Over the previous few workweeks, decentralized finance (DeFi) designers have found a fascinating way of producing efficacious projects: take the code of an already-successful project like Compound, Aave, Yearn.Finance, Ampleforth, or otherwise, & then tweak it with new ideas. We have realized this play out efficaciously numerous times: YFII (Yearn.Finance 2) & Based are just two multi-million-dollar instances. It’s turn out to be a running joke at this fact that many of the new DeFi protocols & cryptocurrencies initiation are merely slightly-altered replicants of the newest demand of the week.
On the evening of Aug. 14, Jordan Lyall, the DeFi product lead at ConsenSys Codefi, crooked this joke into image format, which displays an ironic mock-up of a tool called “The Degenerator,” referencing the “degenerate” name DeFi users have been given. The “tool” would permit one to “Spin up a new DeFi project in as little as five minutes” by selecting already-existing protocols, then restating on them to some extent.
Announcing The Degenerator:
Though the image was a joke demonstrated by the words “premine” & “don’t worry about an audit” seeming in it, people sincerely thought this tool was a good idea. As revealed, somewhat tweaking existing DeFi protocols is how some of the hottest trends have been underway in recent weeks & as senseless as it sounds, a $500,000 cryptocurrency has meanwhile minted out of thin air due to this meme.
Here’s how it occurred.
Meet $MEME, a $500,000 Ethereum altcoin spawned by a meme
Rendering to “DeFi Dude,” a prominent commentator in the space, shortly after Lyall posted his meme, a user created a Telegram group with the name “Degenerator” in a seeming attempt to capture some of the interest in this idea. This group filed up fast, gaining dozens of members as people wanted to discuss the idea. (This writer searched for a Degenerator Telegram group shortly after the meme was produced but found nothing; apparently, I was too early.) In its place of working on the tool itself, a conversation quickly leaped up about beginning an Ethereum-based token, apparently to fund the development of the product. Subsequently, after some deliberation, the ticker “MEME,” a community distribution, & a supply cap of 28,000 coins were settled on. As DeFi Dude wrote:
“The community decided on 28,000 total supply, and it should be airdropped to members in the telegram. And so it did. After $400 in gas costs, $MEME was deployed and airdropped to 50 or so participants, each receiving 355 $MEME.“
Despite the fact the token is a meme, it has gathered much sustenance from Ethereum users. At the present worth of ~$20, the cryptocurrency has a market capitalization of $570,000 & a 24-hour volume figure in surplus of $1.2 million. At the slightest, for now, the token accurately has no intrinsic value. Though, if The Degenerator ever launches, it will be funded & fueled by MEME.