What is ICM? A Detailed Guide to the Decentralized Fundraising Model on Solana

Internet Capital Market (ICM) is becoming one of the hottest phenomena on the Solana network recently. But what exactly is ICM? And why is it attracting attention from both the investor community and developers?

To answer these questions, it’s important to understand that ICM is not just a passing trend but a fundamental shift in how fundraising occurs on the blockchain. Instead of relying on traditional venture capital funds, ICM allows anyone to raise funds directly from the community through token issuance.

What Is ICM and Why Is It Trending?

Internet Capital Market is a completely new fundraising model emerging on the Solana blockchain, seen as a “new opportunity” for altcoin projects and startups seeking access to capital. After years of altcoins heavily dependent on VC funding and memecoin dominance, ICM offers an innovative fundraising method that enables projects to bypass traditional financial institutions.

Essentially, ICM allows any independent developer to raise funds by issuing tokens on the Solana platform. This process is no longer as complicated as with VC funds; instead, it leverages social media (especially X) and blockchain technology to connect projects directly with the investment community. Not only does it simplify fundraising, but it also creates transparency, operates 24/7, and removes geographical barriers.

This model recalls the ICO (Initial Coin Offering) era on Ethereum but with more advanced technology and a new approach to token issuance. While ICOs once generated hype with compelling stories about blockchain potential, ICM continues this trend with a fresh narrative that sparks curiosity and FOMO (fear of missing out) among investors.

Humans always favor new stories, and ICM effectively taps into this. With the launch of Believe App, a platform supporting token issuance under this model, and the participation of successful Web2 KOLs, the ICM trend quickly surged across the entire Solana ecosystem.

How It Works: From Idea to Blockchain Token

To better understand what ICM is, let’s look at how it operates. The process is straightforward, summarized in these basic steps:

• Step 1 - Create a token: Developers use platforms like Pump.Fun or Believe to create tokens for their ideas or projects. These tokens can be bought and sold immediately on the blockchain.

• Step 2 - Generate attention: When a project gains traction from the community (via X or other media channels), the token’s price and market cap increase, providing initial funding.

• Step 3 - Raise funds from the community: Instead of relying on traditional investors, developers harness social media power to attract buyers and supporters of the project.

• Step 4 - Operate 24/7: No closing hours or time zones limit transactions; ICM enables continuous, transparent, and fast trading on the blockchain.

ICM combines blockchain’s strength with social influence, making it easier for projects to access capital and fostering innovation on Solana. Thanks to Solana’s ability to handle 65,000 transactions per second at very low fees, this platform is ideal for ICM development.

Notable Projects in the ICM Trend

In recent months, the ICM trend has generated a series of new tokens, many of which reached significant market caps in a short time. These projects demonstrate the diversity and potential of the model:

LAUNCHCOIN is the platform token of Believe launchpad, with a market cap reaching $234 million (as of May 2025). Its unique feature is allowing anyone to create a token with just a single X post, greatly simplifying the fundraising process. To date, Believe has supported over 2,620 token launches, with 5 tokens trading over $10 million in volume. LAUNCHCOIN’s price has surged 20x, showing strong community appeal.

DUPE is a token for an AI-integrated product search tool, which once hit a market cap of $53 million. This project is seen as a pioneer in “exploiting new funding streams” on Solana, with founders invited to top events like Solana Breakpoint.

ICM itself is a memecoin representing the trend, originating from a community post on X. Although it has no specific utility, ICM attracts attention due to its viral nature and FOMO effect.

FITCOIN is an AI-powered fashion app with over 300,000 downloads. It combines e-commerce with blockchain, offering personalized shopping experiences.

These projects reflect the diversity of ICM and highlight the potential of combining blockchain, AI, and social media.

Launchpad Platforms and the Solana Ecosystem

Several platforms are shaping the ICM trend and facilitating project development:

Believe Launchpad is a user-friendly platform for creating and issuing social tokens. With over 2,620 tokens launched, it has become the main hub of the ICM ecosystem. Its own token, LAUNCHCOIN, has increased 20x, indicating strong community trust.

Pump.Fun operates on Solana, allowing users to create tokens in minutes with automatic liquidation mechanisms to reduce risk. It’s like an “open IPO” for everyone. The JELLYJELLY token once reached a market cap of $230 million within hours, demonstrating rapid project diffusion.

Internet Computer (ICP) is a Web3 platform for building and hosting decentralized applications directly on the blockchain. Currently, its circulating market cap is $1.33 billion (as of February 2026), considered infrastructure for internet-native projects.

Additionally, protocols like Goldfinch, Centrifuge, Maple focus on bringing real-world assets onto blockchain, while Texture Capital, Tradeweb, 360X facilitate converting securities and hard-to-trade assets into digital tokens with better liquidity.

Today, internet money—digital currencies linked to real-world applications—is booming, with a total market cap of $3.5 trillion and over 300 million users worldwide. Solana’s ability to process 65,000 transactions per second makes it an ideal platform for ICM growth.

How ICM Differs from Memecoins and Pump.Fun?

To truly understand what ICM is, it’s important to distinguish it from memecoins and other launchpads. The key difference lies in approach: instead of creating tokens just for humor or short-term virality like memecoins, ICM helps users turn product ideas into tokens with clear stories and specific development goals.

On ICM, you don’t need a fully developed product before fundraising. With just a promising idea, you can issue a token representing the project. Buyers of the token act as early “shareholders,” trusting in the development journey. When the community trades tokens, transaction fees or rising prices generate initial capital—this is the initial funding source enabling project development without traditional investors.

The core distinction of ICM is its focus on “storytelling” and building trust for real products. Token launches are not just for fun or short-term FOMO but aim to create a decentralized capital market—where ideas can be tested, communities can invest early, and products can grow leveraging internet power.

Opportunities and Risks: Is ICM Sustainable?

To evaluate whether ICM is a sustainable trend or just a fleeting fad, one must consider both opportunities and risks:

Opportunities:

ICM democratizes access to capital, allowing individuals and small projects to participate in investment and fundraising. The combination of blockchain, AI, and social media creates practical, diverse applications. With Solana’s high throughput, this ecosystem is well-positioned to develop valuable projects.

Risks:

High speculation is a major concern. Like memecoins, ICM is susceptible to FOMO-driven volatility, risking sharp price swings and potential crashes after peaks. Some ICM projects lack clear utility, relying mainly on virality, increasing the risk of scams or rug pulls. Token unlock schedules also pose risks: according to Binance Research, about $155 billion worth of tokens will unlock between now and 2030, potentially exerting downward pressure on token prices.

Conclusion: The Future of ICM

ICM is a promising trend, offering innovative ways to connect capital and ideas in the digital age. The success of projects like LAUNCHCOIN, DUPE, and FITCOIN shows that ICM can create real value, not just hype. However, its high speculative nature and dependence on FOMO mean it could quickly collapse if projects fail to sustain long-term growth.

Investors should conduct thorough due diligence, focusing on projects with clear utility, transparent teams, and solid long-term plans. With proper risk management, ICM has the potential to become an integral part of the Solana ecosystem and the global crypto market.

Read more:

• Solana (SOL) is currently trading at $83.70 with a market cap of $47.67 billion
• Ethereum (ETH) maintains second place at $1,950
• Internet Computer (ICP) has a market cap of $1.33 billion