The last few weeks haven't been very kind to meme coins—or their owners. Nervous investors watched while the sudden and calamitous implosion of FTX helped flush billions of dollars out of the meme coin market.
That came on top of what was already a poor showing in 2022 for most of the top meme coins. Dogecoin, the most well-known among them, stands over 68% lower than it did a year ago. Most other meme coins find themselves in a similar position.
That said, you would think it wouldn't be a great time to launch a new crypto project focused on meme coins. But we at Proof Of Memes. We're a new meme coin-focused Layer-1 blockchain ecosystem that aims to buck the recent losing trend now dominating the market by directly addressing the high-risk nature of meme coins. And funnily enough—there's a very good reason we believe we'll be able to do it.
To explain, here's an overview of Proof Of Memes and why we're in a unique position to reignite the meme coin sector going into 2023.
A Programmable PoW Meme Coin Blockchain
The first and most important thing to know about Proof Of Memes is that it's a fork of Ethereum. More importantly, though, it's a fork of Ethereum's pre-merge Proof of Work (PoW) codebase. That's not an accident. We saw the sudden idling of millions of miners around the world as a rare opportunity to create a new project without worrying about computing capacity.
Those miners have lost a small fortune since Ethereum switched to proof of stake (PoS). By uniting a proven moneymaker like meme coins—their recent performance notwithstanding—with a ready-made mining contingent, Proof Of Memes aims to build instant momentum to draw projects into its fold.
Aiding us in our mission is the fact that the blockchain—called Proof Of Memes or Pomchain —is compatible with the Ethereum virtual machine. That means many existing meme coin projects can migrate over with little trouble. It also means new projects can draw from a ready supply of developers that already understand how the underlying technology works.
A Slate of Services and Utilities
It's also worth pointing out that our team of developers isn't content to be just a blockchain provider. We're also building a slate of services and utilities designed to help investors and developers alike to come aboard with confidence. We've already launched Memescan.io, Pomchain’s official block explorer. We have also partnered with Empire Capital to build our on-chain DEX, called Pomswap.
Our team isn't stopping there, though. We're also building a launchpad service named Pompad with built-in mandatory KYC functionality and a range of other security features. The idea is to give new meme coins and related projects a safe place to raise capital and launch while simultaneously protecting investors from rug pulls and other common scams.
Together, these features make Proof Of Memes a one-stop-shop for meme coin projects. There, they'll find an interested audience, all of the necessary financial tools to get started, and a blockchain with a deep developer bench to draw from. Altogether, it adds up to a compelling value proposition. If that were all we at Proof Of Memes had up our sleeve, that alone would be impressive. However, there's more.
Launch-related NFT Sets Draw Massive Interest
Proof Of Memes also has designs on encouraging crossover between the meme coin market and the NFT and gaming spaces. To that end, we launched our project with two sets of NFT collections. The objective was to raise funds for their platform's development. The first set, called LaunchBox, contained 10 unique premium NFTs. The second, called LaunchPack, had 490 additional designs. Owners of either received a 20 to 30% discount on future presale launches through the Pompad launchpad platform. They're also set to receive VIP invitations to upcoming exclusive events the project plans for 2023 and beyond.
The two NFT sets sold out almost immediately, raising over 400 ETH for the project in the process. What's most interesting, though, is that both the project's launch and the NFT sale happened without the team doing anything in the way of marketing. The demand for the NFTs and the interest people are already showing in Proof Of Memes is wholly organic. For that reason, the sale provided proof positive that there's a willing audience for what we hope to accomplish.
The Proof Of Memes Native Tokens
At launch, we also debuted the ETH2.0 governance token on the Ethereum blockchain. Its purpose was to raise money for the project before the official launch of the Pomchain. Owners of ETH2.0 are eligible for airdrops of the platform's main native coin, called POM. It's the principal currency of the Proof Of Memes ecosystem, much like ETH is on the Ethereum blockchain. In addition to receiving POM, ETH2.0 holders can swap their ETH2.0 token for POMG, which is the governance token for the Proof Of Memes platform.
The switch to the new blockchain makes Pomchain completely self-sufficient and no longer connected with Ethereum. In other words—it signals the true birth of a meme coin-centric blockchain unlike any other.
The Takeaway
The bottom line here is that we chose a rather opportune moment to launch their project. By offering displaced Ethereum miners a viable alternative to outright shutdowns, we've been able to gather momentum for the project without having to manufacture it through marketing. That also managed to garner enough attention from the community to power a fast sellout of the project's NFT collections, raising significant development capital in the process. An impressive list of developers are looking to shift projects and resources to Pomchain.
If that string of early successes is any indicator, there's every reason to believe that Proof Of Memes has a bright future ahead. As it continues to develop, there's little doubt it will have the drawing power to pull in both established and nascent meme coin projects into its orbit. And, since momentum is a powerful thing for crypto projects, that bodes well for anyone fortunate enough to have gotten into the project early.
POM can be traded on MEXC, with more exchange listings coming soon.
Stay tuned for the next article discussing more tools and utilities we are building, as well as exciting projects bridging and launching on Proof Of Memes blockchain.