Compile: Jordan, PANews

Two years after disappearing, the "veteran" NFT project mfer's founder sartoshi has launched a new project, mfercoin. What are the characteristics of this project? Will it ignite the Memecoin field like mfer did in the NFT market back then? This article will provide an in-depth analysis.

The emergence of the Meme project mfercoin

If you are a newcomer, you may be a little confused when you hear the name mfer (Moth**f**ker), but those "old hands" in the meme NFT field are definitely familiar with it.

Mfer was once a popular project during the NFT boom, and was once on par with blue-chip NFT series such as Azuki and Cool Cats. Its founder, sartoshi (@sartoshi_nft), is an anonymous NFT collector and meme artist, and his pseudonym is very similar to the Bitcoin founder, Satoshi Nakamoto.

However, just as the mfer project was taking shape, in June 2022, sartoshi suddenly announced his withdrawal from the NFT field on X platform, which surprised the crypto community. In November of that year, he posted "sartoshi_rip," claiming that he would no longer create crypto art in the future, and had transferred the mfer contract to the unofficialmfers.eth multi-signature wallet. "sartoshi_nft" would permanently disappear from the crypto field.

However, unexpectedly, in the early morning of March 30, 2024, Beijing time, sartoshi announced the official launch of the Memecoin: mfercoin on his personal platform with the article "mfercoin: a peer-to-peer electronic mfer system."

Yes, after "disappearing" from the crypto industry for about two years, sartoshi has returned with a brand new Memecoin project.

According to the information released by sartoshi, mfercoin is built on the second-layer network Base supported by Coinbase, and the contract address is: 0xe3086852a4b125803c815a158249ae468a3254ca. When users add the project to the MetaMask wallet, they need to ensure that they select the correct network (Base) in the wallet, and then follow the instructions to use the mfercoin contract address.

Analyzing the white paper to understand mfercoin in depth

1. Why did sartoshi launch mfercoin?

According to the white paper, sartoshi believes that cryptocurrency is no longer the exclusive domain of early developers. As cryptocurrency begins to support social structures and transactions in a trustless manner, people from all walks of life will become cryptocurrency users, holders, and participants.

Therefore, mfercoin hopes to become a Memecoin for cryptocurrency users, and is also a meme coin created based on the spirit of mfer. Mfercoin has no intrinsic value, no profit expectations, and no specified utility. It represents the creators of cryptocurrency and the future participants of cryptocurrency, and its concept is consistent with mfer NFT.

2. Supply and initial distribution of mfercoin

The fixed supply of mfercoin is 1 billion, and there will be no additional issuance or presale. The project initiators will not receive the initial distribution of mfercoin. Sartoshi stated that he will create a market for users to trade mfercoin based on demand, and will invest a small amount of funds to support its liquidity. Mfercoin will be developed into a typical Memecoin, not for profit, similar to Dogecoin.

In terms of token distribution:

• Approximately 20% of the token supply will be distributed to thousands of wallet addresses in the mfer ecosystem, including NFT holders, artists, community treasury, and contributors to the on-chain mfer, such as:
  - Various NFT holders in the mfer ecosystem;
  - Collaborating artists;
  - Community treasury and signers, as well as contributors to the on-chain mfer.
• The remaining 0% will be added to the liquidity pool, with no other token supply reserved.

The specific distribution can be seen in the following figure:

It is reported that the largest single token recipient to date is the mfer community treasury, which has received 10 million mfercoins to ensure that there are enough mfercoins available for future contract signers to distribute to mfer artists and contributors in an appropriate manner. The treasury will be controlled by the community, and sartoshi himself has no control.

3. Logo, and why choose Base Chain

Before launching mfer, sartoshi drew various sketches to create the final character, including a rough version of mfer. Recently, he put this small free version called "mfer prototype" on the Web3 social platform Farcaster, and then modified it to remove the cigarette and change the color to blue. This mfer is in line with the concept of welcoming the public into the world of cryptocurrency, and thus the logo of mfercoin was born:

As for why blue was chosen, it is because mfercoin is built on the Base chain, which is one of the easiest places to access cryptocurrency, and Base is based on Ethereum, the birthplace of mfer.

The short-term market reaction is hot, but what will mfercoin ultimately bring to the Memecoin circle?

After the launch of mfercoin, it quickly caught the attention of the crypto community. According to dexscreener data, at the time of writing this article, mfercoin has surpassed $0.25 and its market value is approaching $250 million, with a 6-hour increase of 182%. The project has attracted nearly 25,000 transactions, with the trading volume reaching $58.8 million so far.

The short-term popularity of mfercoin has also brought new vitality to mfer NFT. According to Coingecko data, the trading volume of mfer NFT in the past 24 hours has exceeded 150 ETH, with an increase of 2855.4%, and its floor price has risen to 0.58 ETH, with a 24-hour increase of 55.2%.

The question now is whether mfercoin will be a flash in the pan, or will it inject new and more lasting vitality into the Memecoin circle. Judging from the name of the mfercoin white paper, sartoshi seems to be once again imitating Satoshi Nakamoto, but compared to Satoshi Nakamoto, he seems to be lacking something.

Sartoshi admitted that when he transferred the mfer contract and royalty shares to the mfer community treasury in 2022, he thought he would disappear like Satoshi Nakamoto and let mfer continue to exist without a founder, just like Bitcoin. This was indeed a cool and mysterious idea. However, in hindsight, he should have kept his original identity on X platform and stayed. Now mfercoin is being distributed to thousands of holders, artists, and other mfer participants. It is a peer-to-peer electronic mfer system, ready for all the upcoming cryptocurrency users.

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