Previously, Degen, a meme coin on the Base chain that originated from the decentralized social protocol Farcaster, became popular, providing an excellent soil for the use, fermentation and spread of Memes, and also brought a number of other Memes on Base into the spotlight.
And this meme trend has now reached Polygon.
Because Degen is so popular, everyone’s attention is on Farcaster, and they seem to have forgotten another popular decentralized protocol based on Polygon last year - Lens Protocol.
At that time, when Lens was still in the testing stage, Handle, which was an admission ticket NFT, was once hyped, and the FOMO mood was serious; now Lens is not as popular as before, perhaps just because it lacks a Meme with a wealth effect.
On the last day of March, BONSAI, a Lens-based meme coin, began to rise sharply, with its market value rising from 5M at the beginning of the month to 80M. Its price also quadrupled in 2 days, quickly completing its initial value discovery.
If you open social media again, you will find that there are more and more discussions about Lens, which seems to be hindsight.
However, this also confirms the law of attention in the crypto circle to a certain extent:
A protocol does not attract attention to its tokens just because someone uses it, but it will attract more people to use it only after the tokens have a wealth effect.
Considering that the market value of BOSAI is far less than that of DEGEN, if the sentiment of successfully boarding DEGEN does not spill over, BOSAI may become another new hype object of social protocol plus MEME coin.
What is the relationship between BOSAI and Lens, and what is its use?
What is BOSAI?
Similar to the airdrop of DEGEN tokens that users initially received in Farcaster, BOSAI is also a Meme coin that initially originated from airdrop rewards for early active Lens users.
However, unlike DEGEN, BOSAI is not a complete ERC20 token, but a new token created based on the DN-404 standard.
All we need to know is that DN-404 attempts to solve the problem that ERC-404 does not follow existing standards and is inefficient, but the final effect is similar:
Image-to-coin exchange can be achieved, and holding tokens also means holding NFT.
In terms of specific design, 1 BOSAI NFT is pegged to 100,000 BOSAI tokens, and traders can transfer both NFTs and the corresponding number of tokens.
In terms of the function of the token, in addition to being airdropped to active Lens users as Meme coins at the beginning, BOSAI can now also be used in various functions on Lens.
For example, if you see an NFT artwork in a post on Lens, you can pay directly with BOSAI when minting it.
Recently, the founder of Lens has also been vigorously promoting the use of BONSAI to create content in Lens on social media, which seems to imply that it is designated as Gas.
However, in terms of functionality, BOSAI is more like the warps token on Warpcaster, which supports actions in various social media applications. Lens’s approach is equivalent to giving Meme coins functionality, making them both memes and useful.
According to the official plan released by BOSAI, after the release of BOSAI, open actions on Lens (i.e. various operations on decentralized social networks) will support BOSAI as a payment token, allowing users to pop up prompts when sending and exchange rewards directly on their social dynamics.
In terms of the economic model, 70% of BOSAI belongs to the community and is used for various airdrop rewards and liquidity mining; 15% belongs to the team, with a one-year lock-up period, and then gradually unlocked within 1 year; the remaining 15% is used as a liquidity pool to open the WMATIC-BOSAI trading pair on Uniswap.
Future expectations
Obviously, BOSAI and DEGEN are similar in that they both initially rewarded active users with airdrops, and after forming a wealth effect and spreading, they gradually began to find their own utility.
Public information shows that BOSAI will issue token airdrops three times in the first year. The first of these has already occurred, rewarding early active Lens users. Subsequent airdrops will be rewarded for community participation and development.
At the same time, creators and users will have the opportunity to earn BOSAI by contributing their creativity and skills.
Although the project has not made it clear yet, referring to the experience of Warpcaster, more than ten sub-applications on Lens currently support the use of BOSAI. Using these applications on Lens more often, posting more and participating in related topics are obviously the best way to get close to the BOSAI airdrop.
The airdrop expectation plus the use value make BOSAI no longer a MEME that is simply outside the ecosystem. Lens obviously needs BONSAI to increase its voice and find its place in Farcaster's successful experience; users also need more airdrops to seek economic benefits.
As a combination of decentralized social networking and Meme, after the value discovery of DEGEN, BOSAI theoretically has the possibility of taking on spillover demand; at the same time, Lens is not bad either, and the product experience is relatively good, which is a prerequisite for large-scale use by users.
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