Overview
Liquidity has always been a big challenge for NFTs. What if users can create memecoins from their Ordinals?
Inspired by the success of of recent Etheruem NFT smart contract protocols, (namely https://ape.fi/ and https://x.com/pandora_erc404), allowing ERC20 <> ERC721 conversion, we have developed a Ordinals to ERC20 memecoin protocol that can enable fractionalized NFT ownership for max liquidity and tradeability.
Memedinal enables users to unlock the liquidity of their Bitcoin NFTs by staking them for more liquid tokens. These tokens can then be traded freely, with the option to convert them back to NFTs at a later time. The exchange rate between NFTs and tokens is fixed within any given collection, allowing users to swap their NFTs for higher-value ones during the conversion process.
Core Features
- Smart Contracts: These contracts are responsible for monitoring transactions and managing the liquidity tokens. They ensure that NFTs can be managed securely and efficiently, with the underlying value being represented by tokens.
- Liquidation Mechanism: If Ordinals are not returned on time, the system triggers a liquidation process where the overdue Ordinals are forfeited as a penalty, ensuring the stability of the platform.
Future Development
- Support for Additional Bitcoin Protocol NFTs: The platform will expand to support a wider variety of NFTs across different Bitcoin protocols, increasing its versatility and user base.
- Dynamic Exchange Rates via Oracles: Integration of oracles to allow for dynamic exchange rates between NFTs and tokens, providing more flexibility and market-aligned valuations.
- Cross-Chain Token Exchange: Introducing cross-chain token exchange capabilities to enable seamless token swapping across different blockchain networks, enhancing liquidity options for users.
Vision
Memedinal aims to unlock the latent value of NFTs by creating a robust liquidity pool for NFT assets. This will provide NFT holders with new opportunities to trade and invest, while also establishing a dynamic marketplace where NFT values can flow and evolve. By applying the model of Memedinal, the project ensures a well-structured, secure, and scalable platform for NFT liquidity and trading.
Video
- Pitch: https://youtu.be/yvdCO1k-EMA
- Demo: https://youtu.be/3moEAorJw8s
Demo transactions
Bitcoin txid: https://mempool.space/testnet/tx/687f7bdf3859cdecb1c3a0d25c24cf57dc19b443cdc920b10b9ae9ef0bbd9462