PRESS RELEASE. There are more than 300 crypto-exchanges nowadays, almost all of them offer the same mediocre features that are identical to the leading exchanges such as Binance. MemeBank is not a lazy copy of the successors but an ambitious project that aims to drive revolutionary changes. According to its official announcement, MemeBank($MBK) will soon be listed at Pancakeswap on June 7th, 2022.
The development team defines the project as a centralized exchange that solely focuses on the listing and trading of memecoins, tokens with high growth potential and strong appeals among young adults. The famous resemblance is Dogecoin, which was a lazy copy of Bitcoin originally designed to be used for paying restaurant tips. The price of the token skyrocketed by 500x in only two years. However, behind the success of Dogecoin are many memecoins that got left behind. On average, there are 20-30 new blockchain project launches per day and most of them will die out because of the lack of follower-base and early marketing. To help increase projects’ survivabilities, MemeBank introduces a vote-to-list solution that effectively facilitates public acceptance of projects. MemeBank is a CEX that charges no listing fees, instead, projects only need to raise a sufficient amount of upvotes in order to be listed.
As Alec Rubal, one of the MemeBank co-founders pointed out, “An exchange can’t make money when its users can’t profit from it.” MemeBank is not only startup-friendly but starter-friendly. The team since the beginning has aligned their interests closely with those of the users. Its tokenomics demonstrates a set of Web3 traits including the management of trading fees. Most CEXs do not list memecoins and startup projects, whereas DEXs usually charge a higher trading fee. MemeBank integrates the advantages of both into one, a CEX that offers memecoin trading while charging considerably lower trading fees. Not only that, the exchange circulates 100% of the trading fee back to the community to pay dividends to $MBK holders as well as rewarding users who make referrals. The tokenomics in itself indicates a sustainable growth in the user-base of MemeBank.
What is even more interesting is the upcoming features of MemeBank which have yet to be seen in the industry. The development of MemeBank revealed in an earlier statement that the project will also focus on the gamification and socialization of crypto-trading, which seems like a reverse-engineering of GameFi. First, MemeBank introduces a PVP competition where two users can bet on their monthly rate of return or the future market price of a particular token, both users need to submit their betting amount to the exchange prior to the competition. When the competition is over, MemeBank will decide the winner and distribute the reward accordingly. A leaderboard will be put up to rank users based on their PVP win-rate. Users who have higher win-rate are granted a series of privileges including official NFTs and highlighted name-tag.
MemeBank is also going to introduce the tribal system which works like a spontaneously organized mutual fund. Every 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 tribe founder serves as a portfolio manager who invests the tribal treasury into different projects. The tribes will also be ranked on a leaderboard based on their net annualized return and the size of tribal treasury. Users can also see how much the tribal founder has put into the fund to grasp if there is a strong interest alignment.
Regarding the socialization part, every project listed on MemeBank has a separate live-chat where users can share memes, thoughts and financial analysis of the project. To make sure that the best investors are the loudest, users who have higher win-rate will be given prioritized speaking privilege as well as message pinning. The project leads can also update their project development and news at the live-chat. With this feature available, MemeBank will become a one-stop platform that satisfies the needs of both socializing and investing.
Among all the blockchain projects we see, only those whose dev team puts brain-power 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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