In May 2025, the cryptocurrency industry suddenly saw a new craze, in which a new token could be generated as soon as someone posted a message tagging "@launchcoin + token name". This new game, promoted by Believe, Solana's ecological start-up platform, quickly attracted the attention of tens of thousands of users. It was at this time that the narrative of "Internet Capital Markets (ICM)" rose to prominence.
With the price of Launchcoin, the native currency of the Believe platform, skyrocketing more than 20 times in just a few days, the ICM narrative has kicked off, with investors and innovators pouring in to combine their ideas with community influence to try and get a piece of the capital frenzy.
Lily Liu, the leader of Solana Foundation, has repeatedly explained to the public that ICM is a globalized financial infrastructure that allows billions of Internet users to participate in capital market transactions. In addition, experts in the Solana community have pointed out that in the future, companies will be able to list directly on the Internet, attracting billions of coin-held investors to invest in the future, not only in traditional stocks, but also in any valuable asset or idea.
ICM It was against this backdrop that it was born: it aims to realize a new model where "ideas can be traded quickly", so that every creative individual or team can issue tokens to get funding as easily as sending a tweet.
What is ICM? Why is it the next big story?
ICM (Internet Capital Markets) is a new concept that combines social influence, fundraising and blockchain. It creates an open, permissionless market infrastructure that allows anyone to create and trade assets based on ideas or projects.
Traditional financing models usually rely on venture capital or centralized intermediaries, but ICM emphasizes decentralization and universal participation, where creators publish their ideas, the community votes for them with tokens, and the fees generated from the transactions in turn fund the creators.
This model is essentially a combination of ICO, Memecoin, Launchpad and SocialFi, and can be described as a hybrid of "Kickstarter + Pump.fun". In other words, ICM has the democratic nature of crowdfunding and the frantic nature of coin speculation, but it is given a more serious "decentralized NASDAQ" color.
Why is it considered the next big narrative? The main reason is the collision of community momentum and tool maturity.
ICM (Internet Capital Markets) is a grand narrative that represents the crypto industry's evolution towards "moving all capital markets up the chain", and Believe Ecology is a core lab in the ICM narrative. Believe Ecology is one of the core experimental sites in the ICM narrative. It is positioned as a "social Launchpad" that allows anyone to quickly coin, and through Launchcoin, Belief Score, and strong holder mechanisms, it brings the ICM concept to the "User Generated Asset (UGA)" scenario.
Therefore, it can be understood in this way:
- ICM = the whole narrative framework, representing the direction of "Internet Capital Markets".
- Believe = the ecosystem that carries the ICM narrative, which runs a "social + financial" sub-track on Solana.
In other words, ICM is the big picture, and Believe is one of the most favored entry-level applications (more on Believe later in the article).
This track was made possible thanks to the fundamentals of Solana's blockchain: extremely low transaction fees and high throughput, making it feasible to generate thousands of tokens in an instant and quickly put together transactions, and platforms such as Believe have further integrated social media to minimize the threshold for coining, allowing anyone to coin on X, which has greatly stimulated community participation.
Looking back at the history of the crypto market, each major cycle has been accompanied by a new wave of narratives: the ICO in 2017, DeFi and NFT in 2021, and Meme Coin in 2024. Now, ICM is likely to be the next point of entry, and Believe is playing a key role in driving it.
So why has ICM risen to prominence in such a short period of time? There are mainly the following reasons:
- Social LaunchThe new coins are created by using X (formerly Twitter) as the medium, and users only need to send tweets in a specified format. For example, tagging “@launchcoin + token code” in a tweet automatically generates a new coin, maximizing the effect of community traffic and "viral spread of information".
- Permissionless Token IssuanceBased on Solana's public chain and the Believe platform framework, tokens can be issued by any developer at any time without going through a centralized organization. The creation of these tokens often uses a bonding curve design, with limited supply and high activation fees to incentivize initial buyers and encourage long-term holdings.
- Automatic Liquidity and AMM Migration (Automatic Liquidity)New tokens are usually launched in a bonding curve pool and then automatically moved to an AMM (e.g., Meteora) liquidity pool once the market capitalization reaches a certain threshold (e.g., $100,000). This mechanism ensures initial price discovery and locks in a portion of the liquidity for subsequent transactions.
- Fee Allocation & Incentives (Fees & Incentives)The transaction fee is fixed at 2%, and the creator and the platform share the fee proportionally. The token creator can get 70%, and the remaining 30% transaction fee is collected by Believe platform. With a clear profit-sharing mechanism, creators receive funds and at the same time, they are encouraged to realize their projects and generate subsequent value.
