@ClDvor 6 September 2020

Degenerator, or MEME, an obscure project that began life as an airdrop to Telegram users, has managed to garner a $3 million market cap and is seeking to carve a niche for itself as a non-fungible token (NFT) farming protocol. MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens. The joke quickly struck a chord with the crypto community, receiving significant engagement on Twitter. However, within hours of Lyall publishing the post, someone had minted a token dubbed the Degenerator and listed it on CoinGecko under the ticker ‘MEME’. The asset’s total supply of 28,000 tokens was then quickly distributed to interested parties on Telegram.