The Binance Smart Chain just released an IDO launchpad for microcap coins and ‘memecoins’. Let’s dive into what exactly that means.
No Longer Just A Meme
The Binance Smart Chain (BSC) now has an IDO launchpad completely dedicated to memecoins and other microcap coins. MemePad claims to be the first IDO launchpad of its kind anywhere in the world, creating its own niche by focusing on precisely the kind of raises the rest of the cryptosphere does its best to ignore. The MemePad IDO launchpad is dedicated to microcap coins, memecoins and other smaller raises such as charity coins. The first coin to launch on MemePad will be ElonDoge $EDOGE, a dog-themed memecoin which combines SafeMoon tokenonics with NFTs.
MemePad differentiates itself with rapid launches, full KYC, and an ‘ape-minded community’ ready to FOMO in on whatever might currently be hot in crypto. Since the launchpad operates on the BSC, it allows its participants to easily swap BUSD or BNB for whatever memes they find most worthy.
For the Little Guys
While crypto launchpads are an established staple of blockchain, for the most part they don’t seek to work with the very smallest projects. For many microcap projects, partnering with existing launchpads is nothing more than a pipe dream.
As the MemePad team explains:
“If these projects were to approach a traditional launchpad, they would most likely be rejected due to small size and lack of allocation for the launchpads themselves. MemePad allows these projects to raise their liquidity for LP in a fast turnaround time, while enjoying all of the benefits of a traditional launchpad.”
MemePad listed its native token $MEPAD directly on PancakeSwap on April 28th, with an initial circulating supply of 200,000 tokens from a total of 400 million. Participation on the MemePad platform requires users to stake the platform’s native token $MEPAD in advance of launch events, with three meme-based levels of buy-in. A Pleb must stake 10,000 $MEPAD tokens for a pool weight of 10, a Chad must stake 69,000 $MEPAD tokens for a pool weight of 100, and an Elon must stake 420,000 $MEPAD tokens for a pool weight of 1,000. In bad news for Plebs, only Chads and Elons receive guaranteed allocations.
The initial price of $MEPAD was $0.0005 with the token now trading at $0.134764.
The First MemePad IDO – ElonDoge
The MemePad launchpad is already gearing up for its first IDO, only weeks after its own token launch event. ElonDoge will be the first token to launch on MemePad, a project that, according to its website ‘takes the mission to prepare society for the Mars colony seriously.’ ElonDoge claims it can power Mars society with a universal basic income and offer ‘proof of culture’ by producing ‘endless’ Elon and Doge NFTs.
The tokenomic concepts which underpin ElonDoge ($EDOGE) will be familiar to SafeMoon holders in that ElonDoge applies a tax to all transactions. In the case of ElonDoge this tax is 9% for all purchases and sales of $EDOGE, with 3% earmarked for token holders, 3% for liquidity, and 3% for NFTs.
ElonDoge will be exclusively available to $MEPAD token stakers. 20% of the total $EDOGE supply will be made available to Chad and Elon level $MEPAD stakers while Plebs will be placed into a lottery. ElonDoge has stated that the IDO hardcap is 77 BNB, placing the US dollar value at around $52,000 at time of press. The exact launch date of ElonDoge has yet to be announced, but further information is expected in the coming days.
Source : bsc.news
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