The problem MemeBank solves

More than $35b+ memecoin liquidity is untapped which can be utilized for generating extra yield when your memecoins are put on collateralized. People can lend their stable crypto at more than 8% APR and borrow Stable crypto at as minimum as 10% APR. Existing memecoin holders can just trade and hold their coins but with Memebank they can earn extra yield without selling their tokens.

Memebank is a platform that helps people use their meme tokens to borrow money without selling them. It connects the fun of meme tokens with the serious potential of decentralized finance (DeFi).

Here’s how it works:

For Borrowers: You can use your meme tokens as collateral to get stablecoins like USDT or USDC. You’ll receive up to 60% of the value of your tokens while still keeping ownership. This means you get money now and can still benefit if your tokens become more valuable later.
For Lenders: You can lend your stablecoins and earn high interest. This creates a win-win system where lenders make profits, and borrowers get the money they need.
Memebank turns meme tokens into practical financial tools. By focusing on safety, ease of use, and accessibility, it opens new ways for people to use their assets in DeFi, making financial innovation available to everyone.

Challenges we ran into

Building a protocol for memecoins was far from easy due to the unique characteristics of these tokens, particularly their high volatility. Below are the major challenges we faced and how we tackled them:

1. Price Volatility and Reliable Oracles
   The Challenge:
   Memecoins, like DOGE, are extremely volatile, which made it difficult to fetch accurate and reliable price feeds. Our goal was to ensure that the collateral value was calculated correctly at any given moment to avoid discrepancies that could harm both borrowers and lenders.
   How We Solved It:
   We tested multiple price feed oracles to identify one that could deliver accurate, real-time data for DOGE and other memecoins. After evaluating various options, we decided to use mock oracle contracts for fetching live prices. This solution allowed us to customize the feeds and meet the specific needs of our protocol.
2. Multi-Chain Deployment
   The Challenge:
   Deploying the protocol across multiple chains came with its own set of difficulties. While deploying on BASE was relatively straightforward, deploying on Unichain posed challenges due to its slower deployment processes and debugging hurdles.
   How We Solved It:
   We optimized our deployment scripts and thoroughly tested the process on development environments before pushing to the mainnet. This ensured smoother deployments, even on slower chains like Unichain.