Harnessing memetic value to scale onchain protocols through elastic supply dynamics. Written and last updated on June 6, 2025. Info is subject to being out of date.
As the premier DeFi project on the Flow Blockchain, KittyPunch is consistently pushing boundaries with new onchain products that leverage Flow’s low transaction costs, high speeds, and MEV-resistant environment.
In December 2024, KittyPunch launched Trenches, a launchpad product integrated directly within the PunchSwap DEX. The initial concept for Trenches was a curated, one-at-a-time approach to issuing new memecoins and utility tokens.
The first test of the system was conducted with Froth (FROTH), which fully bonded within a day and has traded actively on PunchSwap ever since. Froth was a new issuance of what originally began as a test memecoin launched alongside the deployment of PunchSwap at the start of Flow EVM, giving it provenance as the first Flow EVM memecoin. Holders of the original token received an allocation in the new Trenches version.
Following the initial launch, KittyPunch decided to put Trenches on hold. This coincided with a relative peak in the memecoin market, as trading volumes across alt-L1 memecoin venues dropped significantly through Q1 and Q2 of 2025.
However, Froth continued to thrive. As fans of building cool shit with friendly packaging, the KittyPunch team has positioned this fully diluted, 100% circulating fair-launch memecoin at the center of several key products within PunchSwap.
Before diving into the nitty gritty of Froth’s evolution, we want to share our current perspective on the memecoin market.
In short, we’re seeing a market in contraction that is driven by an over-saturation of asset supply due to drastically lowered barriers for creators. This was the inevitable result of a manic era of onchain activity, where the circulating capital simply couldn't keep pace with the endless flood of new tokens.
This dynamic is now playing out in real time: most “runners” face capped upside, and CEX markets show growing apathy toward formerly popular memes.
As a result, new projects are beginning to innovate around the launchpad concept, exploring fee accrual mechanisms, utility-driven token launches, and more. Meanwhile, incumbents are entrenching themselves through large fundraising rounds, enabling expansion into adjacent verticals that complement simple memecoin creation and trading.