- Chains of Trust and Token Ecologies (Trust Protocols)The Karma Protocol ($KARMA), for example, provides a cross-platform financial infrastructure for all ICM tokens to seamlessly connect to the real economy. For example, projects such as the Karma Protocol ($KARMA) provide a cross-platform financial infrastructure that allows all ICM tokens to be seamlessly connected to the real economy, and the Karma Protocol is positioned as an "open financial infrastructure" governed by a Swiss non-profit organization to ensure transparency and continuity of operations.
- Bottom-Level Public Chain Advantage (Solana Blockchain)Solana is known for its extremely high TPS and low transaction fees, making it ideal for large-scale token issuance and frequent transactions. In fact, Solana's leading throughput performance makes it the preferred choice for ICM applications. According to EcoData, the Believe platform attracted the attention of many Solana core projects and founders on its first day of launch, and generated nearly $8 million in transaction revenue in 24 hours. In addition, some in the Solana community have emphasized that ICM should focus on allowing "quality assets" to be quickly monetized, not just randomly coined.
You can see the diversity of specific applications of ICM in practice, where users can participate in community hype as in the Meme currency platform Pump.fun, and also use these mechanisms to support innovative projects at an earlier stage.A number of products in the Solana ecosystem, such as Launchcoin, Believe, Meteora, KarmaPay, etc., are gradually bringing these components to fruition. Solana's ecosystem of products, such as Launchcoin, Believe, Meteora, KarmaPay, and others, are bringing these components to life and making the ICM narrative a reality!
Believe, the ecology is there.
The Believe platform (formerly known as Clout) is the core engine of ICM's narrative, which changed its name from Clout to Believe in April 2025, founded by Australian entrepreneur Ben Pasternak. It is a decentralized fundraising platform that is tightly integrated with social media: developers can easily coin and quickly capture the attention of the community by simply posting on X. The platform is designed for developers who want to raise money for their projects.Believe has been compared to a "Web3 version of Kickstarter", which is innovative in that there is no need for proposal approval, and users can instantly turn the levers of the community and the capital market.
The Believe ecology consists of two pillars:
- Believe in application itself
- Its native coin $LAUNCHCOIN(10/15 Update: Tokens are now upgraded to $BELIEVE)
$BELIEVE is not only used for starting new items (actually Gas is paid for issuing new coins), but is also the centerpiece of the ecosystem's incentives. Once online, the$BELIEVE (also known as $LAUNCHCOIN) It quickly became the market capitalization leader, once exceeding $300 million.
The main purpose of this token upgrade is to adjust the token supply structure and incentive model, and to remove the "dead wallets" that have been inactive for a long time. The total supply of the upgraded $BELIEVE tokens is 1.33 billion, an increase of 25%. 17% will be given to eco-contributors (4-year linear release, lock-up for the first year), 5% will be given to early-stage investors (lock-up for one year), and 3% will be given to the Foundation (immediate circulation, but will not be sold, and will be used only for eco-construction purposes). The team provides a 4-week redemption period for users to exchange their old $LAUNCHCOINs for new tokens, after which the old coins will be permanently destroyed.
Believe's simple operation process and transparent revenue distribution mechanism is attracting a wave of "vegetarian entrepreneurs" and community traffic, causing a rift in the traditional situation where only VCs can decide the direction of capital flow.
Incidentally, Believe Ecology is a better tool to use there:Believe Screener 和 Pantheon(This is mentioned in the coin description below, and is mainly used to track the various tokens on the Believe ecosystem).
In terms of product design, Believe also has a few innovations worth noting:
- Platforms are charged at a low fixed rateTransaction Handling Fee (normally 2%)The company's financial services are divided equally between the founders and the platform, reducing the pressure on the founding team's financing costs.
- All tokens initially useDynamic Curve DesignThe high costs discourage speculators from flashing while rewarding early entrants.
- Believe is deeply integrated with Solana DEX such as Meteora, and when the market value of a contemporary currency reaches a threshold, it is automatically injected into a deeper pool of liquidity, resulting in a more stable price.
Believe Ecological Super Money Flyer Mechanisms
In order to create an ecosystem for sustainable growth, Team Believe has designed a complementary flywheel incentive system. The two most important keys are the $BELIEVE buyback and the Belief Score. These two elements not only shape the rules of participation in the market, but also create a unique network effect.
As part of the EcoFlyer, Believe expects to use the platform's fee revenue forBuyback $BELIEVE and other ecological tokensIn other words, the revenue from each transaction fee does not simply become a profit for the platform. In other words, each transaction fee revenue from the platform does not simply become a platform profit, but is reinvested back into the market to buy back tokens and redistribute them to the community or as rewards.
This design has a double effect:
- Repurchase behavior is tantamount to sustained market buying, which provides stable backing for tokens.
- Proceeds are returned to long-term holders through buybacks and airdrops, allowing true supporters to enjoy the dividends of the platform's growth.
