Everything You Need to Know About the ‘MemeFi’ Telegram Game Airdrop

On Friday, November 22 at 8am ET (1pm UTC), the MEMEFI token is set to launch on the Sui network. This comes after the project hopped to the network from Ethereum layer-2 Linea last month. The promised airdrop claim will take place once the token is generated.

Airdrop token allocations were revealed last Saturday, with 2.5 million suspected cheaters’ accounts receiving the ban hammer in the process. On Tuesday, allocations were adjusted after some accounts were incorrectly assigned too many tokens, with others benefiting as a result. Now with all of that cleared up, it appears, everyone is set for the big day.

But how can you claim your tokens, what is the token for, and what’s next for the project? Don’t worry we’ve done all the legwork for you. Here’s what you need to know about the MemeFi airdrop.

How can I claim the airdrop?

For those who can’t be bothered to deal with all the messy blockchain stuff, the only centralized exchange available to claim your airdrop is OKX. Most other Telegram games have offered a range of exchanges to send claims to, but MemeFi has a special team-up with OKX.

Unlike the vast majority of Telegram games, MemeFi will launch its token on Sui rather than The Open Network (TON). It appears that part of the deal was to exclusively launch the airdrop on a single centralized exchange, OKX. However, other exchanges such as Binance, Bybit, and KuCoin will be launching the token—they just won’t handle the airdrop.

Screenshots from MemeFi. Image: Decrypt

For those looking to claim on-chain with a self-custody wallet rather than using an exchange, users can start submitting their claims an hour before the token generation event (TGE). MemeFi says it will cover gas fees, but given that users’ airdrops mention a claim fee being deducted from allocations, it appears that you’ll actually be paying your own costs through a different method.

MemeFi has posted a complete guide to claiming here, including how to use the OKX Wallet app on Telegram to claim tokens if you can’t use OKX’s centralized exchange in your region—or simply prefer not to.

What can I do with the token?

Like any other standard, fungible crypto token, you can buy and sell MEMEFI once it has launched. But for how much has still yet to be determined.

However, traders are speculating on the price of the soon-to-launch token. On KuCoin’s pre-market platform, users predict that the token will be worth $0.012 on average at launch. As for Gate.io’s pre-market, traders see its price being closer to $0.016. That said, pre-market trading is extremely speculative and often wrong, so take these numbers with a pinch of salt.

Selling aside, according to the MemeFi whitepaper, the token will also be used as a governance token and will power in-game purchases. How exactly this will manifest has still yet to be announced.

What’s next for MemeFi?

As the game’s final snapshot was already taken on November 15, in-game progression over the last few days won’t count towards the upcoming airdrop.

But players are still earning “MemeFi Stars,” which the game calls a “valuable asset” that is set to become the “backbone” of the game’s economy. There is no mention of this asset in the project’s white paper, so this is all the information we have on Stars for now.

“This is NOT Season 2,” MemeFi said, in reference to earning Stars. “[It’s] something much more fun!”

While the purpose of Stars remains to be seen, it appears that the game is planning a second season of its game. This is in line with other tap-to-earn games like Hamster Kombat, which will overhaul its gameplay for the upcoming second season.

Unfortunately, MemeFi’s roadmap doesn’t reveal much more, as it only runs up to Q4 2024. However, it does say that the project was “built to expand in exciting new directions.” This could mean it has more planned than just a second season using the same mechanics as before.

Edited by Andrew Hayward