Defi’s silly season is in full swing, and while it probably won’t last forever, it sure is entertaining. Following hot on the heels of TEND, a meme coin that hit $10M in daily volume and was listed on Poloniex in under a week, comes TACO. The game has changed, but the formula should be familiar to tendies lovers: daily rewards, a leaderboard, and clever ‘taconomics’ served with a side order of spicy memes. The project’s even got its own ‘tacogram’ channel.
Whether TACO can knock TEND off its perch remains to be seen, but there’s certainly an appetite for it: demand for Uniswap assets is running wild, with presales for micro-caps massively oversubscribed and the fomo seeing DEXs surpass CEX volumes.
Crypto Twitter Goes Wild for Memecoins
Until a fortnight ago, Dogecoin was the cryptosphere’s most famous memecoin, and it launched in 2016. Then tendies flapped its feathers and the whole of crypto twitter went crazy for grilled chicken. The question is, will it have the stomach for crunchy tacos?
The premise, according to the Taconomics website, is this: “$TACO is a deflationary currency where liquidity providers wrap the token in a hard shell and are rewarded with sweet, sweet guac.” Token-holders can hit a button to “crunch” their tacos, which will earn them 1% of the total removed from the pool and see the remainder burned, reducing the circulating supply. A fair launch has been promised, with no presale discounts or team tokens.
Every day, the taquero who’s “crunched” the most tacos earns an additional reward and the King Taco for the week is crowned on Taco Tuesday with a unique NFT. And that, in a taco shell, is the aim of the game. Silly? Yes. Sure to spark gas wars and memetic warfare when the token is pooled on Uniswap this week? Without a doubt.
The Case for Tacos and Tendies
While it would be easy to dismiss projects like TACO as fleeting fun, the formula has caught on with defi traders, and not just for the potential profits to be made. Social experiments such as TEND, TACO, SHIB, and YFI showcase new incentive models and ways to build passionate communities who are bonded by their love of dank memes and novelty tokens. Decentralized finance is srs bsns, but that doesn’t mean its developers can’t take a break from banking the unbanked to have some fun. One thing’s for sure: 2020’s bull run is shaping up to be a lot more entertaining than 2017.