You know the MEME protocol is really interesting in that it is located on the border between DeFi thanks to its Yield Farming system and the fact that this makes it possible to generate not simple tokens, but NFTs . Basically, by using the platform, it is the ownership of original digital works that you will obtain.
A little tutorial, it's been a long time! In this article, we will see what the MEME protocol with the pineapple image is, then we will see how to earn some tokens.
The beginning of MEME's story is a...joke.
Yes, a bit like with the dogecoin, the story of the MEME protocol started with a joke, on August 15, 2021. Yes, it's very specific. In fact, it was a developer at Consensys named Jordan Lyall who posted a tweet in which he was ironic about the explosion of "food coins". You know, these tokens from DeFi protocols of Yield Farming, in particular. These tokens that rise to the sky only to fall back down just as quickly and some of which are vulgar scams, without any interest.
He certainly wrote this tweet to laugh or denounce certain YOLO practices (the acronym for YOLO “You Only Live Once.) of some DeFi projects.
And, for fun, he proposed a fake graphical interface of the new protocol "The Degenerator" to be able to create projects in less than 5 minutes.
Of course, you can imagine what happens next, right?
Some people really took it seriously and we started exchanging links to Telegram and other social networks to actually create this token. Several people actually wanted to move from the joke to reality and actually create the protocol.
Thus, the Degenerator (MEME) project was born and 28 tokens were initially generated. No more tokens have been generated since. You understand its price better later…. The pineapple emblem had its token. A superb airdrop was distributed with the sending of 000 MEME to 355 happy people. At that time, you only had to pay the $50 transaction fee.
Does that seem like a lot of money to you? Instead, look at the price of the MEME token now:
Yes, this little ill-timed gift of 355 MEME is now worth more than 560,000 dollars.
Lesson of the day: Never refuse free tokens, even if it's a joke!
The official site was created and it was initially the site degenerator.finance and now that address links to the current address (which still has a hint of irony), https://dontbuymeme.com. Don't buy from the same thing when you go to the site, you're dying to...
They may have kept their humor but they still changed the role of the MEME. They gave it meaning.
Finding your own uniqueness in the art world
Yes, finally, the Degenerator protocol now called “MEME” has decided to take an interest in the wonderful world of NFTs.
In fact, the principle is rather very interesting:
The rewards for token holders who practice Yield farming by offering them NFT tokens. You can therefore win limited edition NFTs from some of the best artists on Ethereum depending on the platform.
It must be admitted that objectively certain works are truly aesthetic.
How does it actually work?
So the big difference from other DeFi yield farming protocols, users on MEME use assets to earn NFTs.
Each user can actually stake a maximum of 5 MEME tokens. They then receive points called “pineapples” that they can then exchange for the NFTs available on the platform.
On the platform, not all NFTs are equal. There are different types of categories:
- Relic
- Common
- Rare
- Legends
These different categories of NFTs will determine the number of pineapple points that the NFT will cost. The rarer the cards, the more tokens and significant number of days in staking will be required. So, if you want to have an NFT that is "rare", then you will have to stake your MEME tokens for 30 days 5 MEME tokens. On the other hand, an NFT of the Relic category can be obtained in a single day.
The Legend category is super rare and can only be obtained if you become a liquidity provider on the MEME/ETH pair on Uniswap and stake Uniswap LP tokens. This Yield Farming pool is called Genesis LP and classic staking is simply called Genesis.
What's still cool about this protocol and earning NFTs is that they're basically still Ethereum tokens that you can trade almost anywhere.
You can very well obtain a superb NFT via the protocol that you can sell for thousands of euros on a platform like OpenSea.
To the extent that there is no new MEME token that has been created (and therefore paid to the first participants of the airdrop), the course is racing. There are no new tokens being created and in all likelihood there will not be one more.
There is an image to fully understand the MEME protocol that I find useful for this example. It's like there is a specific gold mine but with only 28 specific picks for that mine. The picks are the MEME tokens. You must therefore purchase them from the first owners. Even if the system makes it elitist, you can still buy them, in order to ultimately obtain NFTs that may be worth gold...
