Food-related DDeFi tokens are more of a lie and sell high kind of a thing now, barring for some which still has some promise left in it. But, cannot stop talking about the latest DeFi farming frenzy called MEME that has spiraled off today. The expected or the unexpected craze resulted in its price reaching a 4-digit figure, something that is hard to neglect.
The majority of the DeFi food tokens function on a similar parable, looking like clone tokens, and disappearing in the act in a wink. As of today, the DeFi flavor is Pineapple and its protocol is not similar to the clone protocols. It is rather letting farmers mine non-fungible tokens for crypto collectibles.
Non-fungible tokens are digital representations of scarce assets. NFTs are unique because they have varying properties that can be distinguished from each other. They are special types of tokens on the Ethereum network that uses the ERC-721 AND ERC-1155 standards to create verifiable digital scarcity. Managing digital, unique, and scarce assets like collectibles is not a new thing but before the emergence of blockchain and other distributed ledgers, the scarcity became very difficult to manage. It was reliant on the validation and security of the centralized issuing entities. Non-fungible tokens can be used in Dapps like crypto games or crypto collectibles.
MEME lets users stake tokens to farm limited edition NFTs or crypto art which can be further sold on the open market on different platforms such as SuperRare or OpenSea. The foremost collaboration with digital artist Sven Eberwein was announced at the weekend and it is already riding high on popularity. The artist tweeted:
“With 500 editions it is the most common NFT from the series. Momentarily the MEME x SVEN Pool has $1.8M total value locked just to farm the works.”
If the farmers staking one MEME per day, they will end up earning one Pineapple per day, and staking the maximum limit which is 5 will return 5 in a day. Pineapple points can be collected and redeemed to claim crypto collectibles. The farming will take place on the MEME genesis liquidity pool on Uniswap which has almost $3 million in liquidity.
The current hype of MEME was further accelerated by the recent endorsements and testimonials from crypto opinion-makers and bigwigs like Andre Cronje, Sam Bankman-Fried, and Hayden Adams. At the moment, MEME is the hottest token at least with regards to its price. Over the last few hours, the token has managed to hit a cool high of $1,123 as per CoinGecko.
This new figure is a huge gain of almost 50% in less than a day. The token is up by a staggering 830% since its time last week.
The upward swinging curve tells about the performance of MEME. It has a total supply of 28,000 and it believes it can somehow try to reproduce the success of YFI with limited supply.