Demex Daily #127: Color Protocol Unveils New Platform for Converting Memecoins into NFTs

What’s Interesting Today:

Color Protocol has introduced an ERC-404 conversion platform for Memecoin, enabling Meme artists to transform Memecoin into NFTs, thereby increasing liquidity and fostering community consensus. Launched in Seoul on April 8th, 2024, this platform allows the creation of Meme NFT collections in ERC-404 format and lets holders convert their Memecoin into NFTs. Addressing the challenges of memecoin communities, such as fluctuating consensus and the need for a distinct identity, the platform aims to establish a new paradigm for Meme-based art asset issuance. It merges the ERC-20 standard with ERC-404, offering artists the opportunity to capitalize on the value surge of Memecoin and enhance community engagement. Co-founder Walter highlights the untapped potential in the Meme creation market, which has seen a 200% increase to a $70 billion market cap this year. Color Protocol plans further developments, including the Flux-404 NFT standard, an ERC404 launch tool, and cross-chain functionality, aiming to enrich the memecoin ecosystem with more engagement and value.

Marc Zeller, the initiator of the Aave Chan Initiative, has suggested a possible vote next week on a 'fee switch' for Aave stakers, based on the platform's earnings. Aave, a decentralized lending platform, is considering a proposal to distribute its earnings to token holders, a move hinted at by Zeller in a recent X post. He noted Aave DAO's annual net profit is around $60 million, enough to cover five years of operational expenses. The proposal, inspired by recent fee adjustments for Aave's GHO stablecoin and similar actions by Frax Finance and Uniswap, aims to share profits with stakers, enhancing their participation in governance and revenue.