mefi Protocol — an Introduction
Welcome to meme finance, where you can put your meme coins to work for you.
How often have you found yourself wanting to hop into a newly-launched meme coin, but you’re low on ETH and not willing to sell off some of your long-term meme coin plays?
That’s where mefi comes in.
Our concept is simple: use your meme coin moonbag as collateral to borrow ETH and make a quick 2–10+x on a new degen play. Once you’ve repaid the borrowed amount (with very minimal interest), your leveraged tokens and profits are yours to use as you see fit. A meme coin savant could see this as almost an infinite money glitch…
You can think of mefi as the Aave of meme coins.
Note: Please keep in mind that while leverage trading can be extremely lucrative for a savvy investor, it can also be very risky.
How it Works
Right now, our team is manually providing this service. We say “for now” because we’re actively developing a dapp that will automate this process (more on that later).
But for now, you simply go to our website and click on ‘Borrow’ near the top of the page. From there, users can choose one of two tiers:
You’ll note there are subtle differences between the two tiers. Primarily, selecting the shorter borrowing period gives you a higher valuation of your meme coin and has a lower interest rate.
Once you’ve sent your meme coin to the appropriate address, you will receive the equivalent amount of ETH based on the valuations noted above. You can do as you please with that ETH as long as you repay the exact amount plus the required interest within the specified time frame.
It’s important to note that in both scenarios, your collateral will be liquidated if you cannot or do not repay the borrowed ETH.
These are just the initial tiers. We will expand or adjust as the project grows and attracts more investors.
$mefi Utility and ‘mefinomics’
$mefi is the underlying token of our protocol.
While not required to use our protocol, $mefi holders will be able to borrow ETH at a higher percentage for their collateral. Non-$mefi holders will receive ETH equivalent to up to 50% of their collateral’s valuation. $mefi holders, on the other hand, will receive up to 75%.
Put simply, holding $mefi significantly reduces your risk of having your entire stack of a meme coin liquidated because you’re utilizing fewer tokens as collateral.
Additionally, $mefi holders won’t be required to pay any interest on the borrowed ETH.
Supply — 1,000,000,000
Liquidity — 100% of tokens added to liquidity pool during launch (no presale or team tokens)
Tax — 6%
- 2% dapp development
- 2% marketing
- 2% buybacks
Is contract locked and renounced?
Lock (which was recently extended): https://etherscan.io/tx/0x4543d27303be547d9d625c4fbe1686ee55fbaaec0ed85002e1e221e8e89625e0
How much ETH can be borrowed?
The minimum you can borrow is 0.1 ETH and the maximum is 1 ETH.
Who is supplying the ETH for borrowers?
The team is providing the ETH. We have a supply of 30 ETH, 5 of which has already been deployed. The rest will be added in splits.
Which meme coins are supported?
For right now, only the following “stable” meme coins can be used as collateral: $HEX, $CAW, $YDF, #GENBLOK, $CULT, $OKINAMI and $TAMA. We are looking to expand through partnerships with other solid meme communities.
When will the dapp launch?
We expect to launch the dapp within a week.
Is the project scalable?
Yes. The current borrowing time frames align perfectly with our 30 ETH reserve. Users will also be able to lend their own ETH once the dapp launches.
Our primary focus is finalizing and perfecting our dapp. As mentioned earlier, we expect it to launch within a week. We’ve already begun testing the smart contract. You can see that here.
We’re also working on a whitepaper and ramping up marketing efforts. The team has already applied for listings on CoinGecko and CoinMarketCap.
If you’re interested in helping promote our project, we’re looking to hire a ‘Voice of $mefi.’ Applicants should be a native English speaker, have a complete knowledge of our project and the skills to attact new investors. The person will be expected to join Twitter spaces to pitch $mefi. Anyone interested in applying should contact us through Twitter.
We want to give those grinding every day in this bear market the opportunity to make money on new plays without selling any of their long-term holds or hard-earned ETH. Our team has the vision and drive to achieve that.
We truly care about this project — earlier today we added 1.7% supply and 1 ETH to the liquidity pool. We will keep working regardless of short-term price action.