Two years after his disappearance, Sartoshi, the founder of the "old" NFT project mfer, came out with a new project mfercoin. What are the characteristics of this project? Will it detonate the Memecoin field like the popularity of mfer in the NFT market? This article will provide an in-depth explanation.

The Meme project mfercoin was born

If you are a "newbie" who has just entered the industry, you may be a little confused when you hear the name mfer (Moth**f**ker), but those "old guns" in the meme NFT field are definitely familiar with it.

Mfer was once a popular project during the NFT craze. It was once comparable to blue-chip NFT series such as Azuki and Cool Cats. Its founder sartoshi (@sartoshi_nft) is an anonymous NFT collector and meme artist. His pseudonym is the same as that of the founders of Bitcoin. Satoshi Nakamoto is very similar.

However, just when the mfer project was taking shape, in June 2022, Sartoshi suddenly announced his withdrawal from the NFT field on the X platform, which surprised the crypto community. In November of that year, he published another article "sartoshi_rip" claiming that he would no longer create crypto art in the future, and that he had transferred the mfers contract to the unofficialmfers.eth multi-signature wallet. "sartoshi_nft" will disappear permanently in the crypto field.

However, what is unexpected is that in the early morning of March 30, 2024, Beijing time, Sartoshi posted a post on his personal platform titled "Mfercoin: a peer-to-peer electronic Mfer system", officially announcing the launch of Memecoin: Mfercoin.

That’s right, after “disappearing” from the crypto industry for about two years, Sartoshi has returned with a new Memecoin project.

According to the information released by Sartoshi, mfercoin is built on the second-layer network Base supported by Coinbase, and the contract address is: 0xe3086852a4b125803c815a158249ae468a3254ca. If the user adds a project in the MetaMask wallet, he needs to make sure to select the correct network (Base must be selected in the wallet) before he can follow the instructions to use the mfercoin contract address to add a custom token.

Dissecting the white paper and gaining an in-depth understanding of mfercoin

1. Why did Sartoshi launch Mfercoin?

According to the white paper, Sartoshi believes that cryptocurrency is no longer just the domain of early developers. As cryptocurrency begins to support social structures and transactions in a trustless manner, people from all walks of life will become cryptocurrency users, cryptocurrency holders, and cryptocurrency participants.

Therefore, mfercoin hopes to become a Memecoin for crypto users and a meme coin created based on the spirit of mfer. mfercoin has no intrinsic value, no profit expectations, and no prescribed utility. It is a Memecoin that represents cryptocurrency pioneers and future cryptocurrency participants, and its philosophy is consistent with mfer NFT.

2. mefercoin supply and initial allocation

The fixed supply of mfercoin is 1 billion, there will be no additional issuance, no pre-sale, and the project initiator will not receive the initial allocation of mfercoin. Sartoshi said that he would create a market for users to trade mfercoin according to their needs, and would invest a small amount of money to support its liquidity. mfercoin will be built into a typical Memecoin, not for profit, similar to Dogecoin.

In terms of token distribution:

  • Approximately 20% of the token supply will be distributed to thousands of wallet addresses in the mfer ecosystem (such as NFT holders, artists, community vaults, etc.), mainly including:

  • - Various NFT holders in the mfer ecosystem;

  • -Artists you have collaborated with;

  • - Community treasury and signers, and on-chain mfer contributors.

  • The remaining 0% will be invested in the liquidity pool and no other supply tokens will be retained.

The specific distribution can be found in the figure below:

It is reported that the largest single token distribution recipient so far is the mfers community treasury, which received 10 million mfercoins. This is to ensure that future contract signers have enough mfercoins available to distribute to mfer artists and contributors in an appropriate manner. The treasury will be controlled by the community and Sartoshi himself will have no control.

3. Logo and why choose Base Chain

Before launching mfer, Sartoshi drew various drafts to reach the final character, including a thick line version of mfer. Recently, he put this small free version called "mfer prototype" on the Web3 social platform Farcaster, and then modified it to have no cigarettes and blue tones. This mfer is in line with mfercoin's concept of welcoming the public into cryptocurrency. Finally, the logo of mfercoin was born:

As for why blue was chosen, it is because mfercoin is built on the Base chain, which is currently one of the easiest places to get in touch with cryptocurrency, and Base is based on Ethereum, which is the origin of mfer.

The market has reacted enthusiastically in the short term, but what will Mfercoin ultimately bring to the Meme coin circle?

After the launch of Mfercoin, it quickly attracted the attention of the crypto community. According to dexscreener data, at the time of writing this article, Mfercoin has exceeded $0.25, and its market value is close to $250 million, with a 6-hour increase of 182%. The project has attracted nearly 25,000 transactions, and the transaction volume has reached $58.8 million so far.

The short-term popularity of Mfercoin has also brought new heat to mfer NFT. According to Coingecko data, the transaction volume of mfer NFT exceeded 150 ETH in the past 24 hours, an increase of 2855.4%, and its floor price also rose to 0.58 ETH, with a 24-hour increase of 55.2%.

The question now is whether mfercoin will be a flash in the pan or inject new and more lasting vitality into the Meme coin circle. Judging from the name of the mfercoin white paper, Sartoshi seems to have imitated Satoshi Nakamoto again, but compared with Satoshi Nakamoto, he seems to lack something.

Sartoshi admitted that when he transferred the mfers contract and royalty share to the mfers community treasury in 2022, he thought he would disappear like Satoshi Nakamoto and let mfers continue to exist without the founder like Bitcoin, which is indeed a cool and mysterious idea. However, in hindsight, he should have retained the original X platform identity and stayed. Now mfercoin is being distributed to thousands of holders, artists and other mfers. It is a peer-to-peer electronic mfer system that is ready for all upcoming cryptocurrency users.



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