Tired of the DeFi Drama? Farm NFTs!

2020-09-14 09:50:00 · 2046 views · 4 min read

 

Hard to catch up with the SushiSwap saga? Tired of the “zero to millions, millions to zero” DeFi drama? Gradually lost trust in those “food” coins? Check all the food meme coin here.

 

 

What about a blend of YAM and CryptoKitties, or in other words, a mix of DeFi and NFT?

 

 

Meme is the first NFT farming project. Instead of farming for yield, DeFi users stake assets to earn limited edition NFT memes from some of the top artists in Ethereum.

 

 

The components of this decentralized protocol include staking, governance, fair distribution, and crypto collectibles. You could lock $MEME tokens and $MEME/ETH Uniswap LP tokens to farm credits called "pineapple points." Then you can use your pineapple points to redeem a suite of NFTs, from basic to rare ones.

 

 

This is “Vitalik Buterin [Legendary]”, a rare NFT that you could farm. Besides, there are “Sergey Nazarov” and “CZ (Binance)”.

 

 

The token actually started valueless from a DeFi joke. But $MEME token price reached its ATH, $240.53, on the official launch day of the Meme protocol. You can see the token price trend has a high correlation with its dapp users/transactions/volume.

 

(Click “View Price” button for price indicator: https://www.dapp.com/app/meme)

 

 

The WHALE community is adopting a different approach to NFT farming.

 

 

The founder, WhaleShark, is an NFT whale who has collected a great amount of on-chain collectibles worth over $500K

 

 

Instead of doing any primary market making on Uniswap, the team rewards $WHALE tokens to participants, creators, advocators, and supporters of the NFT space, trying to keep the token as social currency.

 

 

The “$WHALE NFT Mining” starts in September.

 

 

It allows you to "stake" the NFTs that you create on your own contract to earn $WHALE tokens.

 

 

According to the founder WhaleShark, there will be a $WHALE NFT Mining Reward Pot of 2,000 $WHALE per month, distributed among 10 NFT creators who create NFTs that are exclusively for sale for $WHALE. Each term of the $WHALE NFT Mining will last for 3 months and can be extended based on popularity. The NFT creators are selected by the $WHALE team. They create limited edition NFTs, which can be minted by themselves, or minted by the $WHALE team on the $WHALE contract. A certain amount of NFTs is donated to a pool. At the end of each month, the NFT Mining Reward Pot will be distributed based on the percentage of $WHALE earned by each creator. 

 

(Track $WHALE token price: https://www.dapp.com/app/whale)

 

 

$WHALE token holders can benefit from price rise reflected by the increase in use case, new $WHALE users entering the space and the increase in the pool’s value. We can see the $WHALE token price is showing an upward trend from the pic above. It has increased 291.3% in the past 30 days according to Coingecko.

 

 

NFT+DeFi, will it be the next biggest thing in the Blockchain industry?

 

 

 

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