The crypto market rebounds, MEME projects lead the trend

Recently, as the German government's Bitcoin sell-off comes to a halt, the crypto market has begun to experience a slow rebound. After a period of rapid decline, many projects have fallen to the "golden bottom," among which the MEME project stands out. For investors, this is an important opportunity to seek potential projects and lay out future plans.

In this round of bull market, MEME has become a focal point that cannot be ignored. The high valuations of traditional projects and unreasonable token distributions have prompted market funds to shift towards MEME, creating a boom for MEME. However, the strong inherent user base and consensus of MEME are also key factors in its market favor.

Currently, the market is more focused on homogeneous MEME tokens, while the attention on MEME in the form of NFTs is relatively low. The MEME tokens in NFT form are primarily limited by trading liquidity, but in terms of value representation, MEME is widely circulated because of those "small images." Therefore, the NFT version of MEME plays an important role in the ecosystem, but it lacks an opportunity.

The ERC 404 protocol has thus entered the sight of developers. ERC 404 is known as a semi-fungible token, possessing the characteristics of both fungible and non-fungible tokens, allowing for splitting and merging. A certain protocol has optimized this and launched BC 404, bringing new gameplay and application scenarios to the industry.

Innovation of Semi-Fungible Tokens

The original intention of a certain protocol is to "color" homogeneous tokens, adding images and other community elements to MEME coins, enhancing dissemination and recognition, which is beneficial for MEME coins to gain a larger user base and value.

To this end, the protocol launched a conversion pool that allows users to convert homogeneous MEME tokens into semi-homogeneous tokens with NFT image attributes. This enables MEME coins to be displayed, traded, and operated similarly to NFTs. Users can also convert these semi-homogeneous tokens back to the original homogeneous tokens, and the entire process remains unaffected.

The protocol can be seen as a launchpad built on MEME collectibles, helping users showcase and promote MEME tokens, and facilitating the healthy development of the MEME ecosystem.

Technical Advantages

The BC 404 launched by this protocol is evolved from ERC 404 and possesses the dual attributes of fungible and non-fungible tokens. Users can achieve token splitting and combining through this protocol, such as fragmenting NFTs into fungible tokens or combining fungible tokens into NFTs.

Compared to ERC 404, BC 404 has introduced curve model binding functionality, incorporating a generating curve model into the token generation process to control the rate or quantity of token generation. This mechanism is similar to mining difficulty, meaning that new NFTs are harder to generate than before, thereby increasing the scarcity and value of the tokens.

The BC 404 NFT token will have a different number of fungible tokens behind it, and the NFT ID numbers may not be continuous or start counting from 1. The transfer and trading of fungible tokens will trigger the destruction of the corresponding NFT, causing the NFT ID number to appear only once, creating a deflationary attribute.

For investors, new NFTs may generate premiums relative to fungible tokens, increasing the value of NFTs. The increase in the cost of generating NFTs also enhances scarcity, and the uniqueness of numbering makes NFTs more distinctive, thereby deriving more gameplay worth exploring.

Ecological Development

In addition to its technical advantages, the protocol has also established partnerships with several well-known institutions to jointly expand its application scope and scenarios. They have launched corresponding activities to promote community development and the popularization of BC 404.

The protocol has completed the conversion activity of a certain MEME token to its semi-fungible version. The total amount of the semi-fungible version is 42 million, of which 80% is generated in the conversion pool, the team allocation is 0, and the remaining 20% is used for liquidity plans.

Currently, the protocol does not have its own mainnet token, but it launched a points airdrop feature in April this year. Users participating in the points airdrop have the opportunity to obtain an IDO whitelist, become the first batch of conversion pool users, and receive corresponding quotas.

Users who did not participate in the points activity still have other opportunities to receive airdrops. For example, recently, the official team collaborated with a project to launch NFT airdrop rules, taking snapshots of specific NFT holders for an airdrop worth 50,000 USD.

Summary

The protocol does not produce new MEME, but rather reprocesses MEME. Due to the characteristics of BC 404, users participating in the conversion pool have almost no additional minting costs, but possess the overflow value of unlimited imagination for new NFT tokens. For participants, calculating based on the coin standard is risk-free, as the value of semi-fungible tokens will be greater than or equal to the value of the underlying fungible tokens; otherwise, there would be arbitrage opportunities in the market.

The protocol is very user-friendly, and many novel gameplay elements will emerge based on BC 404, which is of great significance for ecological activity. Recent activities indicate that the official has the willingness to empower the converted tokens, providing more potential value for holders. Considering the airdrop expectations of this protocol, it is a project worth continuous attention and participation.