Meme Season 2 by Sonic Labs

How to Win sFTMx in Sonic Labs’ Meme Season Round 2

Users can win sFTMx in Meme Season round 2 by holding memecoins or providing liquidity with them on select DEXs including Beethoven X, WigoSwap, and SpookySwap.

Key Takeaways

• Sonic Labs’ Meme Season round 2 is running until September 5 2024.

• As part of the program, Sonic Labs will distribute 750,000 FTM as sFTMx, a liquid staking token for FTM by Beethoven X, to top memecoin projects in the ecosystem.

• The scoring formula used to determine leaderboard positions are based on liquidity, market cap, and DEX volume. 

Memecoins have been one of the most popular crypto narratives in 2024, with four out of the top 15 most popular crypto narratives on CoinGecko being memecoin related. Tapping into the memecoin boom, Sonic Labs is looking to grow the ecosystem on their Opera chain and the new Sonic network in the latest installment of Meme Season, which will highlight the ecosystem’s top memecoins. 

In the second round of Meme Season, 750,000 FTM as sFTMx will be distributed as rewards to the winning projects (10%) and their holders (90%). sFTMx is the liquid staking derivative of FTM – the native token of Sonic Labs' Opera chain, issued by Beethoven X. It is a yield-bearing token that accrues value over time and can always be redeemed for FTM.

What Is  Meme Season?

Meme Season Round 2 is the second edition of the promotion program for memecoins and the meme culture on Opera chain and the team’s upcoming Sonic network. Based on guidelines from the project, memecoins are defined as tokens that focus on community social connections, and contemporary meme culture, while offering no monetary incentives or products. 

Competing projects will vie to be top six on the leaderboard, where their placement decides the size of the reward, which will be split between its top 500 holders and team. Holders can also include users who deposit memecoins into specific liquidity pools on eligible DEXs, including Equalizer Exchange, SpookySwap, and 50/50 Beethoven X pools. 

For more information on eligible DEXs and eligible liquidity tokens, click here.

This round of Meme Season began July 22 and will continue until September 5, 2024. Even though this round of Meme Season has started, projects can still apply to join by completing the application form on the official leaderboard. 

Eligibility

The Meme Season program is meant for memecoins and community tokens on Sonic Labs’ Opera chain and Sonic network, launching later this year. 

Each project must;

• Complete the application form on the leaderboard.

• Have verified contract and ownership contract renounced.

• Be listed on CoinGecko and DEX Screener (optional but recommended)

• Have their primary liquidity in Uniswap V2-style pools.

• Not be a governance, tax, DEX-emission, or mintable token.

• Have a minimum of 250,000 USD market cap for a rolling 3-day average.

For tokens launched before the competition announcement, liquidity must be burned or locked for 90 days minimum.

For tokens launched after the competition announcement, liquidity must be sent to the Sonic Community Council or locked for 90 days minimum.

Scoring Formula and Rewards

Now, let’s take a closer look at how leaderboard positions are determined.

Scoring Method

Projects participating in the Meme Season R2 program are ranked in the leaderboard according to their scores during the program’s duration, where projects are scored based on their DEX activity. 

Scoring parameters include Liquidity, Daily Trading volume, and Market Cap with score points of 0.8, 0.1, and 0.1 respectively. 

For instance, a memecoin project with $100,000 in liquidity (locked), a daily DEX trading volume of $200,000, and a market cap of $3 million scores 400,000 points.

The working liquidity is the daily average liquidity over the full duration of the competition, and the market cap is calculated using a 3-day average.

Note that volumes on centralized exchanges and other networks outside of Opera are not considered. According to Sonic Labs, projects found manipulating any of the parameters will be disqualified, and Sonic Labs reserves the right to disqualify any foul-playing projects or wallet addresses.

Rewards

The 750,000 FTM as sFTMx reward will be distributed to the top projects based on the below breakdown:

Only the top 500 holders will be eligible for a share of the rewards, based on the size of their holdings, and they must be rewarded at least 5 FTM to receive their prizes. If their rewards are less than 5 FTM at the end of the round, their share will be distributed among the qualifying winners.

Rewards under $10,000 worth of sFTMx will be directly sent to the winners' wallet addresses within 14 days of the round completion. Participants who qualify for over $10,000 worth of sFTMx in rewards will have to send an email to [email protected] to confirm deployer wallet ownership and complete KYC requirements.

How to Take Part in Meme Season 2

Participation in Meme Season round 2 is open to projects and traders who fit the eligibility criteria mentioned earlier.

To apply as a memecoin project, you can fill out the  Meme Season application form.

For traders and memecoin enthusiasts:

• Visit the Meme Season leaderboard to see approved memecoin projects for the current round.

• Purchase a memecoin of your choice (from the list) on any of the approved decentralized exchanges and start holding.

As mentioned above, note that only the top 500 holders of the winning projects are rewarded.

How to Trade Memecoins 

1. Visit the decentralized exchange where the memecoin is listed (here, we are using SpookySwap).

2. Click Connect Wallet from the platform.

3. Select your wallet application. We recommend Rabby Wallet, as Sonic Labs and Rabby have partnered to subsidize gas fees for up to 10 DEX transactions per unique user on the network. 

Watch our step-by-step video tutorial to set up a @Rabby_io Wallet on Opera!

🔗 https://t.co/UzM3eQHCeH pic.twitter.com/WpRn3mcATk

— Sonic Labs (prev. Fantom) (@0xSonicLabs) July 29, 2024

However, this is only open to new wallets or users who have been inactive for at least 90 days on Opera.

4. Complete the connection process from your wallet.

5. Navigate to the Swap section.

6. Select the asset you wish to use to swap for the memecoin.

7. Search for the memecoin using the correct contract address. You can find the token address in the address bar of the token’s page on the MemeSeason2024.com page. 

8. Enter the amount you wish to purchase and click Swap to continue.

9. Click Confirm Swap to proceed.

10. Approve the transaction from your wallet to complete.

As mentioned above, using Rabby allows users to enjoy subsidized gas fees for up to 10 DEX transactions per unique new user (or inactive for at least days). DEXs that are eligible for this program include: Equalizer/Velocimeter/ODOS, SpiritSwap, Solidly, Memebox, SpookySwap/ParaSwap, Sushi, WigoSwap, Degen Express, Beethoven X, and 1inch.

Final Thoughts

Regardless of whether you’re a memecoin trader, an airdrop hunter, a yield farmer, or a degen, joining Sonic Labs’ second round of the Meme Season memecoin competition is an opportunity to explore the Opera and upcoming Sonic ecosystems, with 675,000 sFTMx up for grabs (the remaining 75,000 is reserved for the winning project teams). 

Having said this, note that memecoins are volatile; they are vulnerable to quick price swings and are best suited for investors with a high-risk tolerance. Proper research and risk management precautions are advised while investing in any cryptocurrency. Also, note that this article discusses the Meme Season program for informational purposes and should not be considered financial advice. Featured projects are only for illustration purposes and should not be taken as an endorsement.