This post will provide in-depth information regarding the Meme Token Revolution social contest and subsequent DAO vote. Read on to understand how the Dogechain team plans to reinforce and stimulate the memeconomy on the network.

TL;DR

• Meme tokens are thriving and Dogechain must become a de-facto blockchain that supports their creation and trading.
• To support meme token creators, the Dogechain Ecosystem DAO will invest in various projects.
• The Meme Token Revolution will be carried out in two phases — the Social Battle and the DAO vote.
• veDC holders will be able to vote for 3 of their favorite meme tokens, providing new opportunities for their communities.

Dogechain — a Meme Token Powerhouse

Ever since the early days of the Dogechain mainnet, our chain has been the perfect home for meme tokens. High scalability, low fees, and $DOGE as gas have been the selling points that gathered meme token creators and enthusiasts under one roof.

What’s more, with the recent addition of the Build-A-Doge no-code platform for creating tokens, everyone can participate in the Dogechain memeconomy. As a result, we’ve seen dozens of meme tokens pop up on our chain, reinforcing the fun-loving and supportive community attitude.

The current industry sentiment also shows us that meme tokens bring volume and a fresh set of eyes, and therefore, users, to blockchains that facilitate their trading. Despite the challenging macroeconomic factors impacting the blockchain industry, memes remain unphased by these setbacks.

To reinforce this narrative, the Dogechain core contributors have envisioned a community-driven approach that will instigate a genuine meme token revolution on our chain of memes and dreams.

Reinforcing the Memeconomy with Dogechain DAO

Dogechain already fosters great infrastructure for meme tokens thanks to the Build-A-Doge token factory and trusted decentralized exchanges like Quickswap, among others.

However, the team plans to inject some rocket fuel into the memeconomy on Dogechain and initiate significant growth in both users and volume on the network. The answer? The Dogechain Ecosystem DAO.

The DAO holds 29% of the total supply of the $DC tokens, an allocation meant to be used by the community of veDC holders. Through multiple “shark-tank” type mechanisms, the community will be able to use this Dogechain Ecosystem DAO allocation to empower projects building on the chain.

In this particular case, the DAO will invest significant capital in three meme token projects over a period of 6 months.

The concept behind the Meme Revolution on Dogechain will materialize in two phases:

Phase 1 — Social Battle

During this phase, meme token creators and communities will compete on Twitter for engagement and clout. During this Social Battle, the community will vote for the most praised and popular meme token projects running on Dogechain by engaging with their Tweet.

1. The Dogechain Twitter account will post an announcement signaling the Social Battle has begun.
2. Community members and token project managers can reply to this tweet, mention their favorite token and direct their communities to engage with their reply with comments, likes, and retweets.
3. Every engagement will be tallied (like = 1 pt, retweet = 2 pts, comment = 3 pts, mention = 5pts).
4. The Social Battle will last 5 days, and the three selected tokens will be announced immediately after the battle ends.

Any DOG-20 token that is running on Dogechain can be mentioned in the battle but can qualify for the DAO only if it is:

• Tradeable on any of the Dogechain decentralized exchanges.
• Has at least $1000 of liquidity. (locked in a smart contract locker for at least 1 year)
• Has a verified contract on the Dogechain explorer.

Newly created tokens are eligible to participate and get selected for the DAO vote, as long as they comply with these simple rules.

This is an excellent opportunity for all memecoin creators to push their projects in front of the entire Dogechain community and grow their own. The joint power of memes can move mountains!

Phase 2 — The DAO Vote

Once the results of the Social Battle are tallied, three meme tokens will be selected and presented to the Dogechain DAO on dogeress.dog.

Recently, the Dogechain developer team implemented a multi-choice voting system Dogegress, our veDC governance platform. All veDC holders can now vote for multiple choices, multiple times, and play with the weight of their vote.

Additionally, voting will be incentivized, so that veDC holders do not miss out on their staking rewards.

Here’s how the second phase will proceed:

1. The three meme tokens will be presented on dogegress.dog as a multiple-choice vote.
2. veDC holders need to withdraw their tokens from validators to vote.
3. Holders can vote with their veDC for one or multiple projects, multiple times, over the course of 7 days.
4. The DAO will invest in each token proportionally to the percentage of votes the projects receive.

For example, if the reward pool is 100,000,000 $DC.

• Project 1 Receives 30% of the votes — the DAO will invest 30,000,000 $DC
• Project 2 receives 15% of the votes. — the DAO will invest 15,000,000 $DC
• Project 3 receives 55% of the votes. — the DAO will invest 55,000,000 $DC

Worth noting is that the DAO will buy these tokens on the open market over the course of 6 months, at random times, to avoid frontrunning.

Additionally, this will effectively avoid projects from gaming the system, as it will provide a genuine reflection of the interest of veDC holders in these tokens.

Further down the road, the community will also be able to decide what to do with these meme tokens through governance proposals. Examples include airdrops to other communities, providing grants to projects building on the chain, farming rewards, onboarding other projects, etc.

Creating your Meme Token on Dogechain

As previously mentioned, even newly created tokens on Dogechain can participate in this contest and get selected for the DAO vote. And there’s nothing better to create your own token than using the Build-A-Doge Factory.

Since not everyone is sufficiently tech-savvy to launch their own token, you can use this no-code platform to quickly create your token and get your contract verified without any coding knowledge.

Simply awesome for building communities! Check out our previous article for more information on creating a successful meme token.

Goal and Vision

The meme token revolution on Dogechain is about to start Shibes! The vision of the team is to make Dogechain the most appealing chain for meme token creators thanks to its narrative and the opportunity that lies within.

Our community has always been eager to trade and collect meme tokens, and this campaign has a goal to attract new builders.

With the DAO in the hands of the community, the Dogechain ecosystem will be able to grow and incentivize projects to join our memechain.

In this case, investing over time in these community meme tokens has a goal to:

• Provide an appealing ecosystem for communities and project leaders to launch their tokens on Dogechain.
• Increase activity and transaction volume on the network.
• Empower existing communities on Dogechain through social boosting and DAO investment.
• Provide new opportunities for both projects and users.
• Inject liquidity on the chain from eager liquidity providers that want to participate in the Dogechain memeconomy.

Consider this as the first step of the Dogechain DAO, with many more to come. The Ecosystem DAO allocation was created to inspire and support community-driven projects to thrive on our chain.

In the future, the team will propose similar shark-tank mechanisms for various niches, including NFTs, games, infrastructure, and DeFi projects, among others. Stay tuned for the imminent Meme Revolution announcement!

Dogechain is bringing DeFi & long awaited utility to Dogecoin. Join the family!

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