In October, the Web3 social network Sociogram unveiled a platform for launching meme tokens on EVM networks, named Meme Money Maker (MMM).
According to Sociogram representatives, meme coins have become one of the fastest-growing sectors in the crypto industry, with trading volumes in the second quarter of 2024 increasing by 34%. However, several issues remain unresolved in this segment:
- dependency on a single blockchain;
- meme tokens are not genuine memes but mere references to them;
- high promotion costs;
- limited earning opportunities;
- trading bot manipulation.
Sociogram’s MMM offers free meme token launches on BNB Chain, Ethereum, and Arbitrum without network fees for trading. An internal trading balance in USDT is used for buying and selling assets.
When minting on BNB Chain, liquidity for the coin is automatically added to the decentralized exchange Biswap V3, and for Ethereum and Arbitrum, it is added to Uniswap V3.
At the time of publication, Meme Money Maker offers meme token creators a bonus of 100 USDT upon reaching a bonding curve of $12,000. Additionally, platform clients will receive 10% of the trading turnover commission on assets as part of a referral program.
“Every token on MMM is a meme post, which brings back the original concept of meme coins,” comments the Sociogram team.
MMM users can earn not only from creating and trading meme tokens but also from interacting with related posts (with payments in USDT).
“This allows users to promote meme tokens directly on the platform with lower costs. Our internal algorithms determine user quality to avoid distributing rewards to bots and inactive accounts,” explain project representatives.
Meme Money Maker features special tools for increasing reach and building a community around assets:
- pools distributing USDT for activities like comments and reposts;
- functionality for conducting giveaways among followers.
Authors of popular content can receive tips and allocate part of them to reward pools.
The founder of Sociogram discussed the issues of meme coins and ways to address them in the Web3 social network:
“We can make them [meme coins] more sustainable and attractive for portfolios by taking the following actions:
1. Creator reputation scoring — can be achieved by creating conditions where it is more beneficial to use the same account for creating meme coins. For example, using public information about creators, including ENS or nickname, date of first on-chain activity, total volume of coins created, and other similar metrics.
2. Token contract template — using an audited template with custom parameters at the creation stage. Currently, this is the only reliable way to eliminate vulnerabilities in smart contracts. […]
3. Content — only the content of a funny picture or story will bring the meme coin closer to the origin of the meme. Just imagine, someone tells a funny story or shares a crazy meme picture. Investors can earn from the growing popularity of this meme and enjoy reading it while spending their meme coin portfolio.
4. Community — the main reason for the success of any crypto project, especially in the meme category. DOGE or the recent Notcoin are proof of this. Considering the importance of the community, it would be fair to reward those who comment or share memes with a small part of the tokenomics or a percentage of future trading fees. The proposed mechanism can engage more people and create a strong community if the meme is truly good or relevant.
In my view, solving these issues can indeed elevate the meme category to a new level of development,” he noted.
Earlier, ForkLog published a review of Web3 analogs of streaming platforms.