new core token $launchcoin. The platform's development quickly gained traction after being retweeted by well-known founders such as Nikita Bier and Solana co-founder Toly. Subsequently, the tokens of several projects, such as $GOON and $NOODLE, were successful on Believe and achieved high market caps, and this virality and user growth pushed the overall market capitalization of the platform to $314 million at one point. [15]

Comparison between Clanker and Believe: Why Believe is more successful

Clanker is another token issuance platform that similarly allows users to create their own tokens through social media interactions, primarily by tweeting or using Farcaster (a Web3 Twitter). Although Clanker and Believe appear similar in terms of "issuance methods", Believe has several clear advantages in user experience, narrative structure, and growth potential, allowing it to stand out among various platforms.

Ecological impact

As can be seen from the chart below, both the trading volume and the number of active traders on the Solana chain far exceed those on the Base chain, providing greater momentum for Believe's expansion. In addition, gaining the support of Alliance DAO, as well as the endorsements from Nikita Bier and Toly, has further accelerated its growth.

Figure 4: Meme coin trading metrics on the Solana chain (Source: Cointoshi, Dune Analytics) [16]

Figure 5: Comparison of Daily Issued Token Quantity: Clanker vs. Pump Fun (Source: Clanker Protection Team, Dune Analytics) [4]

User Experience

Figure 6: User Rifqi Saputra (@denyosapone) publishes token issuance information on X through Clanker (2025) [5]

Figure 7: User Pata van Goon (@basedalexandoor) showcases the post issued by Believe (2025) [6]

We can see that issuing on Believe is much simpler - users only need to fill in a token abbreviation and @Believe on X; whereas on Clanker, additional information is required, such as name, icon, etc.

In addition, the user interface of Believe is more intuitive and streamlined. They have also developed a mobile application, which is now available on the App Store, allowing users to purchase token assets directly with their wallets or credit cards. On the other hand, Clanker currently only has a web version and can only be purchased using a wallet, similar to traditional Web3 launch platforms.

Figure 8: Believe application interface, displaying token list and payment methods (2025) [7]

Clanker has simplified the "selling" phase in the token issuance process, but users still need a certain level of Web3 knowledge when purchasing, such as how to connect a wallet and how to add on the Base blockchain.

Believe, on the other hand, is completely different. It allows users to issue and purchase tokens without any Web3 knowledge. You can issue directly through Twitter and make purchases using a credit card or Apple Pay. This greatly lowers the participation threshold and attracts a large number of Web2 users into the Web3 world.

For example, Web2 entrepreneur Alex Leiman (the developer of the Web3 game noodle.gg, similar to slither.io) has chosen to issue his new token $noodle [8] on Believe.

Narrative and Vision: The Difference Between ICM and Meme Platforms

Believe was one of the first projects to come up with an "Internet Capital Markets (ICM)" narrative, which emphasizes the issuance of real ideas and projects to support their development, rather than just hyping memes with no real value. This higher-level vision is more likely to resonate with the community and attract users who want to participate in meaningful building and pursue long-term value.

In contrast, Clanker is more like a meme issuance platform focused on short-term speculation and trading. It lacks a clear narrative direction and does not have a long-term development vision, making its appeal limited to "short-term players," and it struggles to establish lasting user engagement and ecosystem-building capabilities.

Why ICM might just be another wave of meme hype.

The concept behind ICM is indeed very appealing. However, there is always a trade-off between efficiency and security. When you save time and reduce barriers, you inevitably sacrifice some level of protective mechanisms.

Founders are not required to assume any responsibility.

Unlike traditional capital markets, traditional projects usually need to go through strict roadshows, due diligence, and regulatory approvals before conducting an IPO. In ICM, founders only need to @Believe on official Twitter to easily launch their own token.

But here's the problem: the founders don't have any delivery commitments or legal obligations, and there's no safeguards to ensure they deliver on their original goals. This lack of accountability is worrying, especially in reality, and there have even been cases where some "presidential" accounts have forwarded the contract address of a certain token, but later deleted the post or dissociated themselves on the grounds that the account was hacked. This also reveals the significant risks of the ICM model in an open but unregulated state.

Figure 9: The official guide released by Clout emphasizes that the token must be used in non-securities scenarios (2025) [9]

According to the official guidelines of LaunchCoin, in order to avoid the token itself being classified as a security or investment product, the platform has established very strict legal compliance requirements. For example, the token must not represent equity, nor imply any form of profit return. Their design intention should be more like digital memorabilia, allowing supporters to express their support for the project, rather than a security that can generate income, dividends, or profit sharing.

This also reveals a key issue: there is a huge disconnect between the token itself and the underlying project. According to the guidelines, the token is essentially very similar to a meme coin - it has no real use, and its existence is more a symbol of "supporting a certain founder."

Although this method can indeed help project parties raise funds and promote project progress, many investors may mistakenly believe they are participating in a high-quality early investment opportunity. Many consider themselves to be acting as angel investors, helping struggling entrepreneurs, yet the reality is: these tokens do not promise any returns and lack any guarantee mechanisms.

Abused narrative

Figure 10: Market statistics of the Believe ecosystem, including token rankings by market capitalization, trading volume, and 24-hour price change (2025) [10]

From the current market data, ICM's initial vision was to support founders and their projects, but it is now being clearly abused. Among the top three projects by market cap on the platform, two are essentially meme coins.

ICM was originally intended to empower truly creative builders, but the current situation is quite ironic: many people are merely borrowing the narrative of "supporting projects" while essentially continuing to create waves of meme hype. These tokens, which are meaningless in terms of construction, have garnered more attention and fame than the projects that genuinely need financial support [11].

