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Tuesday, December 6, 2022
HomeGuidesMeme Cash Are So 2021—It is All About Meme Chains Now

Meme Cash Are So 2021—It is All About Meme Chains Now

Key Takeaways

  • A number of meme-themed blockchains have hit the crypto area, providing customers some respite from the continuing crypto winter. 
  • Dogechain, Berachain, and Kekchain are among the many tasks using well-liked memes to advertise themselves.
  • Whereas meme chains are sometimes extremely speculative, some have ambitions to alter the best way blockchains and DeFi operate. 

The most well-liked memes within the crypto area are again—in blockchain kind. 

What Are Meme Chains?

It’s turning into simpler than ever to launch your personal blockchain—and the memes are benefiting from it. 

In latest weeks a number of new meme-themed blockchains have hit the crypto area, providing customers some lighthearted enjoyable and a quick respite from the enduring crypto winter. 

Till now, most crypto meme tasks took the type of a token on a pre-existing Layer 1 chain. For instance, Shiba Inu launched as an ERC-20 token on Ethereum, and Solana received its personal canine token within the type of Samoyedcoin. The primary exception to this pattern has been the crypto meme progenitor, Dogecoin, which was initially created as a fork of Litecoin and lives by itself chain. 

Nevertheless, regardless of their success in going viral, these meme tasks have confronted important hurdles. Throughout its top, Shiba Inu mania helped the gasoline charges on Ethereum soar, dissuading new consumers and limiting the meme’s potential. Dogecoin, which speculators largely purchased by centralized exchanges, was less expensive to acquire however restricted by its lack of Turing completeness, that means it can’t assist sensible contracts or DeFi purposes. 

The brand new wave of meme chains capitalizes on two issues: sensible contract interoperability and all-time low charges. After paying a small price to bridge tokens to a meme chain, customers are unrestricted in what they will construct or do. Low transaction charges encourage use, and extra customers convey extra builders. 

In latest weeks, a number of up-and-coming meme-themed blockchains have captured the crypto market’s consideration and generated pleasure at the same time as costs pattern down throughout the board. 

Dogechain 

Dogechain is a meme chain that’s bringing sensible contracts to Dogecoin. Marketed as a “Layer 2 for Dogecoin,” Dogechain is constructed utilizing the Polygon Edge framework. Whereas Dogechain is Ethereum-compatible, it doesn’t use ETH for its transaction charges. As a substitute, customers pays charges with both wrapped Dogecoin (wDOGE) or the chain’s native Dogechain token (DC). 

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The group behind Dogechain is nameless and reportedly has no connection to Jackson Palmer, Dogecoin’s unique creator who has since distanced himself from the crypto area. On the Dogechain web site, the meme chain is marketed with the tagline “NFTs, Video games, and DeFi for Dogecoin customers,” alluding to all the chances Dogechain’s sensible contract performance allows. 

Presently, many of the exercise on Dogechain comes within the type of wild token hypothesis that’s turned the community right into a makeshift on line casino. As a result of low-cost transaction charges and low barrier to entry, it’s straightforward to create new tokens with meme-worthy names, and even simpler to purchase them. Low ranges of liquidity imply new tokens can rapidly go parabolic, netting early consumers large returns on even a modest “funding.” Nevertheless, for each winner, there’s a complete graveyard of tokens that didn’t make it, lots of them sitting 99% down from their all-time highs. 

Though most exercise on Dogechain is glorified playing, adoption seems to be growing. Based on the official Dogechain Twitter account, the community surpassed 15 million transactions on September 5 and hit an all-time excessive every day transaction rely of two.6 million the next day. Moreover, there are additionally hints of extra severe tasks getting concerned with Dogechain. Stablecoin protocol Frax Finance not too long ago launched a decentralized trade on the meme chain, and the Dogechain group formally endorsed it because it went dwell. 

As a meme, Doge has an extended historical past relationship again over a decade and has grow to be a mainstay of Web tradition. Dogecoin’s parabolic run in 2021 exhibits the explosive potential of meme cash given the proper circumstances. If curiosity in crypto picks up once more, Dogecoin and Dogechain might seize loads of consideration from newer entrants and crypto veterans alike. 

