ICPSQUAD Weekly: Future Meme-illionaires

Hyuna Kim
Hyuna Kim
ICPSQUAD Weekly: Future Meme-illionaires
Table of Contents
Table of Contents

👻 Ghost Hunters: $GHOST, the first memecoin on the Internet Computer, is having a scary good run this week. The token was initially airdropped to holders of the Ghost NFT, which was also a community airdrop. $GHOST has pulled a 20000% increase in value since its launch in mid-July. A combination of early mover advantage, community-first approach, and strategic airdrop partnerships with established NFT projects is no doubt a reason for $GHOST’s current occupancy of the ICP memecoin throne. $GHOST can be traded and staked on ICPSwap*.

*Please note, this is not an endorsement of $GHOST or Ghost NFTs. Memecoins are highly volatile in nature, please do your own research before making any investments.

🪙 Community Standards: One of the biggest conversations lately is over what fungible token standard (a smart contract framework used for fungible assets, such as cryptocurrency) the Internet Computer community should adopt. The DFINITY Foundation announced that they are working on their own token standard (ICRC-1), while Psychedelic DAO iterated that they would continue to develop and optimize their products for DIP20, a standard that they created. Psychedelic is one of the biggest builders in the ecosystem, with a large portfolio that includes Plug wallet, ICNS naming service, and Sonic DEX. Psychedelic asserts that DIP20 is the better standard. However, InfinitySwap DEX pointed out in their latest newsletter that not only did the NNS vote for adoption of the ICRC-1 standard, but that many competing dev teams chose to work with the Foundation instead of pursuing their own interests. A compilation thread of the debate can be found via the Aggregator:

🐉 For the People: The Dfinity Dragonz NFT project made history on August 12th when it finalized ownership transfer to their community. With this action, Dfinity Dragonz became the first 100% community DAO NFT project on the IC. The original team did not abandon the project nor were they bought out. This was a peaceful regime change, with the entire team continuing to stay on in order to fulfill all promised roadmap goals. The secondary market saw notable NFT buys following the announcement that holding a Dragon would give the owner DAO governance rights.

💳 How Finteresting: Finterest, the first DeFi protocol on the Internet Computer to offer collateralized lending, released an information-dense update about their developmental progress. It covered everything from how basic governance will work to improved security measures, as well as details regarding how transaction history will be maintained in a scalable manner. The team hinted they will be ready to launch at the same time as the upcoming Bitcoin integration, a technology that Finterest will utilize to create the first ever native Bitcoin lending and borrowing protocol, without the use of bridges.

🎂 Let Them Eat Cake: Meme Cake, a Solana-based NFT marketplace, is now open for ICP projects! Five Internet Computer NFT collections are already integrated (Boxy Girl, Boxy Dude, Dfinity Donkey, Meme Cake, and IC Wave), with more to follow. ICP Bunny and Poked Bots have already been confirmed for listing in the near future. The Meme Cake team has been active in the ICP community since the launch of their NFTs on Entrepot earlier this year. Solana is known for its vibrant NFT scene and with luck this multi-chain marketplace will draw more eyes to the IC market as well.

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