Oct 10, 2021
MEMEX Update II
Good afternoon everyone! We’re so thankful for the ongoing support we’ve been receiving from you all. After engaging with the community, we wanted to provide some more information and take a moment to answer any questions received. We’re incredibly grateful for all the insight from others joining in the vision for MemeX.
Why not launch on Ethereum Mainnet?
NFTs on the Ethereum network are not sustainable or scalable. As we’ve seen with the existing iteration of Meme, users will not pay high gas fees when the network is congested. To ensure that NFTs remain accessible to new crypto users, lower or no gas cost is important to onboard the next million users into the NFT ecosystem.
The team has evaluated all Layer 2 options for MemeX, and Fantom provides the best the experience for the future of MemeX.
- The bridge between Ethereum and Fantom provide the best speed for users.
- Transactions on Fantom confirm within a second.
- Metamask support for ease of use.
- Fantom is a proof of stake blockchain that is significantly more energy efficient than Ethereum.
- Fantom has more on-chain assets and liquidity then many other layer 2 networks, including Polygon.
- Opensea doesn’t support many of the new layer 2 chains. Fantom provides a competitive marketplace called Artion.io that takes zero transaction fees from sales.
What can I do with my existing Meme tokens?
Right now, there is nothing that you can do with your Meme tokens on the existing platform. We released our last drop last month and will not be adding anymore NFTs to the platform until we launch of Fantom. Pineapples will not migrate over to the new platform. Closer to launch, we will provide instructions on how to prepare to bridge over your MEME tokens to the new network.
Will I need to buy new tokens?
No, the new platform will use the existing $MEME token.
The team is still working very hard to perfect and ensure you have a great experience on the new platform. No release date will be given until we are nearly complete for launch after testing and auditing.
Please continue to reach out with your questions and feedback. The community is an important part of this team and your involvement means a lot to us. 💙