What is the next step for ICM?

Currently, issuing tokens on Believe is cost-free for founders, but its market performance highly depends on the continuous progress of the project itself. To motivate founders to keep updating the project and maintain community interest in it, Believe should consider optimizing the existing economic model (tokenomics).

For example, a penalty mechanism can be set up through smart contracts: if the founders do not update the project for a long time or are in a "missing in action" status, they will not be able to receive trading fee profits. In addition, establishing a DAO mechanism is also very necessary, allowing the community to have voting rights and project feedback rights, thereby increasing transparency and the sense of responsibility of the founding team.

Fundamentally, I think ICM is not just a short-term meme hype, it does have more potential, but only if there are clearer rules and a more mature ecosystem to support development. ICM's philosophy reminds me of TON's rollout path – TON has successfully brought a large number of Web2 users into the Web3 world with the help of the Telegram platform.

Currently, all crypto assets only account for about 0.56% of the total global money supply [17]. If we want Web3 to truly become widespread, we must provide a simpler and more intuitive way to use it. The real value of ICM lies in its ability to attract and convert a large number of Web2 users without requiring them to have deep Web3 knowledge.

Although some currently view Believe as another meme-style issuance platform, it is rapidly developing and has captured market share originally dominated by established platforms like Pump Fun on the Solana chain. By diluting Pump Fun's monopoly, the selling pressure faced by Solana has also been alleviated.

In the past, Pump Fun was almost monopolizing the token issuance platform, allowing free trading with $SOL, and users were forced to use it as their primary choice. Now, the rise of Believe has broken this situation, bringing more competitive options for retail investors and reducing the liquidity risks caused by centralized platforms [18].

Figure 11: Daily active address market share of major token issuance platforms on Solana, comparing the share of BelieveApp with competitors like PumpFun and LetsBonk (2025) [17]

In the short term, if Believe can maintain its competitive advantage against other traditional token issuance platforms, the narrative of ICM is likely to persist in the long run, as achieving mass adoption of Web3 has always been the ultimate goal of the entire ecosystem.

However, if Believe wants to truly establish itself and not end up as a flash-in-the-pan hype platform like Clanker, it must further strengthen and expand its unique positioning: not just as a distribution tool, but also as a platform for promoting project incubation and creating real value.

Figure 12: The price chart of Let's Bonk ($BONK) shows its initial surge relying solely on "narrative" and subsequent trends (2025) [12]

This means that ICM must build deeper practical value around the concept of "Internet Capital Market." Specifically, it can start from the following directions:

Promote a truly meaningful community governance mechanism (DAO)

Establish a system of continuous responsibility for founders.

Integrate projects with real-world application scenarios to attract a broader mainstream user base.

If it does not evolve in this direction, Believe may be seen by the market as just another meme platform, ultimately losing the momentum for long-term growth. To truly make a lasting impact, Believe must not only be a launch platform for meme coins but should also become an innovative platform that inspires creativity, drives projects, connects the public, and supports the popularization of Web3.

Appendix

[13] Lily Liu. 2025. Building Internet Capital Markets on Solana - TOKEN2049 Dubai 2025 Retrieved from

[1] Manoppo, Marco [2]@ManoppoMarco(. 2025. LaunchCoin tokenomics workflow. Retrieved from

) Dexscreener. 2025. LaunchCoin price chart. Retrieved from

[3]Annotations by author(

) Cointoshi. 2025. Solana Memecoin Trading Metrics. Dune Analytics. Retrieved from

[4] Clanker Protection Team. 2025. Daily Volume of Tokens Deployed: Clanker vs. Pump Fun. Dune Analytics. Retrieved from

[5] Saputra, Rifqi [6]@denyosapone(. 2025. Token deployment post for FISH AI. X post, May 3, 2025. Retrieved from

) van Goon, Pata [7]@basedalexandoor(. 2025. Token deployment post for $GOONC. X post, May 13, 2025. Retrieved from

) Believe. 2025. Believe app interface screenshot. Retrieved from the Believe mobile application, May 20, 2025.

[8] 相信 [9]@believeapp(. 2025. $NOODLE 刚刚在 Believe 上发布。由 @alex_leiman 构建。X 帖子, 2025年5月13日. 来源于

) Clout. 2025. Legal guidelines for creators. Clout Playbook. Retrieved from

[10] Believe Screener. 2025. Market data dashboard of the Believe ecosystem. Retrieved from

[11] BeinCrypto. 2025. Solana Launchpads Daily Active Addresses. Dune Analytics. Retrieved from

[12] GMGN.ai. 2025. Let’s Bonk token [13] $BONK ( price chart. Retrieved from

) Wikipedia contributors. 2025. Ben Pasternak. Wikipedia. Retrieved May 22, 2025, from

[14] Finet.hk. 2024. The one-click launch platform Believe rises, sparking a wave of token issuance among Hong Kong people. Retrieved from

[15] Crypto Chris. 2024. Believe is live! One-click launch platform, the strongest Launchpad on the entire network?

[16] Coinsider. 2024. Solana 2024: Pump.fun, Rug AI, Believe, Clout, Launch Labs… Retrieved from

[17] Frankenfield, J. 2023. How Much of the World’s Money Is in Bitcoin? Investopedia. Retrieved from

[18] BlockBeats. 2024. Revealing the Solana Foundation Marketing Memo: The Perfect Victory of Internet Capital and the F.A.T. Principle. Published November 27, 2024. Retrieved from