Meme is a non-fungible token on the Ethereum blockchain. Launched in August 2020, MEME is an ironic response to the rise of the DeFi token. The project apparently has no other purpose than to exist for itself. There is no associated company or business proposition, and the developers of MEME openly state that the token has no intrinsic value.
- 0.1 What is MEME?
- 0.2 What is an NFT?
- 0.3 Examples of NFT
- 0.4 Why are NFT worth so much?
- 0.5 What art is available on MEME?
- 0.6 Yield Farming
- 0.7 Collections
- 0.8 Genesis LP
- 0.9 Who are the founders of MEME?
- 0.10 What makes MEME unique?
- 0.11 How many MEME tokens are in circulation?
- 0.12 How is the MEME Network secured?
- 0.13 MEME V2
- 1 Strike in V2
What is MEME?
August 2020 MEME started from a spontaneous “flash mob”. Minutes after a satirical tweet mocked the YOLO nature of some DeFi development practices. MEME is an experimental protocol that combines some of the most exciting innovations in DeFi and crypto collectibles. MEME started as an experiment and a hackathon-style project with just a few engineers excited about creating a project with impact for our degenerate world of farmers and crypto art. Since its inception, it has evolved to a new standard of innovation where artists, collectors and their respective communities can come together and participate in the collecting of rare digital art in a fun way.
MEME allows you to stake tokens in limited Farm Pools NFTs, making DeFi accessible to the community. There are several open pools where you can grow limited edition NFTs created by the MEME team and exclusive artists.
What is an NFT?
An NFT is a special cryptographically generated token that uses blockchain technology to link with a unique digital asset that cannot be replicated.
Non-fungible token are different from popular cryptocurrencies such as Ether, Bitcoin and Monero, which are replaceable; For example, you can exchange one Bitcoin for another Bitcoin.
While the use of NFTs has spread across various industries, they are associated with the gaming industry and digital collectibles and are most commonly found as a specific Ethereum token built on the ERC-721 standard. However, in 2021, its use will start to spread to other blockchains, such as Binance Smart Chain’s BEP-721 protocol.
Examples of NFT
NFTs were first popularized in 2018 by CryptoKitties, a colorful blockchain game where players can buy, sell and breed their own unique kitties. According to CNBC, the most expensive digital cat went for more than a ton.
Well-known brands such as Nike and Louis Vuitton and the American basketball league NBA also offer digital goods and services based on the NFT principle. Some of the most traded NFT brands are NBA Top Shot, CryptoPunks, and Street Fighter.
NBA Top Shot is a popular platform to purchase NFTs. More than 72,000 buyers have spent a total of more than $228 million on unique video highlights from NBA games.
CryptoPunks was one of the first NFTs to trade on the Ethereum blockchain in 2017 – the second largest crypto platform in the world aside from Bitcoin.
Street Fighter is the latest hype in the NFT world. This allows collectors to obtain unique characters from the legendary computer game. For example, simple GIF creations are sold purely for the entertainment content.
Why are NFT worth so much?
NFTs owe their value to the scarcity and uniqueness of the tokens. These unique digital currencies cannot be copied, which makes them valuable. In addition, there are applications where, for example, you can use your unique digital token in various games.
In addition, authenticity also plays a role in the rise of NFTs. The uniqueness of the tokens is easy to check and the origin can always be traced back to the original creator . This way NFT owners know for sure that they are the only ones who have a digital collectible in their hands.
NFTs get their value further from their immutability, one of the foundations of blockchain technology. Non-fungible tokens cannot be destroyed, removed or multiplied. They only exist on the platform on which they were created and stored in the blockchain. Moving to another platform is not possible.
What art is available on MEME?
MEME started by launching memes-based artworks in the genesis pool. These are funny, fun and viral artworks based on crypto personalities. A few months later, MEME started partnering with digital artists to launch special drops. Artists who have collaborated with the MEME project include Sven Eberwein, Jon Noorlander, VansDesign and more.
Selling digital art on DONTBUYMEME.com (the MEME platform website) is unfortunately not possible. MEME collaborates with artists. If you have already made several digital works, you can always register at MEME. You will be given a questionnaire of 8 questions to complete, it will be checked, and then you will be an official artist on the MEME platform. The buying and selling is done entirely with MEME tokens.
The MEME NFT collections are distributed across two unique stakeout pools: Genesis, where the user stakes MEME, and Genesis LP, where UNI LP tokens must be deposited, also rewarding the platform and community. The strike reward gives the opportunity to collect brand new, exclusive crypto collectibles.
For every $MEME locked in the Genesis pool, you will earn ~1 Pineapple point per day. You can lock up to 5$ MEME at any time.
With enough pineapple, you can hit an NFT of your choice:
- Meme Grail [Relic]
- Vitalik Buterin [Normal]
- Vitalik Buterin [Rare]
- Sergey Nazarov [Normal]
- Sergey Nazarov [Rare]
- CZ (Binance) [Normal]
- CZ (Binance) [Rare]
When you stake UNI LP tokens in the Genesis LP pool, you will earn up to 5 LP Pineapples per day, depending on how much you wager.
With enough LP Pineapple, you can hit a Legendary NFT of your choice:
- Vitalik Buterin [Legendary]
- Sergey Nazarov [Legendary]
- CZ (Binance)[ Legendary]
Who are the founders of MEME?
Jordan Lyall is the DeFi Product Leader at ConsenSys and leads the team building the DeFi Score and other projects. Prior to joining ConsenSys, Lyall led the product team at Totle, a DEX liquidity network. He is passionate about bringing the user application to web3. Since its launch in August 2020, MEME has reached an all-time high of nearly $4,000 per token.
