The problem Memebase solves

Problems:

1. The tokens currently invested in by VCs are widely criticized, while these tokens have clear owners, the holdings are highly concentrated, the cost of tokens owned by ordinary users is much higher than that of project initiators. This problem also occurs with some Memecoins
2. There are numerous instances of rug pulls with memecoins. People suffer significant losses due to high-cost and high-risk involvement.
3. The consensus of memecoins requires constant consolidation and there is a lack of tools and methods specifically designed to achieve positive externalities. A good community for memecoin is important and needed.
4. Also, there are many problems in the construction and development of the Memecoin community. For example, what should a Memecoin community be like from 0 to 1? What necessary content communication mechanisms should it include? How can this community use content as a production factor? How can natural division of labor mechanisms emerge? How can wonderful Meme evolutionary reactions be generated in the process of consensus building, consensus divergence, and consensus re-building at different stages?

Solutions:
Memebase modularizes the initiation and development of memecoin consensus by building different “Base”:

1. Vote Base: Forming a group with strong resonance in culture and ideas, and making the memecoins ownerless and culture first with publicity through voting.
2. Stake Base: Evolving into a self-governing organization of stakeholders and forming a community base on Farcaster, and making the memecoins costless and fair-launched
3. Swap Base: Becoming a global public good with its own cultural influence and economic self-governance model, and making the memecoins continuously obtain positive externalities and be productive

Challenges we ran into

Due to our team members' rich experience in front-end, back-end, and smart contract development, we did not encounter too many technical challenges. Our protocols and products are mainly innovative mechanisms and business models. Just as social media platforms such as Twitter were initially simple to interact with, our challenge was to find the same simple form of interaction based on decentralized content protocols. The challenge here is unseen: we need to conceive how globally distributed 1 billion people interact around different memecoin themes in decentralized communities, even in the absence of a leader organization, forming a natural division of labor and accumulating a long-term social reputation.

But we also found some problems during development. At the early stages of our project, we faced challenges with the responsiveness of on-chain data display. The data fetching speed was not meeting our expectations, potentially degrading the user experience. To address this, we implemented several optimization strategies:

1. Contract Event Optimization
2. Subgraph Optimization
3. Multicall Implementation

These optimizations collectively enhanced the responsiveness and robustness of our system, providing a smoother and more reliable user experience.
Additionally, integrating Farcaster into our dapp presented some minor challenges due to incomplete documentation. By reading the SDK source code and understanding its architecture, we easily resolved these issues and successfully integrated Farcaster into our dapp.