Proposal for the Soneium Meme Spark Contest in ACS

Soneium Proposal
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Proposal for launching ‘Soneium Meme Spark Contest’ in the ACS Campaign by SoneFi

TL:DR

The Soneium Meme Spark Season Contest is designed to achieve these goals:

  1. Skyrocket ASTR’s holders base on Soneium.
  2. Empower ASTR with an utility on-chain case
  3. Mitigate Post-ACS campaign sell-off pressure
  4. Elevate Soneium’s native TVL
  5. Attract massive users to Soneium
  6. Catalyze the Creation of countless meme assets
  7. Cultivate a thriving meme economy on Soneium with ASTR
  8. Align with Soneium and Sony’s vision for Web3 entertainment

The ACS proposal represents a vital opportunity to elevate Soneium’s TVL and foster robust ecosystem growth. To effectively capture marketing attention and maximize influence for both Astar and Soneium, we must leverage the explosive popularity of memes, particularly in light of Trump’s election and the emergence of the $Trump meme as a cultural phenomenon.

Embracing Entertainment Culture

Entertainment is at the heart of Soneium’s narrative. As memecoins invigorate the crypto landscape, we have a unique chance to harness this trend to enhance ACS influence and ensure sustainable TVL growth.

Proposal Highlights

We propose allocating 2% of the total ACS budget to launch a ‘Soneium Meme Spark Contest.’ This initiative will encompass:

Meme Creation: Encourage creativity and participation.
Meme Bonding: Foster community engagement and investment.
Meme Buyers: Incentivize and reward active participants.
Trading Competition: Drive excitement and market activity.

SoneFi’s Role

SoneFi will curate, execute and manage this campaign base on SoneFi meme launchpad, integrating ASTR as the bonding curve token, and calculate all metrics to distribute rewards fairly

The Methodology

1.ASTR as a Bonding Curve Token:SoneFi will integrate ASTR as a bonding curve token, creating a Meme/ASTR liquidity pair similar to pairs on the DEX.

2.Purchasing Memes with ASTR:Users can purchase memes using ASTR to pair with the Meme

3.Market Cap Threshold:Once the meme market cap reaches a designated amount, such as $15,000, the Meme/ASTR pair will be transferred to the SoneFi swap.

4.Lock ASTR/meme liquidity 100 years: The lock is for Meme/ASTR liquidity contract on Soneium, so users still can sell memes to ASTR, or use ASTR to buy memes in the SoneFi swap, just none can remove the liquidity.

The four steps will use ASTR to buy Memes and lock ASTR in the Meme liquidity pair for 100 years, preventing withdrawals. This creates a deflationary effect and ensures sustainable TVL growth for Soneium and ASTR.

Conclusion

This strategic investment of just 2% promises to deliver substantial returns for both Soneium and ASTR, most important is that can expand Sony’s entertainment strategy on Web3 by leveraging Meme cultures.

By utilizing ASTR as a bonding curve token and locking its pairing with memes for a century, we will empower ASTR a real utility case, make ASTR deflation, reduce ASTR sell pressure, drive engagement, attract creators and investors, and distinctly position Soneium within the crypto ecosystem.

Let’s harness the power of meme culture, elevate our community, and propel Soneium and ASTR to new heights.

8 Likes
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I’m very happy to see that the SONEFI team is really putting a lot of effort into bringing real value to $ASTR and uses cases that can really make the $ASTR name explode throughout Soneium.
As we all know, the meme coin sector is now a stable trend that is driving waves of users and liquidity. Creating a massive campaign on the memecoin sector combined with SONEIUM (which currently has a lot of spotlight on it) could be a truly powerful move. All this combined with this mechanism of using $ASTR as the official token for the launch and purchase of MEME is a great move to get people talking about (and using) $ASTR.
I have 2 suggestion/question:

  1. I think it is really interesting that you explain better (and in simple and not too technical words) the whole mechanism of Bonding curves on $ASTR and the lock system.
  2. $ASTR will be the only one token that could be used on this? Is $ASTR the only one official token of the bonding curve mechanism or users have the choice to use ETH or ASTR to launch memes??

Thank you & super good job guys

1 Like
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I find this proposal to be enormously beneficial for increasing the use cases of Astar on-chain, especially considering that the required allocation is relatively low (only 2% of the total budget).
I would like to ask if ASTR will be used to completely replace ETH in the bonding curve or will it be used alongside the token currently in use giving incentives to use ASTR?
Great work guys, keep it up :star:

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Absolutely, the Meme/ASTR bonding curve token will be eligible for rewards exclusively during the ACS campaign.

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thank you first of all for your proposal, and for the commitment you show in involving the astar community… your bond curve is created using eth, and each meme is exchangeable with eth. other than eth, it is currently not possible to use any other token to launch a meme. your proposal is to add the astr token into this mechanism… my question is, in addition to the incentives deriving from the campaign, what could/should push a user who doesn’t have astr to use astr instead of eth? once Acs is finished and the incentives are over, do you already have in mind how to continue pushing astr in your dapp? Thank you

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Thank you for your question. SoneFi is the native protocol on Soneium, with ASTR as its native token. We prioritized ASTR for SoneFi, considering long-term plans.

To incentivize users to continue using ASTR, we have two strategies:

  1. Lower Fees: Creators choosing ASTR as a bonding curve will incur lower fees than with ETH.
  2. Reduced Bonding Curve Amount: If ASTR is selected, the bonding goal will be lower than ETH, allowing memes to complete the bonding curve more quickly. However, this may increase volatility.

