The MEME project welcomes a Rebound, the BC 404 protocol brings new gameplay

Recently, the German government's Bitcoin sell-off has come to an end, and after a rapid decline, the crypto market has begun to slowly rebound. The MEME project has performed particularly well, providing investors with an important opportunity to find potential projects and position themselves for the future.

In this round of bull market, MEME has become a topic that cannot be ignored. The high valuations of VC projects and unreasonable token allocation and distribution have prompted market funds to shift towards MEME, leading to its prosperity. However, the strong user base and consensus inherent in MEME are also important reasons for its market favor.

Currently, the market mainly focuses on homogeneous MEME tokens, while there is less attention on the NFT form of MEME. The NFT form of MEME tokens is mainly limited by the depth of trading circulation, but in terms of value representation, MEME is widely spread precisely because of the "small images". Therefore, the NFT version of MEME also plays a key role in the ecosystem, just lacking an opportunity.

The ERC 404 protocol has thus entered the developers' field of vision. ERC 404 is known as a semi-fungible token, possessing the properties of both fungible and non-fungible tokens, allowing for splitting and merging. Color Protocol has optimized this basis and launched BC 404, bringing new gameplay and application scenarios to the industry.

Color Protocol Introduction

The core concept of Color Protocol is to "dye" homogeneous tokens, adding images and other community elements to MEME coins, which enhances the breadth of dissemination and recognition, thereby helping MEME coins gain a larger user base and value.

The protocol has launched a conversion pool, allowing users to convert homogeneous MEME tokens into BC 404 semi-homogeneous tokens with NFT image attributes. This enables the display, trading, and other operations of MEME coins like NFTs, while also allowing the BC 404 tokens to be converted back into the original homogeneous tokens.

Color Protocol can be seen as a launchpad based on MEME collectibles, helping users showcase and promote MEME tokens, and facilitating the healthy development of the MEME ecosystem.

BC 404 Technical Advantages

BC 404 is evolved from ERC 404 and has the dual attributes of fungible and non-fungible tokens. Compared to ERC 404, BC 404 adds a curve model binding function, introducing a generating curve model in the token generation process to control the rate or quantity of token generation. This mechanism is similar to mining difficulty, making new NFTs harder to generate than previous NFTs, thus increasing the scarcity and value of the tokens.

The BC 404 NFT token will have a different number of fungible tokens behind it, and the NFT ID numbers may not be consecutive or start counting from 1#. The transfer and trading of fungible tokens will trigger the destruction of the corresponding NFT, resulting in the NFT ID number appearing only once, creating a deflationary attribute.

For investors, new NFTs may command a premium over homogeneous tokens, increasing the value of NFTs. The rising generation costs enhance the scarcity of NFTs, and the uniqueness of the numbering makes NFTs more distinctive, giving rise to more gameplay worth exploring.

Color Protocol Latest Updates

Color Protocol has established partnerships with several well-known institutions, such as a certain cross-chain bridge and a certain NFT project, to jointly expand the application scope and scenarios. The project team has completed the conversion activities between PEPE and COLORPEPE, with a total of 42 million COLORPEPE, of which 80% is generated in the conversion pool, the team allocation is 0, and the remaining 20% is used for liquidity plans.

Although Color Protocol currently does not have its own mainnet token, it launched the Point reward airdrop feature in April this year. Participants have the chance to obtain IDO whitelist and conversion pool quotas. Recently, the project team also collaborated with a cross-chain bridge to introduce the airdrop rules for ORBGUY NFT, conducting snapshot airdrops for COLORPEPE NFT holders and PEPE with ORBGUY holders.

Summary

Color Protocol reprocesses existing MEME through the BC 404 protocol, providing users with an almost zero-risk participation opportunity. The expected value of COLORPEPE will be greater than or equal to the value of the underlying PEPE; otherwise, arbitrage opportunities will arise in the market.

The characteristics of BC 404 make Color Protocol very user-friendly, while also creating many new gameplay options, which is of significant importance for ecological activity. From the activities of COLORPEPE, it can be seen that the official is willing to empower the converted tokens, providing more potential value for holders. Considering the expected airdrop of Color Protocol, this project is worth continuous attention and participation.