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How 50 individuals got over $500,000 in Ethereum tokens for free: MEME

If you’ve browsed Crypto Twitter over recent weeks, you likely know of a project called MEME.

The platform, which allows users to generate and swap digital cards/art pieces of some popular individuals in the Ethereum space, has rapidly risen to prominence as a place where traders can blow some excess cash.

And can you really blame them? Through MEME, you can collect Ethereum-based cards of individuals like Yearn.finance’s Andre Cronje, FTX’s Sam Bankman Fried, Uniswap’s Hayden Adams, and others, which then can be flipped on secondary markets for a handful of ETH.

Holders of the Cronje card, for instance, are being offered upwards of $4,000 on these secondary markets.

But behind this platform is an interesting story — the story of how 50-odd users were gifted cryptocurrencies worth over $500,000 as of recent highs.

We covered it earlier this year but it’s worth telling it again.

The story of MEME

MEME launched as a joke, plain and simple.

After developers released a flurry of food-themed coins on Ethereum to capture the then-craze, ConsenSys‘ Jordan Lyall, as a joke, posted the image seen below. It shows a mockup of a platform where any user can generate forks of their favorite DeFi protocols with their own twist and theme.

Introducing The Degenerator. Spin up a new #DeFi project in as little as 5 minutes! pic.twitter.com/qpiod6uqSf — Jordan Lyall 🍍 (@JordanLyall) August 15, 2020

Again, it was a joke. But some thought otherwise, creating a Telegram group whose premise was to — well potentially to —  launch the platform that Lyall envisioned.

Quickly, a token was decided on: the four or five dozen users in the group were allowed to enter an Ethereum address into a Google Form distributed in the Telegram group. “DeFi Dude,” a commentator in the space, commented after the event:

“The community decided on 28,000 total supply, and it should be airdropped to members in the telegram. And so it did...
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