In a bid to enhance their visibility and market appeal, emerging meme coins have started embracing multichain expansion. The term “multichain” has to do with a situation whereby a project launches on multiple blockchains. To unlock this functionality, project teams usually configure different instances of their smart contracts for each blockchain.
Generally, when a project is confined to a single chain, it reaches a limited number of users. On the flip side, multichain functionality is also important for users who are seeking to explore as many projects as possible.
As such, any project that seeks long-term market success must eliminate every barrier that users may face while trying to access their features on the chain they deem fit. This necessity has compelled emerging projects, including many newly launched meme coins to take a multichain posture.
Why meme coins are embracing multichain functionality?
Unlike their predecessors that are confined to one chain, new meme coins have now decided to take a step further to cement their presence across multiple chains. The main essence of going multichain is to open their doors to a wider range of investors across different communities. In this article, we will some of the new multichain meme coins and how their interoperability attribute can impact their growth.
Dogeverse
Dogeverse is a doge-based meme coin that took the crypto world by storm earlier this year. Presenting itself as the “universe’s first truly multichain meme coin,” Dogeverse started on Ethereum before hopping to other leading blockchains like BNB, Polygon, Solana, Avalanche, and Base. This is made possible through its integration of Portal Bridge and Wormhole technologies.
Dogeverse’s activeness on these chains exposes it to a wider crypto community, allowing it to raise over $15 million in its recently-concluded presale. Presale participants were able to claim their tokens and interact with its ecosystem from their favorite chains. Following its debut on IEO, Dogeverse has a chance of biting into the market share of some of its predecessors on a single chain.
Sealana
Sealana is another newly-launched meme coin that has embraced the trending multichain concept. Originally developed on Solana, a network that’s renowned for its high throughput and low cost, Sealana has now gone multichain and is presently active on BNB and Ethereum, thus exposing it to a broader meme coin community.
At its core, Sealana presents an attractive lore of a digital seal character who took a deep dive into the Solana sea. Drawing direct inspiration from the “World of Warcraft,” the overweight seal abandoned his youthful svelte personality with the intention of making riches trading crypto. While it has no utility, Sealana’s interesting mascot and its interoperability attribute have resonated with lots of investors. Hence, the token recorded as high as $6 million in its just-concluded ICO.
PlayDoge
PlayDoge stands out amongst its peers due to its multichain structure and P2E utility. With an ambition to reignite the 90s nostalgia, PlayDoge presents a unique mobile game. This game allows players to interact, train, feed, and look after their pets in an 8-bit digital world. Players can also use their virtual pets to battle other players. In return, they get $PLAY tokens as rewards.
While it started on the BNB chain, PlayDoge has now transitioned to the Ethereum network. This aspect of the token alongside its real-world utility positions it for long-term market success. At the time of writing, PlayDoge’s presale is live and has gathered over $5 million from early movers. This underscores the extent of its reach, thanks to its multichain concept.
Bottom Line – Significance of multichain functionality to meme coins
All in one; multichain functionality plays a significant role in every meme coin that’s poised for long-term sustainability. With that posture, they tend to benefit from the growth and development of multiple chains. As those blockchains grow, the meme coins grow with them too.
Beyond that, another major advantage of multichain posture is that it helps to unite and bring different meme coin communities together. This strengthens the credibility of the project and also encourages investors to directly contribute to its success.