Combining NFTs and DeFi! The origin of meme coin MEME: A satirical joke mocking the downfall of DeFi

It was reported that the operation mode of Uniswap liquidity pool and coin price makes it not difficult for a coin that is created out of thin air to create a buzz in a small liquidity pool. Recently, a "meme coin" called MEME, with a "air of mystery" in DeFi coins, has gained attention due to its combination of liquidity mining with NFTs (Non-Fungible Tokens).

And all of this is related to a satirical joke about the downfall of DeFi? This is a creative story.

Note: NFT, Non-Fungible Token, a token that is indivisible and unique, with Crypto Kitties being a classic example.

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In simple terms, players can buy MEMEon Uniswapand stake MEMEin the NFT Farm. Players will receive Pineapple points daily. When you have enough Pineapple points, you can use them to exchange for NFTmeme collectible cards. You can either collect them or sell them on the NFTexchange Open Sea.

According to CoinGeckodata, the price ofMEMEstarted at $11 on the 15th and surged to $233 on the 26th, ending at $146 at the time of writing. According toOpen Seadata, there were 36 meme collectible cards traded, with an average price of 0.3147 ETH (approximately $121).

The story goes like this. On August 15th, Taiwan time, ConsenSys'sDeFiproduct managerJordan Lyallposted a humorous image on Twitter: "The Degenerator." Jordan Lyall wrote:

"Introducing 'The Degenerator.'"

"Accelerate your DeFi project launch in as fast as five minutes!"

Upon closer inspection, it was a step-by-step interface screenshot. The first step is to choose the meme (MEME), and the second step is to select the smart contract you want.

The second step states:

"Choose your contract: Next, please select which existing smart contract you wish to copy."

"Don't worry about smart contract audits because you're just making unimportant tweaks."

Then, in the right column, you can choose different contract template types, governance, staking, and reBase, and then choose an emoji as your brand to deploy the contract immediately. And in the third step, activate pre-mining!

Jordan Lyall clearly intended to satirize the chaos of DeFi liquidity mining, where many developers simply copy other platforms and launch with minor modifications. However, this joke became a reality within a few hours!

Just around 11 a.m., Jordan Lyall tweeted, and by 2 p.m., an entry about MEME Coin appeared on the online encyclopedia Everipedia. Allegedly, in a group discussing "The Degenerator," upon realizing that Jordan Lyall's joke was not real, MEME Coin was swiftly created.

Jordan Lyall remarked, "What have I done..."

What have I done?https://t.co/PU4EjElxs3 pic.twitter.com/XBnfqRVqQn

— Jordan Lyall (@JordanLyall) August 15, 2020

At the time of writing, this group has nearly three thousand members. The official website humorously named "Don't buy meme." The website, from simple content to elaborate graphic design, descriptive explanations, various official channels on platforms, and media coverage, showcases the meme coin.

Interviews with early participants indicate that MEME Coin initially involved brainless trading on Uniswap, but later, with community collaboration and Jordan Lyall, liquidity mining and NFT integration were introduced, along with a new version of the website in recent days. There are even groups exclusive to MEME whales, and currently, the Pineapple points mined are only enough to buy the cheapest meme collectible cards.

Whether this game will continue, and if it will become a new way to play NFTs, remains to be seen.

Further Reading

• DeFi Scam Prevention | What Are Liquidity Pools LIQUIDITY POOL? How Do They Work?
• Ethereum Founder Urges Against Following Latest DeFi Trends, Engages Fans in Real-Time Strategy Game "Dark Forest"
• Hilton Hotel Heir Creates NFT Digital Artwork, Ultimately Auctioned for $17,000

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