Today, the world revolves around memes, and everyone is busy sharing them on social media. However, the Crypto space is also not untouched; if you remember, in 2021, the most popular meme coin, Dogecoin, reached its all-time high and became an overnight sensation. Likewise, the crypto world has also seen the emergence of numerous meme-based blockchains, providing users with some escape from the current crypto winter.

So, this was about meme coins; let’s discuss meme chains in this article. By the way, have you heard about this before? Read on to get a fair idea about it and learn some famous examples.

What are meme chains?

Until this point, most crypto meme projects existed as tokens on Layer 1 chains. Shiba Inu, for instance, debuted as an Ethereum ERC-20 token, and Solana had its very own dog token, named Samoyedcoin. The primary exception to this trend was Dogecoin, which originated as a fork of Litecoin and now exists on its own chain.

These meme projects have experienced considerable challenges despite their viral success. The Shiba Inu craze made Ethereum gas prices soar during its peak, discouraging new buyers and restricting the meme’s potential. Speculators primarily purchased Dogecoin through centralized exchanges as it was far more affordable to buy. Still, it had limitations due to its lack of Turing completeness, which made it incompatible with smart contracts and DeFi applications.

When we talk about meme chains, they have set a new wave in the Crypto and Blockchain space; and capitalize on two things: the interoperability of smart contracts and the extremely low fees. After paying a nominal fee to bridge tokens to a meme chain, users get a free hand to build what they want. Also, low transaction fees promote more use of resources, and more users will encourage more developers.

Popular meme chain projects

#1 Dogechain

Dogechain, not to be mistaken for the official Dogecoin blockchain explorer, is basically an unofficial Layer 2 solution for the Dogecoin project. It is an EVM-compatible decentralized blockchain that operates on the Polygon network. It aims to bridge over Dogecoin and allow its users to access the booming decentralized finance (DeFi) ecosystem.

Dogechain and Dogecoin are not affiliated. Instead, it’s a different community-first blockchain with the goal of benefiting the Dogecoin holders. Using the bridge, they can access blockchain games, NFTs, and numerous DeFi apps. Since Dogecoin is mainly used for payments and purchases exclusively, they require some bridge. The creators of the Dogechain project want to complement the original Dogecoin crypto because it only has a few advantages, allowing it to be used for a variety of additional purposes.

#2 Berachain

Berachain is an emerging EVM-compatible blockchain that leverages its remarkable “Proof-of-Liquidity” consensus that enables users to stake layer 1, bluechip DeFi, and stablecoin assets with Berachain validators. It was created using the Cosmos-SDK and was inspired by the Bong Bears NFT community.

To set itself apart from other meme chains, Berachain makes a promise to reach new heights of capital efficiency to DeFi. The “Proof of Liquidity” concept and a fresh tri-token design are how the project intends to achieve this. The three tokens that comprise the Berachain ecosystem are:

• The BGT governance token.
• The gas token known as BERA.
• The collateralized stablecoin known as HONEY.

The Berachain team believes that having distinct tokens is necessary because a decentralized economy needs three fundamental components to succeed:

• a medium to price a unit of work (gas),
• a medium to reach consensus and decide how the network will grow (governance token), and
• a medium to conduct transactions using a common stable denomination (stablecoin).

In contrast to the majority of current networks, Berachain seeks to split each of these functions under its tokens.

Berachain can employ its cutting-edge Proof of Liquidity Sybil resistance technique by making each component distinct.

Final thoughts

Although meme chains and meme coins have given early investors spectacular profits, these projects come with significant risks. Meme projects occasionally rise in value, but they can also fall in value just as fast, leaving those who invested early with nothing.

Furthermore, a lot of meme projects are made by anonymous teams, making it incredibly challenging to hold anyone responsible for them. This raises the possibility of token holders being a part of a “rug pull” scam by projects that steal money, dump tokens, or give up entirely. Anyone considering investing in any meme chains or projects that have been discovered in their ecosystems should do their own research and be aware of the consequences.