PRESS RELEASE. Today there are more than 300 crypto exchanges, almost all offering the same mediocre features identical to the leading exchanges like Binance. MemeBank is not a lazy copy of the successors, but an ambitious project aimed at driving revolutionary change. According to its official announcement, MemeBank($MBK) will soon be listed on Pancakeswap on June 7th, 2022.
The development team defines the project as a centralized exchange solely focused on the listing and trading of memecoins, tokens with high growth potential and strong appeal to young adults. The famous similarity is Dogecoin, a rotten copy of Bitcoin originally developed for paying restaurant tips. The price of the token has skyrocketed 500x in just two years. However, behind Dogecoin’s success are many memecoins left behind. On average there are 20-30 new blockchain project launches per day and most of them will die out due to lack of follower base and early marketing. In order to increase the survivability of projects, MemeBank introduces a vote-to-list solution, which effectively facilitates the public acceptance of projects. MemeBank is a CEX that does not charge any listing fees, instead projects only need to collect a sufficient amount of upvotes to be listed.
As Alec Rubal, one of the co-founders of MemeBank, pointed out, “An exchange can’t make money if its users can’t benefit from it.” MemeBank is not only startup-friendly, but also starter-friendly. From the start, the team has aligned its interests closely with those of the users. Its tokenomics demonstrate a number of Web3 features, including trading fee management. Most CEXs do not list memecoins and startup projects, while DEXs typically charge a higher trading fee. MemeBank integrates the benefits of both into one, a CEX that offers memecoin trading while charging significantly lower trading fees. Additionally, the exchange returns 100% of the trading fee back to the community to pay dividends to $MBK holders and reward users who make referrals. The tokenomics themselves indicate sustained growth in MemeBank’s user base.
Even more interesting are MemeBank’s upcoming features yet to be seen in the industry. The development of MemeBank revealed in a previous statement that the project will also focus on gamification and socialization of crypto trading, which appears like reverse engineering GameFi. First, MemeBank introduces a PVP contest where two users can bet on their monthly return or the future market price of a specific token, both users have to submit their bet amount to the exchange before the contest. When the contest is over, MemeBank will determine the winner and distribute the reward accordingly. A leaderboard is created to rank users based on their PVP win rate. Users with a higher win rate receive a range of privileges including official NFTs and featured name tags.
MemeBank will also introduce the tribal system, which works like an ad hoc mutual fund. Any user at MemeBank can create their own tribes, and others can pay a monthly subscription fee that goes to the tribal treasury to join the tribe. The tribal founder acts as a portfolio manager, investing the tribal treasury in various projects. Tribes are also ranked on a ranking based on their annual net yield and the size of the tribal treasury. Users can also see how much the tribe founder has put into the fund to gauge if there is a strong alignment of interests.
Regarding the socialization part, each project listed on MemeBank has a separate live chat where users can share memes, thoughts, and financial analysis of the project. To ensure the best investors are the loudest, users with a higher win rate are given prioritized speaking rights as well as message pinning. The project leaders can also update their project development and news in live chat. With this feature available, MemeBank becomes a one-stop platform that caters to both socializing and investing needs.
Among all the blockchain projects we see, only those whose development team put brains and sweat into it can finally succeed, and MemeBank with such level of innovation will surely become the next rising star of crypto exchanges after Binance.
Contact: Alec Rubal
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