---
title: "ICM: An Experiment in Market Structure, Not Just the Next Memecoin Trend"
date: 2025-10-21T02:37:25+00:00
canonical: https://funkyonchain.pages.dev/en/p/icm-internet-capital-markets-밈의-진화가-아니라-시장-구조의-실험/
original: https://t.me/funkyonchain/2158
publisher: Funkyonchain
lang: ko
license: CC-BY-4.0
---

# ICM: An Experiment in Market Structure, Not Just the Next Memecoin Trend

> 👍 ICM (Internet Capital Markets): An Experiment in Market Structure, Not Just the Next Memecoin Trend English version: In recent weeks, ICM projects have proliferated across the Solana ( ) ecosystem.

👍 **ICM (Internet Capital Markets): An Experiment in Market Structure, Not Just the Next Memecoin Trend**

English version: https://x.com/funky_onchain_/status/1980460518319276277

In recent weeks, ICM projects have proliferated across the Solana ([@solana](https://t.me/solana)) ecosystem. On the surface, they look like an extension of memecoin season, but they are closer to an attempt to redesign how capital is formed. Anyone can issue a token, and the market directly determines its value.

An ICM launchpad is essentially an onchain IPO platform. It offers a low initial FDV (market capitalization), rapid liquidity and community-driven price discovery. Most trading currently takes place on Solana.

There are two types of launchpad in the market:

1. **Permissionless (PF):** An open model that allows anyone to issue a token. It is fast, but has a high proportion of scams.
2. **Curated:** Projects are selected before launch. This offers greater credibility, but growth is slower.

Permissionless launchpads currently lead the market.

Major players include [@daosfun](https://t.me/daosfun) ($DAOS), MetaDAO ($META), KLED pad ($KLED) and Solhub. They share a clear goal: designing ways to turn attention into capital.

Most native tokens have three core functions:

1️⃣ Access to a DAO and participation in governance
2️⃣ Rewards or fee distributions based on platform revenue
3️⃣ Buybacks funded by platform revenue

The idea is straightforward: connect memecoins to revenue streams to create “memes with cash flow.”

MetaDAO regularly conducts buybacks using a portion of launch fees, while KLED links buyback triggers to external revenue. These examples point to a possible shift from pure speculation toward revenue-based narratives.

As of October 2025, there are an estimated six to seven ICM launchpads in the Solana ecosystem, with approximately $80 million to $100 million in total value locked (TVL). Trading volume for $DAOS, $KLED and $META has risen by an average of more than 250% over the past two weeks.

There are also signs of expansion to other chains, including [@BuildOnBase](https://t.me/BuildOnBase), [@BNBCHAIN](https://t.me/BNBCHAIN) and [@ethereum](https://t.me/ethereum). Cross-chain competition is beginning to take shape.

The essence of ICM is simple. If memecoins tokenized emotion, ICM capitalizes attention. Communities provide early liquidity, and the market assigns a valuation. The market takes on a role previously held by VCs.

The risks are clear. Buybacks without genuine revenue carry a structural risk of becoming Ponzi schemes. Scams remain frequent on permissionless launchpads, and a pattern of 80% of trading volume disappearing within 72 hours of launch continues to recur. Regulatory uncertainty and DAO fatigue are also potential risks.

Even so, ICM has clear significance as a structural experiment. If the first cross-chain Aggregator emerges, ICM could have its own “DEX Aggregator moment.” The key question is who can capture both liquidity and attention.

ICM is not the next stage of memecoins. It is a transitional experiment toward an open capital market, in which market participants themselves take on the role of venture capital. It is chaotic, but it is also one of the most candid market experiments.

For informational purposes only. Not financial advice. Invest at your own risk.

This material is for informational purposes and does not constitute investment advice. You are responsible for your own investment decisions.

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출처 / Source: Funkyonchain — https://funkyonchain.pages.dev/en/p/icm-internet-capital-markets-밈의-진화가-아니라-시장-구조의-실험/
원문 / Original Telegram post: https://t.me/funkyonchain/2158