Ultimately, we can’t force user choices; our mission is to serve them, and the final decision rests with the users.

3 Likes
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It seems to me an idea that can benefit all parties involved, the percentage does not seem exaggerated to me, nice job Team👍

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I think it is a good idea.
Meme coins will continue to be a major sector from 2024 and such a campaign would have a positive effect on ASTR.
However, it would have to be balanced with the current ACS allocations and other projects.

1 Like
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Cross post (seems i got my wires crossed and it fits better here)

It’s nice to see the positive sentiment towards memes as we head into Soneium.

Quick plug for HAHA, which was Astar’s first me coin and launched on Astar zkEVM

We are currently in the middle of a move from Astar zkEVM to Soneium. Anticipating illiquidity to be live soon. will have roughly 1.3k wallet holders which puts us somewhere in the upper end of the top 20 tokens by holders on Soneium .

We are continuing with the HAHA/ASTR LP pairing on Soneium as it is important that projects continue to us ASTR on Soneium.

So 100% behind @SoneFi-Dex with their meme contest, and would be a great use of advertising funds to support especially if a requirement is to pair the meme tokens with ASTR.

Let keep supporting these types of initiatives through the proposal to go-live stages and further.

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The bonding curve mechanism works as follows:

  1. Launch of Meme Token: When a creator launches a meme using ASTR as the bonding curve token, a certain amount of ASTR is generated as virtual liquidity.
  2. Liquidity Pairing: This virtual liquidity is paired with the Meme token (Meme/ASTR) to establish a price for the Meme.
  3. Market Dynamics: Users can swap between the Meme and ASTR. The market cap increases when buy volume surpasses sell volume.
  4. Market Cap Milestone: Once the market cap reaches $15,000, the virtual liquidity completes the bonding curve.
  5. Liquidity Transfer: The liquidity is then transferred to SoneFi swap, allowing anyone to swap the Meme.
  6. Liquidity Lock: The liquidity is locked for 100 years, meaning it cannot be removed. The only way to access ASTR from the pair is by selling the Meme.

Benefits of This Mechanism:

  • Reduced ASTR Sell Pressure: By locking ASTR with every meme, this strategy minimizes sell pressure on ASTR.
  • Utility for ASTR: This creates a practical use case for ASTR, enhancing its value and appeal in the market.
2 Likes
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Let’s spark Meme waves on Soneium, we would like to invite you list on Soneium, we have a lot of marketing campaign for Meme at next stage, let’s build together.

1 Like
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Great! The meme narrative is here to stay, and as you say in the proposal has been pushed by the president of the USA; meme culture is getting stronger every day, and yes they may say that some memes have no utility but in reality they all have a utility “trade”, the main function of a meme is to trade it, I support the proposal because this would attract many users to Astar and Sonieum, also the Astar block that is used for the bonding curve is a genius, it is a great deflationary factor that is executed organically by the use of the platform.

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Appreciate you get what i mean, absolutely it’s a best way to make ASTR being deflationary, with real utility sense, meanwhile, actually it also can pump ASTR price when some memes pump , so win-win.

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Thank you for sharing this creative proposal! Leveraging memes is a fun and engaging way to attract new users and boost Soneium and Astar’s visibility.

  • Using ASTR as a bonding token with a 100-year liquidity lock is an innovative approach to adding utility. While the contest could help build an active community.

I like this idea. Great potential and could bring fresh energy to the ecosystem!

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Thank you very much for proposing this proposal, it looks great to me! For the meme coin market cap, how do you calculate it? I guess it would be important to add liquidity and I also like the idea of lock liquidity, so how many Astar will we provide for each meme?

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Love the idea of leveraging meme culture to drive engagement and growth for Soneium and ASTR! The integration of ASTR as a bonding curve token and the 100-year liquidity lock is genius for ensuring sustainability. :clap:

Quick question: How will the contest ensure long-term engagement from creators and participants beyond the initial hype?"

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Good question:

To be honest, the content is short-term, as it is a campaign with a specific duration. However, the meme season will be long-term on Soneium. Therefore, we can divide the total funding into two parts: one for long-term support (1 year) and one for the contest. The long-term funding will be decided through a community vote to determine which creator or meme should be rewarded.

Additionally, we plan to reduce the launch fees for creators who choose ASTR as their bonding curve. This will incentivize creators to select ASTR, especially since its volatility is comparable to ETH and it is a solid token.

Lastly, we genuinely value community suggestions and aim to build the long-term strategy together with the community.

Let me know if you need further adjustments!

At last, we sincerely listen the community suggestions, and build the long-term stratey together with community.

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Market cap = meme price * 1B meme total supply.

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It’s a very interesting campaign. I think this will help increase traffic to the ecosystem to some extent. However, I’d like to ask a few additional questions:

  1. In terms of numeric targets, what is the team’s goal for the number of active users?

  2. Regarding communication or promotion, what are the team’s plans?

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As the industry has become saturated with bots and airdrop hunters, relying solely on active users as our primary metric may prove inefficient. Therefore, we prefer to focus on alternative evaluation metrics such as meme numbers, bonding curve progress, meme holders, market cap, and liquidity depth to mitigate bot influence.

Regarding the second point, we could consider allocating a portion of our budget for marketing fees. However, currently, 100% of the budget is dedicated to rewards for the contest.

We would also like to engage in discussions with you and the community to identify the best strategy moving forward.