The project $MEME started with a bang, a sardonic tweet that made it get noticed by the crypto community. In the tweet, Jordan Lyall, a Consensys developer joked about the swift emergence of food coins and linked it to a graphical mockup on an idea of a project called ‘The Degenerator’ – which apparently is a website that would let people produce new DeFi projects in drag and drop style easily.
The tweet thread contained the name of an imaginary project called $MEME and little did anyone know that hours after the tweet, someone would really create the $MEME token for real.
What is MEME and how does it work?
The meme is an experimental protocol that is a find blending on some of the most exciting innovations in DeFi and crypto collectibles. In short, MEME is a decentralized protocol for farming. NFTs are seeing a huge growth pattern ever since it first got noticed in 2017, and lately, MEME is seen capitalizing on its blazing popularity.
NFTs are non-fungible tokens which are cryptographically represented and are unique unlike fungible tokens like Ether. Each unit of Ether is equal to the next but each NFT is verifiably unique. NFTs are seen in several applications requiring digital scarcity and digital ownership like crypto art, gaming, collectibles, etc. With MEME rather than yield farming like most DeFi projects, users can stake assets to earn limited edition NFTs from some of the top artists registered in the Ethereum space.
Each user can stake a maximum of 5 $ MEME tokens and in return, they will be given points in the form of pineapples that they can redeem against NFTs on the platform.
There are different categories of NFTs proving that they are not equal. For instance, if you want a rare NFT then you have to stake your $MEME token for 30 days under the condition that you are staking the maximum limit of 5 $MEME tokens. A relic NFT can be obtained in less than a day. The Legendary category can be farmed if the user provides liquidity on the $MEME/ETH trading pair on Uniswap and stake the Uniswap LP tokens.
Steps to farm NFTs with MEME
- Purchase $MEME – This is the first step to grab your share of the $MEME tokens. For this, you have to go to DontBuyMeme.com and click on “Don’t Buy”. This will lead to the Uniswap interface with a pre-loaded $MEME token.
- Decide on the NFT farm – The next step is to decide which of the two farms you want to join. As per the understanding, joining the Genesis farm and staking $5 MEME seems the best option. Users can alternatively add liquidity on Uniswap to the $MEME/ETH pair by adding both ETH and MEME tokens.
- Stake your $MEME – Once you’ve chosen the type, you will have to stake your $MEME token in order to earn pineapple points.
- Claiming NFT – Once your pineapple points collect and you have enough, it can be navigated to the NFT you want. Then all the user has to do is click on redeem. Once the transaction is confirmed, users can go to the My Cards section and view the NFT.
Considering the enormous potential possessed by NFTs, MEME is an interesting project which is an interesting mid-section of DeFi and art.