Polkadot is DED! Or PINK?! Let's Find Out Together the Memecoin Wave!
Polkadot is dead, they say!
Polkadot is not as pink as it could be, they say!
Polkadot has no airdrops, they say!
Polkadot has low transaction volume, they say!
Polkadot struggles with crazy no-value beloved memecoins, they say!
But, is this narrative an accurate reflection of reality? Are “they” right? Let's find out!
Content:
Polkadot is an L0 network protocol that enables cross-chain communication and collaboration among diverse blockchains. Polkadot allows different types of data and assets to be transferred across multiple chains, not just tokens.
Polkadot also provides scalability, security, and governance for its connected appchains, known as parachains. Polkadot is designed to support a decentralized web, or Web3, where users have control over their data and identity.
In this article, we will explore some of the recent developments and trends in Polkadot, focusing on three topics:
- Inscriptions avalanche: How a novel method of creating tokens and NFTs by writing text in blockchain transactions has caused a surge in network activity and fees on Polkadot and other chains.
- PINK memecoin: How a growing-in-popularity meme has launched its token on Polkadot, and how users can earn it by playing a Tetris-like game.
- DED memecoin: How a community-driven project has created a memecoin on Polkadot, and how users can become eligible for it by holding DOT tokens.
Inscriptions Wave: A New Way of Creating Tokens and NFTs
One of the most interesting phenomena on Bitcoin, Polkadot and other blockchains is the emergence of inscription-based tokens and NFTs. Inscriptions are a method of creating tokens and NFTs by writing text in standard blockchain transactions and using an off-chain numbering system to keep track of them.
Ordinals inscriptions are a new way of creating unique digital assets on the Bitcoin blockchain, similar to NFTs. They use a technique called inscription, which writes data into the witness field of a Bitcoin transaction and assigns a sequential number to each inscription. Ordinals inscriptions on Bitcoin are possible thanks to the Taproot upgrade, which enabled more complex and flexible transactions on Bitcoin.
As mentioned above, they were originally invented as a workaround for Bitcoin, which does not have native support for tokens or NFTs.
Inscriptions pros, cons and challenges
Inscriptions have several advantages over other methods of creating tokens and NFTs, such as:
- They are cheaper and faster to mint and transfer, as they do not require smart contracts or additional layers.
- They are more flexible and customizable, as they can encode any type of data or metadata in the text.
- They are more accessible and inclusive, as they do not require any technical skills or tools to create or use.
However, inscriptions also have some drawbacks, such as:
- They are less secure and reliable, as they depend on an external numbering system that can be manipulated or corrupted.
- They are less interoperable and compatible, as they require specific parsers and wallets to recognize and display them.
- They are less standardized and regulated, as they do not follow any common rules or conventions.
The popularity of inscriptions has also caused some challenges for the network, such as:
- Increased network fees, as inscriptions consume a lot of block space and gas. This can affect some chains, well but it seems it's not a big deal for Polkadot.
- Decreased network performance and quality, as inscriptions generate a lot of noise and spam.
- Potential network risks and attacks, as inscriptions can be used for malicious purposes, such as phishing, scamming, or censoring.
One of the major L2s, Arbitrum, recently experienced an outage on December 15 for approx. 78 minutes, because One Sequencer stalled due to a surge of inscriptions.
Polkadot inscriptions craziness between the 20th and 22nd of December 2023 saw block number 18694301 with 1316 transactions and a total of 13.4M transactions in 2 days. Polkdot reached 219 tx/s (similar to PayPal) and an average of 280,000 tx/h.
Given an average price of 0.02 DOT per transaction, 270,000 DOT (2.4 M USD) were paid in fees, of which 80% went to the treasury, and 20% went to block authors.
PINK Memecoin: Distributed by the Pinkdrop
Another notable trend on Polkadot is the launch of memecoins, distributed by airdrops. The first one is PINK.
2,300,001,221 PINK tokens were minted on the Asset Hub, a system parachain, followed by creating a web-based mini-game named PINKDROP, accessible by connecting an EVM wallet. This game features a classic “match and merge” gameplay, where players align logos of Polkadot and its parachains like HydraDX, Moonbeam, Astar, etc. Upon the collision of two identical logos, they merge into a larger one.
There will be a few more airdrops of PINK, but the initial Pinkdrop will be the biggest one, for those who achieve success in the Pinkdrop game.
Users can connect their EVM wallets and claim PINK airdrop later on, most probably on the Moonbeam network, which is the EVM chain itself.
The PINK token is a pure memecoin that aims to reward meme creators and consumers and to foster a vibrant and fun meme community on Polkadot, to create vibes. Join their community on Telegram.
Tokenomics
The tokenomic is unique when the distribution is quite rare. 50% of the tokens go to the airdrop for DOT is PINK game players!
DED Memecoin: A Community-Driven Project on Polkadot with Fair Distribution
The last trend we will explore on Polkadot is the creation of DED, a memecoin that is inspired by the popular phrase “Polkadot is dead”. Also, the logo represents a dead bird.
DOT is DED is a community-driven project that aims to poke fun at the critics and skeptics of Polkadot, and to celebrate the resilience and innovation of the Polkadot ecosystem. Join their Telegram group.
DED has several characteristics and goals, such as:
- It is a satire token, that mocks the negativity and pessimism of some people towards Polkadot and showcases the humor and creativity of the Polkadot community.
- It is a tribute token, that honors the achievements and contributions of Polkadot and its founders, developers, and supporters, and expresses the confidence and optimism of the Polkadot community.
Afterlife: a distribution mechanism
One of the most interesting aspects of DED is its distribution mechanism. which is based on holding DOT, the native token of Polkadot, including vDOT liquid staking token distributed by Bifrost. This will lead to fair distribution to the devoted people from the Polkadot ecosystem excluding venture capital or pre-sale involvement.
Phase 1: DED token airdrop
The exact details and dates of the airdrop have not been announced yet, but the project has stated that it will be fair, transparent, and inclusive.
Phase 2: DEDBIRD NFT airdrop
DED also has intentions to release an NFT collection inspired by its iconic pair of birds.
DED Tokenomics
The total supply is 1,789,000,000,000 DED (1.789 Trillion). 80% will be distributed via airdrop to the users and 20% will go to the treasury. So even more for users than in PINK.
Conclusion
Polkadot is a platform that enables interoperable blockchains and innovative tokens. In this article, we have explored some of the recent developments and trends in Polkadot, such as inscription wave and two upcoming memecoins, PINK & DED.
These trends demonstrate the creativity and new fresh vibes of the Polkadot ecosystem, and the opportunities and challenges that it faces.
Polkadot is not dead, but alive and thriving. And open to all the craziness, that's happening right now in other ecosystems, from Bitcoin to Solana. Airdrops, memecoin trading, inscriptions, NFT madness, and so on.
- Enhance Polkadot’s governance process by delegating your DOT or KSM to POLKADOTTERS, dedicated community supporters within the Polkadot ecosystem, enabling seamless participation in on-chain governance through Nova wallet or Polkadot Delegation Dashboard
- Support Polkadotters Shrimp and Polkadotters Octopus on Polkadot and be a part of a more secure Web3 future
