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And the third one I want to talk about today is solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv Quite a few people have been asking me about this one. After spending some time looking deeper into the product, token mechanics, and what the team has actually shipped, I still consider solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv a gamble for now Not because the idea is bad. In fact, I think SPEC has some clear differences compared to most launchpads currently on the market. But we have seen a lot of new launchpads appear recently, so having an interesting concept alone is no longer enough SPEC still has quite a lot to prove Let’s break it down 1. What is SPEC actually building? SPEC.fun is a new launchpad on Solana. Its main difference is not simply making it easier to launch tokens, but allowing creators to attach specific rules directly to their tokens Creators can set things like wallet caps, anti dump rules, sell cooldowns, anti bundle protection, market hours, privacy launches, SPEC only buys, or even write their own custom logic The interesting part is that these rules are enforced on chain through Solana transfer hooks and extensions. If a transaction does not meet the required conditions, it can simply fail SPEC is also building a marketplace where creators can use rules written by other people instead of having to code everything themselves In simple terms, SPEC is trying to turn a launchpad from somewhere you simply create a coin into a framework where creators can customize how their tokens actually behave This is probably the part I like most. At least they are trying to differentiate the product instead of copying another bonding curve and putting a new narrative on top of it 2. What is the utility of solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv? solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv is the main token of the platform, although the token itself currently has No Rules The more interesting part is the platform economics According to the team, 100 percent of platform fees are used to buy back and burn solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv. Creators launching tokens can also configure their own fees and allocate creator rewards of up to around 5 percent The team previously announced that more than $70K had already been used to buy back solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv through the Meteora pool. They have also stated that the supply is locked through Streamflow If SPEC can generate sustainable volume, the flywheel is fairly straightforward More tokens launch. More people trade. The platform generates more fees. Those fees are used to buy back and burn solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv On paper, this is an attractive mechanism But for now, I still see it as something that needs to be proven rather than an established flywheel Outside of the initial $70K plus buyback announced by the team, I would like to see more transparent data showing how much revenue is being generated, how many tokens are actually being burned, and how the circulating supply changes over time 3. The early numbers look good, but they need context During roughly the first day, the team reported around 184 token launches, more than 102K trades, and approximately $10.7M in volume The platform later showed around $11M to $12M in total volume That is not bad traction for a brand new launchpad But there is one important issue Most of the volume and attention so far appears to be concentrated around solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv itself At the time I checked, I had not seen a real runner emerge from the tokens launched by users on SPEC $SCAT was one of the more notable ecosystem tokens and reached roughly $159K market cap at its peak before retracing heavily. Most of the other tokens remain at very small market caps This matters more to me than the number of tokens being launched A launchpad can create hundreds of coins every day, but ultimately what keeps traders around is whether it can produce tokens that the market actually wants to trade SPEC has not proven that yet 4. The team is shipping quickly One positive is that the team seems to be moving fast Alongside rules such as wallet caps, anti dump, anti bundle, sell cooldowns, market hours, and custom logic, they have also introduced things like AI Agents and Bundlecat The team is also teasing another batch of hooks that they describe as their biggest release yet Another catalyst I am watching is SPEC Liquidity This feature is still coming soon. According to the team, it will allow users to create liquidity pools even for tokens outside the SPEC launchpad, configure their own rules, customize fees and ranges, while LPs earn fees from trading activity Creators can also choose solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv as the base pair when launching a token. This means users can buy with solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv, liquidity can sit in solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv, and the chart can also be denominated in solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv If these features actually gain adoption, the utility of solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv could become significantly stronger But again, we are still very early SPEC Liquidity is not live yet, the next major batch of hooks is still being teased, and we have not seen a token using these mechanisms generate enough traction to prove real product market fit 5. Why I still consider solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv a gamble This is probably the most important part SPEC does have real technical differentiation. But the launchpad market is extremely crowded right now A new launchpad is not competing on technology alone. It also needs liquidity, distribution, attention, and most importantly, a reason for traders to stay SPEC may have better rules than other platforms, but without traders and without runners, even a well designed token will struggle to generate meaningful volume Another thing worth mentioning is that SPEC is not completely independent in terms of infrastructure yet According to founder jami, some launches involving FOMO, Pump App, and social trading still go through Hooked hooks. SPEC currently adds its own custom rule layer and marketplace on top of parts of that infrastructure The founder behind the product is jami, @jamiiRQ on X. Having a public founder is a positive, but for a platform this new, I still want to see more execution before increasing my conviction The platform has also only been live for a very short period and experienced some early issues under higher traffic, including site lag, frozen market cap displays, and failed buys. The team said these issues were fixed quickly, but I still want to see how the product performs over a longer period Then there is the buyback and burn mechanism If this is supposed to be the core value accrual mechanism for solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv, I want to see it proven through consistent data rather than just one $70K plus buyback during the initial launch period 6. Holder structure and volume are also worth watching Based on the data I checked, the top 10 holders control around 19 percent of supply. Dev holdings are close to 0 percent, sniper and insider exposure appears relatively low, and mint and freeze authority have been disabled Looking purely at the holder structure, I do not see a major red flag yet However, liquidity has only been around $190K to $300K while 24 hour volume at one point exceeded $15M That means turnover is extremely high So I would not look at $10M to $15M in volume and assume that the same amount of fresh capital is entering SPEC. A significant amount of that volume could simply be the same capital rotating repeatedly Several high PnL wallets also entered quite early Frank is one wallet worth mentioning. Based on the data I have, his cost basis was around a $1.03M market cap. He has already taken some profit while continuing to hold the remaining position I see that as somewhat positive because early money is still holding exposure But it is also important to remember that their cost basis is significantly lower than someone entering around current levels 7. The chart and levels I am watching solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv ran from a very low market cap to an ATH of nearly $3.9M before correcting The chart is currently moving sideways around the $2M to $2.1M market cap area The first zone I am watching is around $1.9M to $2.1M. This is where price is currently trying to establish some balance. As long as this area holds, the short term structure still looks reasonable If that level is lost, I would watch the $1.5M to $1.6M area next. This was previously tested as a local low, and I would want to see how buyers react if price returns there Below that, the $1M to $1.2M area is close to the cost basis of some early wallets However, if price actually returns there, I would reassess the thesis rather than automatically treating it as a buy zone If market cap falls significantly below roughly $800K without any new catalyst, I would consider the initial launch narrative largely broken 8. What would make me more bullish? I do not need SPEC to announce another 20 features What I want to see now is execution First, I want to see tokens launched on SPEC actually use these hooks and become real runners Then I want to see SPEC Liquidity go live and generate real liquidity and trading activity I also want to see buybacks and burns continue with clearer and more transparent data Most importantly, I want to see volume coming from the wider ecosystem instead of being concentrated mainly around solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv itself And finally, I want to see whether the platform can retain traders once the initial launch hype fades If these things start happening, I would be willing to upgrade solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv from a gamble into a much more serious thesis For now, my view is pretty simple SPEC has a genuinely different concept. The team is shipping quickly, and the initial traction is not bad But technical differentiation does not automatically mean a launchpad will succeed Right now, attention is still running ahead of adoption That is why I still consider solana:2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv a gamble and a watchlist play rather than a conviction play. If I participate, I would keep the size small and continue watching whether the team can turn the programmable launchpad narrative into real usage If they can, the current market cap could become very interesting If they cannot, SPEC risks becoming another launchpad where the platform token performs better than every token actually launched on the platform 2AVjqmGbMqg7rSyHVv2deVdggsBgBtu1Bi69BUvE5WRv