InfinitySwap and Meme Cake have announced our intention to collaborate on a variety of different levels in order to further the development of the Internet Computer ecosystem, including the integration of our Infinity Wallet into their platform and possible future tokenization.
Here we will outline numerous developments that are happening on our new partner's platform. They are certainly extremely busy breathing new life into the IC ecosystem!
Recent Meme Cake Marketplace Updates
Meme Cake announced some substantial updates recently for the community:
- ICP Balance view — View your current balance without leaving the marketplace.
2. Auto-refresh of the collection page. The collection page will auto-refresh every 60 seconds
3. Rarity Info on the Activity Page
4. UI/UX improvements & Bug fixes in Collection and detail page
5. Improved performance
6. Bug Fixes in BUY/SELL process.
7. Solved all issues with NFT missing and Listing
8. 3D NFT viewer (you can enjoy the full beauty of IC 3D NFT) click the NFT from the NFT detail page without leaving the marketplace.
9. In-marketplace asset view
A few other developments are under construction:
Meme Cake Gen 1 NFT Burn Process
What is Proof-of-Burn?
Proof-of-burn has been used as a mechanism to destroy cryptocurrency in a verifiable manner. A particularly apt use case is destroying one type of cryptocurrency to create another. Meme Cake defines it as a protocol that consists of two algorithms, a burn address generator, and a burn address verifier.
A user who wishes to burn the NFT generates an address called a burn address. This address encodes some member metadata called the tag. The member then proceeds to send any amount of NFT to the burn address. After burning the asset, the member proves that the member irrevocably destroyed the cryptocurrency in question to any interested party.
The member submits proof of this burn to a smart contract on the chain, verified, and credited an equivalent amount of digital assets. Proof-of-burn verification happens in either a centralized manner which is lighter on computation or in a decentralized way, using Non-Interactive Proofs of Proof-of-Work (NIPoPoWs)
Meme Cake generation 1 NFT burn will occur in an automated process. They understand that the burn event was postponed multiple times but they wanted to ensure that this is the most accessible and user-friendly process for their backers.
If you are a Gen 1 MC NFT holder, you must connect your wallet to the Meme Cake website and then select the ones you need to burn.
- At a time, you can only select 5 NFTs. The burn is at a 5:1 ratio
- Once the Gen 1’s are selected, the platform will calculate the rarity and display the final rarity for the users. To change the rarity, you must go back and reselect NFTs. (If you have more than 5).
- Once you confirm the action, your NFTs will be burned using a smart contract. REMEMBER — once you burn, there is no way to retrieve the NFTs. This will permanently erase your NFT from the canister.
- You will receive your Gen 2 NFT in your wallet within 5 minutes.
Rarity calculation for GEN 1 to GEN 2
The rarity of the GEN 2 is calculated by the average NFTs you chose to burn. For example, if you have 32.6, 76.3, 43.9, 85.6, and 23.1, your GEN 2 NFT rarity will be 52.3%.
Now let’s say you have 30 NFT and choose to burn all 30, then your rarity will be calculated in descending order. For every 5 GEN 1, you will receive 1 GEN 2 NFT. The current supply of MC is 7770, and if we all choose to burn the NFT, the expected collection supply will be 1554.
GEN 2 on steroids
A few advantages of holding GEN 2 NFTs are listed below:
- No more whitelisting drama. Every GEN 2 RICH holder will be automatically eligible for the whitelist. All you need to do is use your same wallet — no more Discord fights.
- Gen 2 will receive a higher reward when they choose to burn and receive MCAKE.
- More Defi use cases like lend and borrow. (Similar to Entrepot Earn).
- Game-earn options.
Asset-backed NFT on the DFINITY chain
An Asset-backed NFT Index (ABNI) is an index made up of an NFT Portfolio and represents the underlying NFT value. Purchasing an ABNI gives the holder ownership over a fraction of the NFT Portfolio and is designed to track the yield and return of the portfolio. This allows all investors access to previously inaccessible or cost-prohibitive digital assets!
IC Blue Chip -1 (IBC1) will be the first index offered by Meme Cake and will be managed by a Meme Cake Dao to determine holdings and weightings, publicly published daily.
When buying shares of an Asset-Backed NFT, what is purchased are fractional NFTs of a portfolio, which is designed to track the yield and return of its benchmark index.
Meme Cake aims to truly democratize investing as they allow small and large investors access to previously inaccessible or cost-prohibitive digital assets.
How is it created?
The process begins with the Meme Cake DAO manager purchasing the Blue Chip NFTs on DFINITY. The authorized participant acquires NFTs, places those shares in a publicly trusted wallet, and then uses them to form fractional creation units. Then, the trust wallet provides fractional shares, which are claims on the NFTs held in the trust wallet (the IC-Blue Chip -1 represents tiny slivers of the creation units), to the authorized participant.
When fractional NFTs are bought and sold on the open market, the underlying digital asset borrowed to form the creation units remains in the trust wallet account. When investors want to sell their Fractional holdings, they can sell in the open market.
IC Blue Chip — 1 Holding
The current holdings include BTC Flower, Poked Bot, Motoko Ghost, Meme Cake, Boxy Dude (originals), D-City, IC Gallery, and Cubetopia Islands. The combined value of these NFT’s is 839.35 $ICP.
The total trust wallet will consist of 1000 $ICP worth of assets before issuing IC-Blue Chip -1.
Understanding a Price-Weighted Indexing
Now that we have these NFTs in our wallets, let’s learn about the price-weighted correlation with the IC-Blue Chip — 1.
To calculate the value of a simple price-weighted index, find the sum of the floor prices of the individual projects, and divide by the number of projects. Price-weighted indexes are useful because the index value will be equal to (or at least proportionate to) the average NFT price for the companies included in the index. This allows the construction of indexes that will track the average price performance of a specific market.
Meme Cake's PWI indexing works similarly to DOW 30. In this index, the higher-price stocks move the index more than those with lower.
IC-Blue Chip — 1 consists of 42 NFTs with a total price of 839.35 $ICP making the index price value of 19.98 $ICP.
How can I buy an IC-Blue Chip — 1 and what’s the advantage?
The total supply of IC-Blue Chip-1 is 1,000. The public can mint 83% of the supply on the Meme Cake marketplace; the remaining will be sold via private sale.
Meme Cake will use the collected funds from the mint to buy all of the IC-Blue Chip-1 in specific proportions to make the portfolio stronger. In addition, the assets will be added to the public trust wallet, and Meme Cake DAO will continuously monitor the health status of the holding projects.
Meme Cake will sell the asset if the underlying price on an asset goes 20X or above. The MC DAO will distribute 70% of the profit to the IC-Blue Chip-1 holders, and the remaining will be used for operations and purchasing more assets from the market. In addition, 70% of the royalty is distributed monthly to the holders.
Meme Cake has also recently implemented quick listing and a bulk transfer option of up to 10 NFTs at a time.
We wish Meme Cake every success with their marketplace and look forward to working closely with the team moving forward!