So for long-term holders, the longer and heavier the holdings, the more they can benefit from buybacks and incentives. This not only reinforces holding confidence, but also puts "long-termism" at the heart of the eco-culture.
Complementing the repurchase mechanism is the following. Belief ScoreThis is the core indicator of the Believe ecology. This is the core metric of the Believe ecology, which measures whether a project is truly backed by "strong stakeholders".
The Belief Score is calculated based on the length of time a coin is held and the strength of the holding (conviction).The longer you hold a Believe ecological currency, the stronger your beliefs become, andThe larger the position, the greater the commitment to the project.
Therefore, when the user's belief score is higher, it means that the program has a group of real long-term supporters, which is a very valuable signal to investors, because high Belief Score = high belief group = long-term stable coin base; low Belief Score = strong speculative atmosphere = high short-term risk.
The purpose of this design is clear: to quantify "faith" as an asset. In other words, under the ICM narrative, not only the price of tokens, but also users' recognition and persistence of the project can be recorded and quantified, and eventually transformed into a decision-making tool that investors can refer to.
$BELIEVE Buybacks and the Belief Score drive each other in a self-reinforcing network effect:
- Strong believers accumulate → Belief Score increases, attracting founders to choose to coin on this platform.
- More founders enter → bringing new projects and opportunities, further attracting retail investors and long-term holders
- Buybacks and incentives → Long-term holders benefit more, believer base grows further
In the end, the flywheel formed a virtuous cycle of "strong believers → more founders → more strong believers", making Believe the most representative experimental field in the ICM narrative. Pasternak, the founder of Believe, also pointed out that "founders naturally choose platforms with a strong community of coin holders because it means that the project will have stable support when it starts, and investors will follow this trend. This is the key to Believe's continued expansion and rapid network buildup.
Believe eco-currencies to watch
Prediction / Trading
$PMX - PMX: Solana decentralized prediction market that tokens event results as YES/NO, tradable on the DEX with liquidity provided by LPs.
$HEDGEMONY - HedgemonyFundThe fund is positioned as an AI-automated hedge fund that analyzes global news and political sentiment in real time and automatically builds positions ahead of the market.
$RAIN - RainmakerAI Agents are at the core of the sports prediction market, holding the $RAIN tunable model for predicting game results.
$ALG - Algon FXAI automated trading systems that focus on the foreign exchange market (e.g. EUR/USD), with a portion of the proceeds returned to token holders.
AI / Data
$KLED - KledAI: Seen as the data engine of AI's future, it focuses on the human data market, providing legal and compliant data sources for AI, with tokens linked to equity.
$IQ - IQ6900: A chained compression protocol on Solana that supports efficient storage and processing of large-scale data, including multimedia.
$KNET - Kingnet AIThe AI automated game production engine automates the entire process from asset generation to logic testing.
$ORGO - Orgo: Provides a cloud computing environment for AI Agents to facilitate developer collaboration and deployment.
$JTVO - Jatevo: Decentralized GPU network that provides AI model APIs and lowers the arithmetic threshold.
$AVO - Avo: AI Trading Agent Market, integrating wallet, index, and AI Agents, supporting real-time follow-the-sun trading.
Gaming / NFT-Fi
$HUCH - Huch Finance: Focusing on the financialization of the CS2 game skin, the Steam skin is NFT-enabled and can be used for mortgage lending and secondary market transactions.
$VIRUS - Virus: With tokens issued by ICM Game Studios, game revenues are funneled back to $VIRUS, creating a revenue-sharing model.
$FITCOIN - Fitcoin: An AI-powered virtual closet app that helps users manage their outfits, get advice on what to wear, and supports second-hand transactions.
RWA / Finance
$KARMA - Karma Wallet: A new type of bank on the chain, supporting Phantom ↔ IBAN instant transfers, future planning for bank cards and charitable profit sharing.
$RECC - RECC FinanceThe Real Estate RWA platform allows users to participate in real estate investments and share in the proceeds through crypto-funds.
$VIVA - VivaTelco's transformation into a data-driven advertising engine and the expansion of its payments and financial network are backed by a massive infrastructure.
Ecosystem / Incubator
$ICM - ICM.RUNDAO: ICM's ecological incubator, DAO, helps start-ups go from idea to reality, and is regarded as the "ICM version of a16z".
$BELIEVE - BelieveBelieve: Believe's core flywheel tokens feature a "hold score" mechanism that rewards long-term holders and excludes short-term speculation.
$BELIEVEGPT - Pantheon: Upgraded from BelieveGPT, positioned as a "Data Terminal for Purposeful Tokens", focusing on long-term project data and research.
$STARTUP - StartupThe company's success in raising capital and its "market value self-certification" narrative represents an early experiment in new tokenization, even though it does not yet have a tangible product.