Berachain

Berachain pays homage to the continuing crypto bear market and the idea of “bearposting.” It makes use of picture derivatives of Bobo the Bear to convey its neighborhood collectively, very similar to Dogechain makes use of the Doge meme. Nevertheless, whereas Berachain might appear to be one other lighthearted meme on the floor, the challenge is pioneering a number of improvements that would change the best way blockchains and DeFi operate. 

Berachain differentiates itself from different meme chains by promising to convey new ranges of capital effectivity to DeFi. The challenge plans to take action by a brand new tri-token design and a “Proof of Liquidity” idea. The three tokens within the Berachain ecosystem are a gasoline token known as BERA, the BGT governance token, and a collateralized stablecoin known as HONEY. 

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Based on the Berachain group, the rationale behind having separate tokens is the idea {that a} decentralized economic system has three major elements which are essential to its success: a medium to cost a unit of labor (gasoline), a medium to come back to consensus and make choices about the way forward for the community (governance token), and a medium during which in to transact by a standard steady denomination (stablecoin). Most present networks mix these capabilities beneath the identical tokens, however Berachain needs to separate every one. 

By making every part separate, Berachain can implement its novel Proof of Liquidity Sybil resistance mechanism. Right here, tokens used to assist the community come to consensus are repurposed to offer liquidity all through the Berachain ecosystem whereas incomes a yield from block rewards and protocol charges. If the plan works, Berachain might set a brand new commonplace for capital effectivity and blockchain design. 

Berachain continues to be within the early levels of growth however plans to launch its first incentivized testnet quickly. Though the chain is being constructed utilizing the Cosmos software program developer package and makes use of the Tendermint consensus mechanism, its builders are promising it will likely be Ethereum-compatible and have full cross-chain interoperability. 

Separate from its tokenomic improvements, Berachain has garnered loads of consideration in crypto circles. The challenge’s Discord server has attracted over 60,000 members, with many aiming to make it onto Berachain’s unique “Honeylist.” Not a lot is understood about what a spot on the Honeylist grants or what hopefuls can do to get on it, however some have speculated that it’s going to grant early entry to the Berachain testnet or different advantages. 

Kekchain 

Final up is Kekchain—a meme chain devoted to the satirical faith primarily based across the worship of the traditional Egyptian frog God Kek. The meme was first conjured up on the imageboards of 4chan, the place posters famous a similarity between Kek and the favored meme character Pepe the Frog created by Matt Furie. 

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Kekchain harnesses the meme energy of Pepe and its derivatives, comparable to Peepo and Apu Apustaja. Discovering viral success as early as 2008, Pepe rivals Doge in its widespread recognition throughout the Web. Nevertheless, the meme’s adoption by some far-right circles has damage its status in recent times. 

Like Berachain, Kekchain can be in its pre-launch part however has launched its native KEK token as an ERC-20 on Ethereum. Moreover, the challenge has additionally launched its personal .kek area identify service akin to Ethereum Identify Service’s .eth domains. When the Kekchain mainnet launches later this 12 months, its builders plan emigrate KEK over from Ethereum so it may be used to pay transaction charges. Kekchain is at present working a testnet the place customers can check out the chain and begin constructing purposes. 

Regardless of its small following, Kekchain has made good progress selling itself. Up to now, the KEK token has been listed on Coingecko, and ChainList has additionally added the Kekchain testnet to its roster of RPC server addresses. 

Nevertheless, the KEK token contract prices a controversial 10% exit tax for promoting KEK on the open market. Kekchain’s builders keep the tax is important to assist develop and market the chain. Nonetheless, taking a minimize of merchants’ tokens may very well be a nasty shock for some and damage the community’s total adoption. 

Closing Ideas

Though meme cash—and now meme chains—have produced good-looking returns for early consumers, the dangers related to these kind of tasks are excessive. Meme tasks can sometimes soar in worth, however they will simply as rapidly plummet, leaving those that purchased on the high holding the bag. Moreover, many meme tasks are created by nameless groups, that means that it is vitally tough to carry anybody accountable for them. This will increase the danger of tasks “pulling the rug” on token holders by stealing funds, dumping tokens, or abandoning the challenge. Anybody considering of exploring any meme chains or tasks discovered of their ecosystems ought to do their very own analysis and perceive the dangers concerned.

Disclosure: On the time of penning this piece, the writer owned ETH and several other different cryptocurrencies. The data contained on this article is for instructional functions solely and shouldn’t be thought-about funding recommendation. 

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