Lyall herself has publicly warned potential investors through the media not to buy the coin, as its status was a joke and there was no underlying value proposition.
What makes MEME unique?
Perhaps the most recognizable unique feature of MEME is its lack of usability – it exists purely for investors to run classic DeFi business, and there’s no project behind it to give it any innate value.
As with any meme, its popularity has gone viral and the interaction has only increased as a result. Net asset value as such is not a real consideration for investors. The appeal of such a satirical project is likely to be magnified for DeFi investors who have become accustomed to earning passive income from tokens through yield farming and liquidity mining , regardless of what the tokens themselves are used for.
As such, MEME does not exist to make a profit for its creator based on anything other than its own existence, and could fall apart at any time based on the mere whims of traders.
How many MEME tokens are in circulation?
MEME has a fixed supply of 28,000 tokens, all of which are in circulation. This small offering contributed to its relatively high market cap and token price, which peaked at $47.6 million as of September 2020, respectively.
Little information is available about the token’s future or plans, but given its status, these are likely secondary considerations for all parties involved as well.
There are now other activities that are separate from the financial aspect: earning collectable MEME cards for token holders, imaginatively unique as part of MEME’s status as a non-replaceable token.
How is the MEME Network secured?
MEME poses the same basic risks to transacting parties as any smart contract-based platform. Retaining assets through smart contracts , especially when a project is not controlled as it is inherent to Defi, is not without risk.
Most of the time, though, security isn’t as much of a risk as the very nature of MEME itself, as it lacks a real-world use case beyond satire.
Rebuild from the base platform
In order to scale and meet the increasing demand for the platform, the protocol has made the necessary front-end and back-end changes that make it all possible.
The improvements that have been made give a tremendous amount of flexibility for future iterations and innovation. There are many ideas in store that they can’t wait to roll out, and they wouldn’t have been possible without these fundamental changes they’ve made today.
Content and Drops
Content no longer relies on certain developer resources. As a result, it took unnecessarily long before a new drop of NFTs was possible, now this can be achieved within minutes. This means more art, more artists, more drops!
The feedback that was almost always unanimous among all users was that it was not easy (at first) to learn how MEME “worked”. It was important for the team to build something that was easier to navigate and uncluttered, as well as provide some additional resources to help new users. This will continue to improve as they go along, but they see the new design as our fresh canvas that they are very excited to continue creating.
As of now, the core functionality is similar to v1. However, as new technologies are explored, they now have the foundation that will allow them to develop new innovative ways for users to participate in the platform. They have seen the popularity grow exponentially in MEME in a short period of time, but confirm that they have a lot more in store and so are more than excited to make progress.
Strike in V2
Put some $MEME tokens in your web3 wallet
To get started, you need an Ethereum wallet such as MetaMask or Ledger.
Then you need to stock MEME tokens. But as the saying goes, you are not supposed to buy it provided the official website is dontbuymemes.com. Do you still want to buy MEME? Then you can do this via UniSwap .
Step 2 GO TO DONTBUYMEME.COM and connect your wallet.
Click on “Connect” in the top right corner of the site. Choose your wallet from the list and he will ask you to sign a message with your wallet. You are not sending money at this step, but you are allowing the MEME dapp to connect to your wallet.
Step 3 NAVIGATE TO THE DROP OF YOUR CHOICE
When designing MEME v2, they paid a lot of attention to findability of artists and art. There are several ways to find great art that is ready for mining.
Step 4 CLICK MANAGE STAKE ON THE DROP PAGE
When you have found a drop you would like to participate in, click on “Manage Stake” and you will see a white pop -up window where you can bet and withdraw.
Step 5 APPROVE THE SMART CONTRACT
If this is your first time interacting with this pool, you’ll need to submit a trade first. This gives the smart MEME contract access to the $MEME tokens in your wallet.
Step 6 ENTER A QUANTITY AND CLICK STAKE $MEME
Once approved, enter the number of $MEME tokens you wish to deposit into this stake pool. There is no minimum for most pools, but there are often up to 5$ MEME tokens that can be wagered per drop.
Step 7 CONFIRM THE TRANSACTION
Once you click on “Stake MEME”, your wallet will ask you to confirm the transaction. If everything looks good, click “Confirm”.
Step 8 VIEW YOUR TRANSACTION
Once you have confirmed the transaction from your wallet, it will be activated to the Ethereum blockchain. In the bottom right corner you will see a notification with the status of this transaction. Clicking on this notification will open Etherescan, where you can track its progress.
Step 9 EARN PINEAPPLES
Now you earn pineapples! Once your transaction is approved, start collecting pineapples. You should see your balance increase slowly. Usually, staking 1 MEME token will get you 1 pineapple per day. If you bet the maximum of 5, you will earn 5 pineapples per day.
Step 10 SWAP PINEAPPLES FOR AN NFT
Click on ‘Redeem’ under the NFT you wish to claim. Sometimes some NFTs charge a fee in ETH in addition to pineapple points. The majority of these fees go directly to the artist. It’s a way to compensate artists for their great work!
You will be asked to confirm another transaction in your wallet. Once that’s confirmed, the NFT is yours!
Meme (MEME) Chart
In the cryptocurrency community, memes are used as a universal language and MEME joins other big players like Doge , which started as a joke but sparked interest from the crypto community. The uniqueness of MEME comes from its connection to the DeFi and NFT worlds, which provides a new form of rewards for the staking process. The question is therefore what the future of MEME looks like, without intrinsic value and whether the project is based on hype.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com