Consumer / Commerce
$DUPE - Dupe: AI-powered e-commerce application that collects user data and integrates with LLM to become a Web3 shopping infrastructure.
$YOURSELF - Yourself: Meme Narrative Token, with the core concept of "Confidence is the product", the more you believe in yourself, the more valuable the token will be.
$WONDER - Wonder Sites: Web3 Website Builder, focused on enabling creators to quickly build branding and content platforms.
How can users buy Believe ecological coins?
If you are a retail investor who doesn't know much about anything and just want to rub the heat of Believe ecology and ICM narratives to make money, then the best strategy is not to speculate on every little coin, but to seize the flywheel effect at the core of the narrative and follow the ecology.
To start participating in the Believe ecosystem, the first step is to have a hot wallet, usually the OKX Web3 wallet (Click me to claim 20% Chain Trade Fee RebateThe next step is to withdraw the SOL from the exchange and mention it to the Solana chain of wallets for the on-chain Gas fee.
When you have funds in your wallet, you can directly use the "exchange function" in OKX wallet, paste the CA of the currency you want to buy, and then the DEX system will automatically help you to buy and sell at the best price, and then confirm the transaction will be completed!
在 Believe Screener CA (Contract Address) can be found by entering the currency name.
If you still don't know how to open wallet, you can watch the wallet operation video below, click on it to go to the operation part. Basically, the operation of OKX Web3 wallet and Phantom's deposit/withdrawal is similar, if you have a basic concept, you will basically know how to open wallet and deposit money into wallet.
Once you have prepared your capital, you should also recognize that ICM and Believe are basically designed around the logic of "rewarding long-term holding".So for retail investors, the best thing to do is not to speculate every day, but to pick those currencies that will be mentioned over and over again in this narrative and that do have a mechanism to give back to them to hold for the long term!
In terms of specific strategies, there are four major directions for reference:
- Picking a mainline coin such as $BELIEVE is like betting on the growth of your entire eco-system, their value is not only in the rise and fall of the price, but in the constant dividends as the eco-wheel spins faster and faster.
- Participating in the long-term holder mechanism, Belief Score and Holding Score have been defined as the new KPIs, and the platform will directly distribute the actual dividends and airdrops to these high scoring users. The best way for retail traders to become a strong believer is to pick a few ICM coins that they believe in and hold them for a long period of time.
- Keep track of community buzz and early projects. New ICM coins will be released all the time, but most of them will disappear soon. You need to focus on the ones that have been mentioned repeatedly by officials, have high ecological relevance, have flyer buyback, burn-in or airdrop promises, and have significantly more community activity than any other new coins.
- Avoid short-term speculation on high-tax coins, many new coins will be designed with a 5-10% transaction tax, short-term entry and exit will be worn out by the tax, the best strategy is to enter early, get a position, and then put it to eat the flyer dividends, rather than entering and exiting every day.
In terms of advantages, following the ecology is the same as following the narrative, and the market's attention is already focused here. The most important point remains that the mechanism itself is designed to reward those who have been in the game for a long time, which is a rare friendly rule for retail investors. However, the risk cannot be ignored, as the wheel is still in its early stages, and there may still be problems with the implementation details of the mechanism, such as the calculation of Score and fairness. If Believe's story is quickly copied by other chains or platforms, the moat will be diluted, and this is a point that users need to keep an eye on.
While the ICM narrative has brought unprecedented imagination to the market, it also carries risks that cannot be ignored. As this is a highly speculative circuit, many tokens are issued without any product or clear roadmap, and the price is entirely driven by emotion, with sharp rises and falls being commonplace. In addition, the threshold for issuing tokens is extremely low, fraud and leek-cutting incidents occur frequently, and many projects quickly absconded after raising funds, further aggravating the uncertainty in the market. From a more macro perspective, ICM may also repeat the cycle of past crypto bubbles: concept first, value second, and in the absence of a high-quality asset issuance mechanism, the capital boom will eventually recede, not to mention the increasingly stringent global regulation that is gradually targeting this type of no-threshold financing.
ICM is indeed a new narrative with both potential and risk. Its greatest value lies in the quantification of beliefs and behaviors. The level of trust that users have in a project and the act of holding real money are all mapped into the token economy and become pricable assets. Obviously the current ICM ecosystem may seem like "dog money for slogans", but it signals a day in the future when high-quality assets that would otherwise be difficult to issue and invest in will be able to enter the market in the same convenient way. For retail investors, investing the right amount of time, effort and capital into projects they truly believe in is the only way to capture the dividends this trend will bring. But it's also important to remain vigilant and follow prudent investment principles, and to set aside risk defenses while chasing the boom!
If you are still unsure after reading this, please join our Telegram Community Ask questions and network together, there are many in-depth DeFi chain players, Web3 industry experts, and traders exchanging market forward-looking information with each other!
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