Today, let's continue to look at a hot project, MEMEFI. In a nutshell, this project is a small game on ton. Currently, it chooses to issue tokens on the SUI chain, and 90% of the tokens are distributed to the community (the airdrop was completed on OK on November 8). The project token was launched in 2023, with an online price of 0.06. The current price is 0.11, which has doubled. The current market value is 100 million US dollars and the total amount is 10 billion. It is said that all of them are in circulation.
Introduction
MemeFi (MEMEFI) is an innovative Web3 game that brings social interaction into the competitive (PVP, PVE) game space, combining familiar gameplay with decentralized finance (DeFi) elements. According to its white paper, Memefi has undergone multiple changes and was originally planned to be released on Ethereum's Linea Layer-2 network, but the team finally decided to choose to issue it on the Sui blockchain. This change will take effect when its token is launched in November 2024, and is designed to take advantage of the speed and low transaction costs of the Sui blockchain.
Memefi combines rich gaming and Defi elements. Here, players can not only participate in competitions, but also earn rewards by participating in activities such as guilds, yield farms, and governance voting, influence decisions in the MemeFi ecosystem, and benefit from the tokenized economy of the game.
MemeFi Gameplay
In MemeFi, you will play as a member of a camp of your choice (current camps are all meme-themed, such as the Pepe family, the Doge family, the Shiba Inu family, etc.). As a member of a camp, you need to complete specific tasks to maintain your status in the camp.
Main Quest
1. Boss Fight: This is the main gameplay of the game. Click the "Boss Fight" icon in the main menu to enter the task interface. The user will see a window showing the Boss's information, including:
- $PWR required for mission
- Experience points gained (XP)
- Chance of winning
- $MEMEFI Rewards
Pay special attention to the "Chance of Victory", which is calculated based on the ratio of your strength to the boss' total strength.
Managing Energy: The number of attacks you can perform is limited by the player's energy. Energy regenerates over time, but players can also use accelerators to recharge quickly.
Upgrade skills: Gold earned through battles can be used to upgrade character abilities, increase attack power, and increase energy capacity, allowing players to fight more effectively.
2. Faction Raid
Occasionally your Meme Leader will launch faction raids that offer additional rewards and can significantly increase your earnings. Regular members are required to perform different duties, such as participating in raids and voting. These activities will appear periodically in the Missions tab.
-Raids are attacks on other tribes, allowing the attacker to gain access to and steal from the other tribe’s vaults.
- Voting is an activity where users can choose the clan memelord or expel other users.
3. Social tasks
Social tasks require you to use the template and share the game link on social media (Instagram) or tag the official account (Twitter). Qualifying shares will earn you rewards.
4.Key purchase
With the "Explore" option you can find potential players and purchase their keys for profit.
-“Key” is the core economic element of MemeFi, similar to a virtual asset.
-Each key represents access to a player's earnings, and the user holding the key can share the earnings from the game activities of the relevant player.
-Players can increase their investment and returns by trading keys.
5.Invitation rewards
By inviting users to join the game, you can increase your rewards and points.
- For every user you invite, you will receive 3%-5% of their earnings, depending on whether it is a direct invite.
MEMEFI Roadmap
In the 2024 route, the more important thing is to migrate apps to the chain. Currently, there will be a telegram prediction market for small games on telegram, including more chains on memefi.
The plan after 2025 is to expand to the blockchain ecosystem (supporting loan agreement mortgages, etc.), the MemeCoin community battle platform, and launch independent mobile game applications on the App Store and Google Play.
Social media data
The user data shown on the official website is still very good, with a total of 45 million users, 6 million daily active users, 400+ camps, 5 million ad revenue, and 20 million users on Telegram.
Token Economy
There are two main tokens in MemeFi, one is the MEMEFI governance token, and the other PWR is the game token. Like most games, it also has a dual-token mechanism.
$MEMEFI is used for the following transactions: governance (voting), in-game character growth, revenue sharing, revenue farming, other in-app purchases.
$PWR is a stable virtual (off-chain) token used for various purposes within the application, equivalent to $0.001. Due to its price stability, it is often used to determine the value of in-application actions or projects.
One of the important gameplays in the game is keys. As mentioned earlier, players can invest in their own keys and other players' keys, gain benefits and earn returns from their rewards.
Key holding benefits
-Keys for sale
As player performance improves, the value of the keys will continue to rise, bringing in profits.
- Earn transaction fees
During the key transaction process, the key holder can earn a certain percentage of the transaction fee.
-Get $MEMEFI benefits
Keyholders receive a portion of player revenue in the form of $MEMEFI tokens.
The total number of MEMEFI tokens is 10 billion, all of which are currently in circulation, of which 90% are given to the community, 5.5% to the liquidity pool, 1% to early contributors, 1% to strategic investors, 1.5% to seed investors, and 1% to partners. There are currently more than 2 million addresses on the SUI chain.
Finally, let me summarize this project. From the user data point of view, this project can be regarded as the first-tier ton chain game. At present, the number of users on Telegram and the number of addresses of Sui Wallet are far more than that of Not, and Not is the first game of this kind to be launched. So at least for now, MemeFi still has a certain way of playing, otherwise there won’t be so many people playing it, and 90% of the airdrops are given to the community, and the circulation is full. The proportion of investors and teams is relatively small, so there is a problem that how the project party survives and pays employees. Looking at the roadmap, there are still many things to do, so there is a high probability that there will be a certain amount of insider trading (because I haven’t seen the existence of taxes in the app). Finally, if you compare Not’s market value of 800 million, this MemeFi currently has only 100 million US dollars, so there is still room for improvement.