perp-backed memecoins are the most interesting thing happening on solana launchpads right now
we're seeing it already with the @PerpsPadfun ecosystem and the new positions being created on @PhoenixTrade through it
token trades -> fees top up a perp on phoenix -> position takes profit -> profit buys and burns the token -> more trading -> bigger position
this is a truly novel mechanism that can create a powerful flywheel effect as we enter a sector-wide repricing to the upside
someone just launched the first ever token backed by a 3x levered $STONK position on Phoenix, this is maximum reflexivity
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