What is MEME token? NFTs Farming Guide
MEME token started as a yield farming satire, essentially, it was a worthless joke token. Of course, that did not stop the Uniswap pumpers jumping on it. The price quickly soared to an ATH of $1,962 -due to the small total supply of 28,000 MEME. Here we will look at what is MEME token, along with a guide to Meme NFT farming.
(1/6) A quick 3AM tweet storm on $MEME:
— DeFi Dude (dude.eth) (@defidude) August 15, 2020
It all began with @JordanLyall creating the "degenerator" UI and posting it. It was very obviously a joke, but of course, people thought it was real. Here's the thread: https://t.co/pjYAkg8Bv0
And then a group of anonymous developers mashed together several protocols in DeFi and crypto collectibles, using MEME as the platform’s native token. Suddenly, NFT farming was born, by staking MEME you can earn reward points. When you have enough points, you can trade them for an NFT Meme Card. Which you can collect or sell on as OpenSea.
Meme NFT Farming Guide
The main use case for MEME token is that it allows you to farm limited edition non-fungible tokens. First you need to check which pools are open for farming. Next, you need to stake in the pool to earn Pineapples which you use to farm NFTs. There are pools to farm NFTs by the MEME team itself and some setup for exclusive artists.
Here are the steps:
- Unlock your Web3 Wallet such as MetaMask or Trust.
- Select your pool: $MEME Genesis Farm or $MEME Genesis LP Farm.
- Click on Manage Stake.
- Approve the MEME or the UNIV2-LP token (depending on your selected pool).
- Stake your tokens to start farming Pineapples.
Note there are minimum and maximum amounts for staking in each pool:
- 1 to 5 MEME tokens in the Genesis Farm.
- 0.00004 to 0.0002 UNIV2-LP in the Uniswap pool.
Staking the minimum lets you earn 1 Pineapple per day, and the maximum will earn you 5 Pineapple per day. As a result, these restrictions protect the platform from all the NFTs being farmed by whales.
The Same Flavor:
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Furthermore, Pineapple is a non-transferable meaning the only way to farm crypto collectibles is by staking in one of the pools.
Each crypto collectible has a rarity rating, from common to legendary, the higher the rating the less of them were minted. An interesting approach to mixing DeFi with the growing digital crypto art scene, will be watching closely!