And, if you're wondering how to do it, the tutorial part is coming, don't worry!
How to get NFTs with MEME tokens?
Here is the tutorial you have been waiting for! You will see that it is not that complicated; You just need to understand the mechanism of pineapples, NFTs and staking on the MEME protocol.
Are you ready? ??
Step One: Buy MEME Tokens
Don't buy meme, yes, yes, that's it. The first step is to buy tokens EVEN if you don't have any. By clicking on the tab Uniswap, you will arrive on the page to swap your tokens to buy them.
Make sure you are adding the correct MEME token (check that the address is the correct one, that of coingecko). Then you can make your exchange, if the gas costs are not exorbitant!
Once it's done, it's good, you want MEME holder!
2) Step Two: Choose the NFT farm you want to join
Now that you have your MEME tokens, then you can show off a little ;). Then we have to get down to business, dear friends. You must now reach the farm of your choice.
You have the choice between Genesis and Genesis LP.
The simplest is that of Genesis.
As you can see, you just have to drop MEMEs to get Pineapples. For around 1 SAME token in staking, you get 1 pineaple per day.
You must click on “Approve MEME” to authorize the transaction and start earning pineapples.
The maximum is 5 MEME. You should know that the minimum for staking is 1 whole MEME.
Genesis LP
If you want to participate in Genesis LP, then you will have to do it differently and become a liquidity provider on uniswap.
In this case, it is necessary to add liquidity on Uniswap to the MEME / ETH pair by adding ETH and MEME tokens more or less equally.
I prefer to tell you right away, you need a minimum of 50 MEME and an equivalent in ETH to obtain 0,0002 UNIV2-LP.
To use the Genesis LP, please note that the maximum you can deposit is 0.0002 UNIV2-LP and a minimum of 0.00004)
Don’t forget that this is still relatively riskier because there are the famous non-permanent losses if the price of the MEME token drops sharply, for example….
3) It’s okay, you can claim your NFTs!
As soon as your transaction is approved, you will see that you will start generating small pineapples/pineapples from your farm. Every day you will have a pineapple won until you have enough to obtain NFTs of your choice.
There are more and more artists joining the platform and you have an ever-increasing range of NFTs to choose from.
For example, if you put in the farm, 1 MEME, you have to wait about 25 days to be able to have the NFT of the artist Jon Noorlander.
By clicking on the NFT of your choice, your Ethereum wallet will open and ask you to confirm your transaction. Then, you can go to the "My collection" section and you will see the number of fabulous NFT works that belong to you.
If you have themoney app, you will see them directly in your account. and will ask you to confirm a transaction.
To sell your NFTs, nothing could be simpler, you just need to go to the marketplace OpenSea. Moreover, on the MEME protocol, we send you to the marketplace directly if you want to buy or sell NFTs.
Conclusion on MEME, pineapples and digital artwork
Ultimately, the story of the project is even crazier than it is doge. That it starts with a simple tweet on Twitter shows that the world of cryptocurrencies likes challenges that are insurmountable at first glance. It's also a community born with the internet, and it knows the codes well and plays with memes in multiple ways.
What's still great is that the MEME protocol ultimately has everything it needs to succeed. Its earning mechanism is ingenious and its Yield Farming process is rather efficient.
But, we can still blame the platform for the fact that ultimately the first holders (those who obtained the airdrop) are really the big winners compared to the others...Finally, this is also part of the game and it is also part of the hype of the project…
Also and above all, the NFTs they present are really of good quality. Seriously. When you wander through NFT marketplaces, you are sometimes surprised by the average quality of certain NFTs. We feel that it is done quickly and that in digital work, only the digital is valuable.
Of course, there are nuggets, but you have to look carefully.
With the madness of NFTs and exponential sales as with NyanCat or the cryptopunks, it could be that MEME gains even more visibility and credibility (which was not obvious given its history).
His intersection between DeFi and art is truly his strong point and that's where all his ingenuity lies. In any case, we can't wait, personally on zonebitcoin, to see how the platform will evolve.
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