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What Is MemeFi?

4.0
| by
CoinGecko
|
Edited by
Vera Lim
-

What Is MemeFi?

MemeFi is a meme-based gaming app that introduces tokenized divisible character ownership enhanced with ERC-404 functionality. 


Key Takeaways

  • MemeFi is a decentralized game that embraces the meme culture in the crypto style. It adopts meme coin imagery and combines it with GameFi.

  • It features gaming character tokenization through keys, other in-game NFT items, and a multi-token economy that makes up the core gameplay and general project management.

  • It debuts the TOYBOX token, an ERC-404 standard token that will be integrated into the gameplay for playable character management, along with MemeFi, its governance and reward token, and PWR, its in-app token.


What is MemeFi

Meme coins are built around their communities, attracting holders that resonate with the community’s theme meme. Many meme coins have grown into large communities, with tokens like Dogecoin (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), and PEPE breaking into the top 50 tokens by market capitalization. 

For MemeFi, a decentralized gaming project, meme coin communities are not only people sharing viral memes, but clans with similar interests. MemeFi has launched its testnet on the Sepolia test network and invites the larger gaming and crypto community to participate in the testing program for the application.

Introducing MemeFi

MemeFi is a blockchain-based web game built around crypto meme culture and unique ideas that complement the usual GameFi design. MemeFi features in-game NFT items and tokens as key features in their gameplay, where gamers are rewarded for participating and completing missions and leveling up. 

Beyond the usual GameFi features, MemeFi also introduces social tech to gaming. Characters in the game are tokenized through keys – a concept seen in Friend.tech (more on that later) – and offer benefits for key holders and their players. Key holders invest in players and earn yields from their winnings, and these keys can be traded. 

With public testing already underway, gamers can already get a glimpse of what the game offers and also benefit from the testnet incentives.

MemeFi Gameplay

MemeFi allows fans of meme coins to ‘pick the side’ of their favorite meme coin and compete with other communities as part of a wide range of engaging and rewarding activities on the platform. 

MemeFi’s gameplay features battles ranging from clan raids to individual sparring matches. On the PVE side of things, there are bosses for players and clan to battle, and by defeating bosses in raids, players can earn loot and in-game wealth.  

Clans

Dogecoin or Shiba Inu? Many meme coins that have made it to the top ranks have a ‘cult’ following made up of enthusiastic holders who cannot stop talking about their beloved memes and coins. With the MemeFi clans, you can now fight for your favorite meme coins with the whole community fighting alongside you in the clash of meme coin clans. Top meme coins like WIF, Pepe, Doge, and Shiba Inu are already represented – there is currently no information about the addition of more clans to the currently existing ones. However, the clans available at the testing stage represent a majority of top meme coin communities.

Gamers can join their favorite clans by paying an entry fee, although there is a cap on individual clan memberships. By joining a clan, players can participate in clan raids, share resources, and increase their earnings. The clan grows with each new member that joins, with the clan being led by memelords who win their leadership status. Memelords also have the power to change the clan values and requirements. 

The general community power represents the individual strength of each member and is a primary factor in the clans’ chances of winning clashes known as raids.

Raids

On MemeFi, players can take part in boss raids and clan raids with their clans. 

Boss raids are PVE events, with new bosses respawning daily. Players can attack one boss per day, with difficulty based on boss power levels. Taking part in boss raids and defeating them earns loot for the player’s clan, which is then divided among members based on their contributions. 

There are also clan raids, which reset on a daily basis and are initiated by the clan leader against rival clans. Clan members can join raids in a six hour attack window after initiation, and the winning clan earns resources taken from the losing clan, who lose power. 

Clans stand a better chance of winning if more members are supporting the raid, and superior performance in raids enables players to advance their clans and develop their characters.

Keys in MemeFi

One of the unique concepts behind MemeFi is the idea of ‘investing’ in a character through keys. Keys are a key part of MemeFi’s character tokenization system, which leverage the unique social dynamics of profit-sharing. 

Every character on MemeFi has keys, which allows holders to invest in players and earn yield from their winnings. Multiple gamers can purchase keys for a certain player, and there is no cap on the number of keys one can purchase. A player’s performance will define the value of their keys and their popularity, with key trading being one of the profit avenues on MemeFi. 

Tokens in MemeFi

MemeFi operates a multi-token economy, each token is accorded a set of utilities that enable the smooth operation of the game and the gaming economy. Three tokens control the MemeFi game,

  1. MEMEFI

  2. PWR

  3. TOYBOX

MEMEFI

MEMEFI doubles as the governance token of the MemeFi project and the primary utility token. As a governance token, MEMEFI token holders make up the DAO that controls the game's operations. Each holder possesses political influence to the tune of the number of tokens they hold. Holders deliberate and vote on key technological and financial decisions concerning the project via the governance portal. MemeFi returns the ownership of the project to the gamers, giving them control over which direction the game they play goes. MEMEFI is also used in-game – character keys, progression items, and commissions for key trading are paid in MEMEFI.

About 12% of the total MemeFi supply has been reserved for community development with 8% dedicated to user and contributor incentives. 19% is allocated to the MemeFi treasury while the project team holds 10% of the total supply. The team's allocation is vested for 18 months with a 12 months cliff. Finally, 26% of the total supply will be used to power the in-game economy.

PWR 

PWR is the token for the core activities on the MemeFi game. It controls the gameplay and according to the project, the value of PWR stays stable. PWR is a gauge of character strength and determines the privileges and resources available for each character at any point in the game. PWR is used for individual attacks and entry into clan raids, and are purchasable in the game. Each character has a maximum amount of PWR it can hold. The maximum strength for each character is a fixed percentage of the maximum amount of PWR that has ever been on their balance. PWR can also be used for other in-app purchases.

TOYBOX

MemeFi introduces a third token to the game’s tokenomics. The TOYBOX token is an ERC-404 standard token designed to fit into the gameplay and enable more abilities for gamers. The ERC-404 standard is a new token-creation model that combines the abilities of fungible and non-fungible token standards.

According to the project, the TOYBOX ERC-404 token will represent MemeFi playable characters and will be used in the game. While game access won’t be gated with TOYBOX, players are recommended to hold the token. The supply of TOYBOX is 8,888, with the full plans for TOYBOX to be revealed and rolled out during the testnet and beta phases. 

Final Thoughts

MemeFi unites GameFi and meme coins. By combining these two areas of crypto, meme coin enthusiasts can now enjoy an incentivized game that pays tribute to their favorite meme tokens, while introducing more conventional gamers to the world of meme coins. MemeFi also incorporates new technologies into its game, ranging from keys to the ERC-404 TOYBOX token. 

That being said, MemeFi is powered by advanced computing protocols and relatively new technology and concepts. It is important to understand each of these and how they relate to users. The testnet phase is also an opportunity to get an even clearer understanding of the gameplay and other features for regular players and investors. Pending the public launch, gamers and interested meme coin enthusiasts can expect another project focused on bringing fun to the space and offering significant rewards at the same time. Also, note that this article only reviews the MemeFi game and project and shouldn’t be taken as financial advice. 

 

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