OxBull has introduced another decentralized finance (DeFi) project to its blockchain incubator. The Binance Smart Chain-based startup will host meme platform CATECOIN in its 11th Initial DEX Offering (IDO).
In a Tweet made on the 6th of May 2021, OxBull disclosed that they would host Catecoin in its 11th IDO. Previously, meme tokens have not gained prominence in the DeFi space due to the term, which drives less utility. Now with Catecoin, meme tokens have gotten much-needed push.
With Catecoin, any user can create memes and make a profit. Something that has been non-existent for long periods until now. The meme platform aims at creating a decentralized application (BETA version available) in which holders can create and vote for the best memes with their native token — CATE. Today, we will look at the blueprints for Catecoin while it prepares for listing on OxBull.
The main goal of Catecoin is to create a meme coin with a use case. The platform is designed for the benefit of meme creators. Therefore, CATE holders can create memes using the portal for viewers to browse through them and like their preferred memes with CATE. In essence, anyone who makes memes can earn CATE rewards from viewers who like their memes.
Through content farming, tokens are distributed to content creators whose contents are approved by the platform. Each content creator must have at least 100 likes and 10 comments to qualify. For new comments and likes by new addresses, 0.1 coins are given to the user, while the same applies to the creator.
In summary, the platform wants users who hold at least 100k tokens to post and users with 10K CATE to like and comment. NFT minting and rewards will be executed for only approved memes.
The image above shows a comparison between CATE and a similar competition, DOGE. CATE offers a lot of user-benefits. Holders of CATE will earn 1% from every transaction. Another benefit of the token is that 20% of the supply will be sent to top exchanges like Kraken, Binance, Okex, Huobi, and Kucoin. In summary, CATE features the following exciting benefits:
The listing will take place on the 9th of May at 16:00 UTC.
Important Notice: 40% will be distributed after listing to investors, while the remaining will be released a month after — by 20% at 10 days intervals.
Also, the market cap on the first day will be approximately $65,250. For participation in the IDO, users are advised to read this article.
For a more comprehensive understanding of pre-sale and Catecoin Tokenomics, read the official medium post.
OxBull is a Startup Incubator and Launchpad developed by Tech Enthusiasts. The platform aims at helping startups by providing necessary funds and support to push their projects in the best possible way. With this, OxBull will merge both investors and blockchain projects in what will be a helpful connection.
OxBull is driven by quality, relentless execution, and credibility. Therefore, projects launched by them strive to produce similar traits.