By
Kseniia Klichova
June 10th, 2024
Meme Season will unfold in multiple rounds, with the first round running from June 1 to June 30.
Fantom has announced the launch of Meme Season, a competitive event designed to spotlight the top meme coins on the Opera network and the upcoming Sonic chain. This initiative aims to attract new users and developers by showcasing Fantom’s innovative technology while competing for substantial rewards.
The Meme Season competition will feature multiple rounds, with a total prize pool of up to 10 million sFTMx, Fantom’s liquid staked token. The first round will run from June 1 to June 30, offering a prize pool of up to 1 million sFTMx. This competition encourages both meme coin teams and holders to participate and benefit from their engagement.
Meme Season Competition Structure and Rewards
Meme Season will unfold in multiple rounds, with the first round running from June 1 to June 30. This initial round features a prize pool of up to 1 million sFTMx, distributed through Beethoven X’s liquid staked FTM. The competition’s unique structure will rank meme coins based on a combination of market cap, gas usage, and trading volume.
For example, a meme coin with a $1 million market cap, 10,000 FTM in gas usage, and 100,000 FTM in DEX volume would score 518,500 points. The top three meme coins at the end of each round will receive the majority of the prizes. For the first round, the distribution will be as follows:
- Winner 1: 600,000 sFTMx (480,000 to holders and 120,000 to the team)
- Winner 2: 300,000 sFTMx (240,000 to holders and 60,000 to the team)
- Winner 3: 100,000 sFTMx (80,000 to holders and 20,000 to the team)
Eligibility and Participation
To qualify for the competition, meme coin holders must possess at least $25 worth of the token, calculated based on a three-day average after the round ends. Notably, LPs, auto-compounders, vesting, or any tokens held inside of a contract are excluded, as well as known marketing, sniper, burn, or deployer wallets.
Winners with over $10,000 worth of sFTMx (based on a three-day TWAP on the price of sFTMx) will need to confirm their identity and ownership of the deployer wallet through on-chain signatures and KYC requirements. Those with winnings under $10,000 will receive their prizes via airdrop within 14 days of the round’s completion.
MemeMonitor, the official leaderboard of Meme Season, will track each meme coin’s position in the competition. To participate, tokens must be classified as meme coins, defined as ERC-20 contracts that offer no monetary incentives or products. These tokens should focus on community, social connections, and contemporary meme culture, excluding governance, tax, or emission tokens.
Fantom’s Vision for Meme Coins
Fantom aims to provide a secure and vibrant environment for meme coin projects. CEO Michael Kong has emphasized the foundation’s commitment to fostering a safe ecosystem for meme coins. The initiative aims to attract meme coin traders and developers to the Fantom network, competing with established players like Solana and Ethereum’s layer-2 Base.