A breakdown of OrganicGrowth and the memecoin craze!
The Tezos ecosystem has a history of unexpected innovations, where new dApps suddenly emerge, attracting users, generating excitement, and providing immense fun. Those who were around in previous years might remember such cases like MagicButton, the Taco Wars, TzColors, Mandalas, or even the best example that everyone knows, Hic Et Nunc.
Well in this article, I want to highlight one such dApp built on Etherlink, which, since its recent launch, has brought a wave of enjoyment to Tezos users and beyond. This dApp is none other than OrganicGrowth. So let’s take a look at what OrganicGrowth is, and the cool things you can do on this meme-tastic platform.
What is OrganicGrowth?
OrganicGrowth.wtf is the first dApp launched on the Etherlink mainnet, and it specializes in all aspects of meme coins. Whether you want to easily create a meme token, trade, or airdrop, OrganicGrowth offers a seamless solution with a user-friendly interface that makes the entire process enjoyable and straightforward.
Although the team behind OrganicGrowth remains anonymous, the project is open-source, with the code available for anyone with the expertise to inspect and verify its integrity. Also, by observing discussions on Telegram and Twitter we can understand that the creator of OrganicGrowth who goes by the pseudonym “General Chad”, has a long history with Tezos, indicating that they are experienced and not newcomers to the scene.
With that in mind, let’s get into the platform and explore the various features it offers and how you can utilize them! As a caveat, like always, do your own research and proceed with caution.
Connecting a Wallet
If you are new to Etherlink, the first steps to start interacting with OrganicGrowth involve connecting a wallet and bridging some tez from your Layer 1 Tezos wallet to your Etherlink wallet.
The options for wallet connection on OrganicGrowth are:
Option 1: Connect with your existing EVM wallet, such as Metamask, that is already set on the Etherlink mainnet network. This wallet will be used to sign all transactions.
Option 2: Connect with your usual Tezos wallet (e.g., Kukai, Temple, Umami) or a social account (e.g., Twitter, Gmail). A new EVM wallet will be created for you through the platform’s “thirdweb” integration. This new EVM wallet will have an address starting with “0x…”, but you will sign all transactions using your Tezos wallet or social account, depending on your choice.
Bridging Your Tez
Once connected, you’ll need to send some tez to your Etherlink address to cover transaction fees and to start interacting with the platform. Follow these steps:
Go to the “Bridge” Tab.
Connect a Tezos Wallet (If you connected with a Tezos wallet initially, you won’t need to reconnect.)
Choose the amount of tez you want to bridge and click the deposit button. Your tez should be bridged to your EVM address within a few seconds.
After bridging your tez, you’re all set to start exploring and using OrganicGrowth.
Trading Meme Tokens
Trading meme tokens on OrganicGrowth is very straightforward. On the main page, you’ll find a list of all the available tokens, which you can sort by market cap, creation date, or recent trades. Clicking on a token brings up its detailed page, featuring info, a price history chart, recent buys and sells, and the Buy/Sell buttons at the top right.
When you’re ready to buy a token, just enter the amount you want and hit the Buy button. Selling is just as simple — click the Sell button, enter how much you want to sell, and confirm. It’s straightforward and user-friendly, making meme token trading a breeze.
It’s important to mention that while meme token trading is all the rage these days, blending humor, internet culture, and the thrill of investing, their prices often soar or plummet based on social media buzz and market hype, making them exciting but also highly unpredictable investments. So just like with anything crypto-related, make sure you do your own research.
One thing I always suggest with new platforms is to play around with tiny amounts that you wouldn’t mind losing. This way, you can figure out how things work and start building some experience without risking an arm and a leg.
Creating a Meme Token
Besides trading meme tokens, OrganicGrowth makes it super easy to create your own token as well. Here’s how it works:
Go to the “Create” tab.
Upload an image.
Fill in the name and the ticker for your token.
Type a description.
Select the amount of tokens you want to buy for yourself.
Click “Submit” and watch the magic happen.
The initial supply for your token is fixed at 1 billion tokens, and as the creator, you get the advantage of being the first to buy. The cost for creating a token is 2 tez.
The great thing about creating a token through OrganicGrowth is that you don’t need to add any liquidity for it to start trading. The platform has a clever way of bootstrapping your token by creating a virtual pool where 80% of the supply starts trading with a “virtual” market cap of 4200 tez. Every purchase increases its price and the first goal is to reach a market cap of 69,000 tez. To reach that, people must buy these tokens for a total of approximately 14,000 tez.
When the token hits a market cap of 69,000 tez, the virtual pool switches to a standard Uniswap V2-like pool where the ~14,000 tez gathered from the bootstrap period along with the 20% of your token’s supply that is left, are used as the real initial liquidity. This process ensures a fair launch for all tokens, making sure even the creator has to buy in rather than hoarding the supply.
Airdrops
Last but not least, OrganicGrowth has an integrated airdrop mechanism that makes it easy to airdrop any of the tokens you own, whether you’re the creator or not, to holders of NFT collections or tokens on the Tezos layer 1. Here’s how it works:
First, go to the page of the token you want to airdrop (e.g., Etherlonk) and click the “Create Airdrop” button at the top. Remember, you need to hold that token to see the button. Once clicked, you’ll be taken to the airdrop creation page where you can fill in the details and set the parameters. You’ll need to input the smart contract address of the token whose holders will receive the airdrop and specify the number of tokens to be airdropped. After that, by clicking the “more options” button, you can choose whether each holder gets an equal allocation or if they must hold a minimum amount of the token to qualify.
Finally, by adjusting the “scale” number, you can decide if the airdrop should go to all holders or be distributed to a portion of holders with larger amounts on a first-come, first-serve basis. Once you have set all the parameters, hit the “Submit” button and your airdrop will be on its way!
While currently, you can only airdrop to holders of tokens on Tezos, it has been stated that they plan to add the option to airdrop to holders of tokens on other chains as well. This will be very helpful in attracting users from outside the Tezos ecosystem.
That’s all for today folks! While diving into meme tokens can be a wild ride with big ups and big downs, the potential for high returns keeps people coming back for more. There are many tokens that started as jokes but quickly gained massive followings thanks to their fun communities and their early investors made great returns.
Just remember, it’s essential to stay informed and be cautious, as the market can be risky, and scams do exist. But with a bit of savvy and a good sense of humor, trading meme tokens can be a fun and rewarding adventure.
Personally, I’m excited to see the meme coin scene on Etherlink and Tezos growing, with OrganicGrowth leading the way. If you’re curious to try it out, I hope this guide helps you get started. Remember to always do your own research and if you’re ever unsure about something, don’t hesitate to ask questions! There’s an active and helpful Telegram community around OrganicGrowth, so be sure to join to learn more and get your questions answered.
Unveiling OrganicGrowth: The Meme Coin Revolution on Etherlink and Tezos was originally published in Tezos Commons on Medium, where people are continuing the conversation by highlighting and responding to this story.
