Yield farming satire MEME turns into multi-million dollar crypto project

[Lenipiw]

A fake advertisement intended to send up the yield farming frenzy has turned into a genuine NFT farming DAO with a $3 million market cap. Degenerator, or MEME, an obscure project that began life as an airdrop to Telegram users, has managed to garner a $3 million market cap and is seeking to carve a niche for itself as a non-fungible token (NFT) farming protocol.

MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens.
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[highnayem34]

The satirical tweet kickstarted “a passionate community of ETH-native builders, artists, and internet trolls,” and within two weeks the project had morphed into “the world’s first meme farming experiment,” locking $500,000 in funds in the first 24 hours of finding its new utility.