Two days ago, Binance announced the 39th project on its Launchpool - the Memecoin (MEME). It means users can stake BNB, FDUSD, and TUSD on their corresponding pools and earn MEME as rewards.
Before diving into the Launchpool details, let's have a brief look at Memecoin first.
What is Memecoin
Per Binance research, "Memecoin($MEME) is the native token of Memeland, a Web 3 project by 9GAG, a popular meme platform. The project's focus is SocialFi and creator economy, it aims at connecting creators and communities together through NFTs, tokens, and products. Memeland has already launched 3 NFT collections, including You The Real MVP, The Captainz, and The Potatoz since June 2022."¹
According to the Memecoin Whitepaper, Memecoin($MEME) is literally a memecoin. There are no functions, no utility for it, no roadmap, no intrinsic value, no promises, and no expectation of financial return, profit, interest, or dividend. Just 100% memes.²
Although there are no promises, Memeland is said to be working on the following:
- 69x ETH Validators - Securing the Ethereum network (April 2023)
- Memecoin - The Meme Coin (Oct 2023)
- GMGM.com - SocialFi + Proof of Fandom + Creator Economy (Soon)
- Stakeland.com - Liquid staking ETH but fun (Soon)
- Holders.com - Tripadvisor for Web3 journey (Soon)
Source
Token
- Ticker: MEME
- Network: ERC20
- Max Supply: 69 Billion MEME
- Initial Circulating Supply: 8,797,500,000 MEME (12.75%% of the total token supply)
Token Allocation
- Binance Launchpool Allocation: 2% of the total token supply or 1.38 billion MEME
- Firesale allocation: 7.59 billion MEME (11% of the overall supply).
- Airdrop: 1.725 billion MEME (25% of the total token supply)
- Ecosystem: 2.07 billion MEME or 30% of the total token supply
- Advisory: 207 million or 3% of the total supply
- Investors: 12% of the total token supply or 828 million MEME
- Contributors: 17% of the total token supply or 1.173 billion MEME
The firesale happened on the 26th & 27th of October and accordingly, it raised $10 million dollars in less than an hour.
Binance Launchpool Details
- Total Token Rewards: 1,380,000,000 MEME
- Farming Period: 30 days. It started on the 28th of October at 00:00 (UTC) and will end on the 26th of November at 23:59 UTC.
Supported Pools
👉BNB Pool
1.104 million MEME in rewards (80%) or 36.8 million per da|
The hourly hard cap for each user is 153,333.33 MEME
Over 8 million BNB are currently staked into this pool
Users with staked BNB in the BNB vault also earn MEME without doing anything. Their rewards will be credited to their Spot wallets each day.
👉TUSD Pool
- 138 million MEME or 10% of the total rewards pool.
- The maximum cap for each user is 19,166.66 MEME per hour.
- More than 345 million TUSD are already staked on this pool.
👉FDUSD Pool
- 138 million MEME are allotted for this pool.
- The hourly cap per user is 19,166.66 MEME
- Over $259 million FDUSD are currently staked.
- Total rewards for this pool per day is 4.6 million MEME
Listing
MEME will be listed on Binance Innovation Zone on November 3rd, at 8:00 UTC with the following pairs:
- MEME/BTC
- MEME/USDT
- MEME/BNB
Summary
While the project doesn't have any specific roadmap and the token has no utility, the success of the recent Firesale kind of shows the optimism of people towards the token. Or maybe, people just want to have quick profits considering that 9GAG (the team behind the Memecoin project) is widely known in the meme space.
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The token (MEME) can be earned basically for free by staking BNB, TUSD, or FDUSD in their respective pools on Binance Launchpool.
For infotainment only. Not investment or financial advice. Exercise caution as always. For further information, check out the following sources:
