Degenerator or MEME, an obscure project that started as an airdrop for Telegram users, has managed to hit a $3 million market cap and is trying to carve out a niche for itself as a non-fungible token (NFT) farming protocol .
MEME originated from a joke by ConsenSys DeFi product lead Jordan Lyall, who created a joke ad “The Degenerator” – a fictional tool for creating Ponzinomics-inspired yield farming tokens.
The joke quickly struck a chord with the crypto community, drawing a lot of interest on Twitter. However, just hours after Lyall published the post, someone had minted a token called Degenerator and listed it on CoinGecko under the ticker “MEME.” The asset’s total supply of 28,000 tokens was then quickly distributed to interested parties via Telegram.
As of this writing, the token has a 24-hour trading volume of $331,750, is the 610th largest crypto asset with a market cap of $3.1 million, and last changed hands for around $109 — a lot to Lyall’s dismay.
The satirical tweet launched “a passionate community of ETH native builders, artists and internet trolls” and within two weeks the project morphed into “the world’s first meme farming experiment” which, in the first 24 hours $500,000 in funds after discovery secured its new utility.
The meme protocol now includes two pools that allow users to lock MEME to earn crypto collectibles, generating NFTs of “legendary” rarity by escrowing liquidity provider tokens for Uniswap’s ETH/MEME pool .
The NFTs represent prominent figures in the crypto community, including Ethereum (ETH) co-creator Vitalik Buterin, Binance CEO Changpeng Zhao, Chainlink CEO Sergey Nazarov, and potential Bitcoin (BTC) creator Dorian Nakamoto.
Holders of 100 MEME tokens or more are now members of MemeDAO – the protocol’s umbrella organization. Including the value locked as of the DAO, the MEME project was estimated to have more than $1.7 million in locked capital as of August 29th.
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