Meme Protocol (MEME)

Meme Protocol

Type	NFTs
Total supply	28.000
Website	http://dontbuymeme.com/

 Basics

• Founded in: 14-8-2020
• Mainnet release: 26-8-2020
• Based in:
• From the announcement (26-8-2020):

"What do you get when you mix YAM with CryptoKitties? The Meme Protocol, of course. But instead of farming for yield, DeFi users stake assets to earn limited edition NFT memes from some of the top artists in Ethereum."

History

• From their first blog post (18-8-2020):

"From tweet to contract deployed, airdrop done, and liquidity locked — all in under 30mins."

• From Our Network #36 (28-8-2020):

"Eleven days after a satirical tweet kickstarted a passionate community of ETH-native builders, artists, and internet trolls, the Meme Protocol emerged as the world’s first meme farming experiment with nearly $500,000 locked in just 24 hours."

• For a detailed look at the events, read this The Defiant piece (3-9-2020).

Token

Launch

• From Our Network #36 (28-8-2020):

"On Wednesday, the Meme team deployed two unique staking pools: Genesis, where users lock up $MEME (the native token) for common or rare crypto-collectibles, and Genesis LP, where legendary NFTs are minted by depositing UNI ETH/MEME LP tokens, representing shares in the $MEME liquidity pool (LP) on Uniswap. This experiment in incentivizing LPs paid off, boosting liquidity on Uniswap to over $400,000 in minutes. One of the more surprising metrics so far is the percentage of liquidity locked up in the Genesis LP pool. Over 89% of the Uniswap liquidity is currently locked in the protocol competing to farm a legendary Vitalik, Sergey, or CZ."

Token allocation

• From The Defiant (22-9-2020):

"93% of tokens are distributed equally across the Community. The rest are locked in a liquidity pool with keys thrown away."

Utility

• With the pineapple points that users farm with MEME they can earn NFTs and with MEME they can govern.

Token Details

• The Degenerator (MEME)

Tech

• Whitepaper can be found [insert here].
• Code can be viewed here (5-9-2020).
• Built on: Ethereum

How it works

• From the announcement (26-8-2020):

"The Meme smart contracts borrow from established, open source contracts including Synthetix and OpenSea."

Staking

• From the website (5-9-2020):

"You can stake your meme tokens and farm reward points. Points are earned every day based on how many meme you stake. When you earn enough points, you can redeem them for a collectable NFT Meme Card. Collect them for yourself or sell them to others on Open Sea. It’s up to you."

Liquidity Mining

• From the announcement (26-8-2020):

"For every $MEME locked up in the Genesis pool you earn ~1 pineapple point per day. You may lock up to 5 $MEME at any given time. Staking UNI LP Tokens in the Genesis LP pool earns you up to 5 LP pineapples per day, depending how how much you stake."

Governance

DAO

• From Our Network #36 (28-8-2020):

"The Meme Protocol is ultimately controlled by token holders. Holders of 100 $MEME or more comprise of the MemeDAO, the governing organization of the protocol. If you include the value locked in the DAO, the overall TVL for Meme exceeds $1.7M, good enough for an unofficial 31st place on DeFi Pulse."

Upgrades

• From EthHub (20-4-2021):

"MEME v2 is a rebuilt NFT discovery and farming platform that includes many new features."

Roadmap

• Can be found [Insert link here].

• From the announcement (26-8-2020):

"Future initiatives include:

1. Additional NFT collections of the top crypto memes
2. Exclusive partnerships with DeFi projects
3. Meme DAO: Future governing body of the Meme Protocol
4. On-chain artist compensation tools
5. Explorations into gaming"

Audits

• Bug bounty program can be found [insert here].
• From the announcement (26-8-2020):

"None. The creators of Meme have made reasonable efforts to ensure the security of the contracts. Our contracts pull from existing well-audited projects and have solicited reviews from others. Given meaningful traction, a professional audit is sure to come. However, at this time, please use caution."

Usage

• From their first blog post (18-8-2020):

"The $MEME token community has recently reached a historic milestone, surpassing $1.2 million market cap and reaching over three thousand participants in our Telegram group since our spontaneous launch on August 14, 2020."

• From The Defiant (22-9-2020):

"Increased interest in these unique tokens in the past week, with Yearn Finance founder Andre Cronje buying an NFT based on himself and the project’s collaboration with emerging digital artist Sven Eberwein, drove demand and pushed MEME past $1k on Sunday. Crypto exchange Poloniex listed the token Monday, spurring further gains, even as the broader market dumped."

Coin Distribution

• From Our Network #36 (28-8-2020):

"Also unique is how the tokens were fairly distributed at their inception just two weeks ago. The total supply of 28,000 was airdropped evenly to original members of the $MEME community. Even now, the largest $MEME holder owns less than 5% of the total token supply."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• Jordan Lyall
• The core community calls itself the “Citadel".

Funding

• Is one of the funders (18-10-2020) of Gitcoin Grant round 7 (and possibly continues to do so).

Partners 

• Member of the PrimeDAO (17-9-2020).
• One of the genesis partners of Palm (31-3-2021).