BTC has broken the previous high, and Ethereum's re-staking track has attracted a large amount of funds. Memecoins such as PEPE and DOGE have also soared, and the entire crypto market is filled with the taste of money! Currently, the greed and fear index has reached 90, belonging to the extremely greedy range. The more festive the moment, the more cautious and calm one should be, because chasing highs out of FOMO emotion is the easiest way to get trapped at the peak.
At this stage, a relatively cost-effective choice is to settle down and lay low for new projects. When the project's track, fundamentals, strength, gameplay, and popularity are all in place, you can try participating in airdrops or primary markets.
Yesterday, I saw the news on Lüdong that "Mantle's ecological Meme project Puff has officially started the public minting activity," so I dug deeper. Based on three ideas, I also participated with a small amount of funds!
Memecoins are currently the hottest track and also the track with the strongest wealth effect. For those that have already risen many times, it's not advisable to participate, but it's worth a try for new projects in the primary market.
The Puff gameplay design is quite innovative, with airdrop distribution to create hype, including airdrops to the community and to some on-chain users.
There is a certain amount of funds involved, and there is also attention from Twitter influencers.
Meme Combined with Games and Stake
Puff is a very innovative Memecoin gameplay centered around Mantle Staked Ether → mETH. mETH is the LSD Token of the ETH re-staking protocol Mantle, with Mantle's TVL reaching 1.8 billion USD and continuously growing. The staking yield for ETH is 7.76%, which is self-evidently advantageous compared to Lido's 3.4% staking yield.
The game part of Puff is divided into six chapters. Over the next three months, users can participate in each chapter to obtain up to 6 mysterious potion recipes, each of which can summon more Puff.
Each chapter also provides methods to earn the next potion and summon more Puff.
Genesis Mint has started
The Genesis Mint of Puff started on March 4th and will end on March 7th, lasting a total of 72 hours. Users can deposit mETH on the Ethereum mainnet or Mantle L2 and wait for distribution. Mainnet users without mETH can use ETH, WETH, USDC, or USDT to Zap in.
The Genesis Mint has raised a total of 5520 mETH, allowing up to 4 times oversubscription. After the end, Puff will be distributed proportionally, meaning each user can guarantee at least 25% of the allocation.
ETH mainnet users can deposit 0.1-4 mETH, while Mantle L2 users can deposit 0.05-2 mETH. Each address can only generate one potion. However, providing mETH in both L1 and L2 at the same time is also possible!
After the Mint ends, users will receive NFT potions bound to their Mantle L2 wallet, and any undistributed mETH will be returned to the user's address. Holders can use their potions to summon Puff on www.puffthedragon.xyz, with an exchange ratio of 1 mETH to 42069 Puff.
Afterwards, the project will deploy liquidity in the Defi Metaverse at www.methlab.xyz, where users can start trading or participate in other DeFi activities.
Airdrop Distribution
The total supply of Puff is 888,888,888, with 34% allocated for airdrops. Of this, 16% will be gradually distributed to the community, and Mantle L2 mETH holders will share the remaining 18% of $Puff to promote TVL growth.
This 18% will be distributed in 6 airdrops, meaning there will be 6 snapshots, with each snapshot airdropping 3% of the total Puff. The first snapshot was taken on February 11th, and mETH holders will receive 3% of the airdrop at Genesis. The second snapshot will take place in the weeks following the Genesis Mint.
Additionally, 1% of Puff will be donated to core contributors of Mantle to recognize their work in expanding the emerging ecosystem and community of Mantle!
Genesis Mint Tutorial
The tutorial uses ETH Mint on the mainnet as an example. If using Mantle L2, the official cross-chain bridge can be used.
- After obtaining mETH
- Prepare ETH/WETH/USDT/USDC or mETH, and open the official website
- Click "Connect Wallet" in the upper right corner, connect the wallet, and then click the dropdown arrow next to mETH to select the currency to use.
- Choose according to your own situation. I chose ETH, and after selecting, the system will automatically adjust the corresponding amount.
- Enter the quantity, click "Mint," wait for the wallet to pop up a confirmation box, and click "Confirm."
- Mint successful
Then wait for the distribution and trading after the end, as well as the gameplay of the second chapter. According to the schedule revealed on the official page, it will take about 15 days to complete each of the 6 chapters, so the pace is relatively fast. Finally, you can choose to continue holding Puff or destroy it and exchange it for a non-MemeCoin.
Final Thoughts
Recently, don't keep looking at the market, succumbing to FOMO and anxiety. Ignore what you can't catch, and plan well for what you can catch. The crypto market is really a comprehensive test of everyone's cognition, mentality, and execution.
You can go and look at new tracks and new projects more. These are the most explosive areas. Also, change your stereotypes. The performance of Memecoins in this bull market is enough to show that the market's logic is constantly changing, and only by adjusting in time and keeping up with the trend can you not miss out.
In addition, this article only shares my research and participation thoughts on the project and is not investment advice. Everyone's situation is different, so please do your own research based on your actual situation, DYOR.
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