OnederX the first one to launch a meme-based trading index
What you are about to read is not a joke. We want to give our users an opportunity to trade in memes. To do that, we are going to calculate our own composite index of memes. Have you heard about S&P 500 or Dow Jones? They are composite indices, too; the only difference that our index will measure the popularity of memes, not companies.
From now on, any user will be able to earn real Bitcoins based on people’s interest in specific memes — by forecasting meme trends and betting on them on our exchange. To start trading, follow this link.
To monetize our meme index, we use a futures contract called MEMES-BTC. Our exchange will issue non-deliverable futures specially for the index, available for free trading starting in March.
How the meme index began
The idea might seem original to say the least, but in fact the new trading tool is based on a particular subculture that first emerged on Reddit — the MemeEconomy.
MemeEconomy is a popular ironic concept that views Internet memes as a tradeable market asset. Within the economy of experiences, memes have an inherent value, meaning that they can be traded just like any other item of value. Since the subculture’s emergence in 2016, several Internet projects were founded based on it, the most famous of them being the parody exchange NASDANQ. It features prices for popular memes and its own virtual currency. The project was launched in 2017 and closed down for technical reasons at the end of last year.
To learn more analytics about the memes market, read this Forbes article.
OnederX is going to make a step forward and make serious updates to the MemeEconomy:
1. At OnederX, you trade not in particular memes, but in a composite index that tracks the activity of leading meme communities in real time;
2. OnederX offers you to earn real Bitcoins, not internal currency units (the way it was at NASDANQ, for instance);
3. Trading in the meme index uses a standard tool well known to any trader — non-deliverable futures.
How does the index work?
The meme index is a composite index that shows the overall activity of several thematic subReddits (including /r/Memes, /r/MemeEconomy, and others). OnederX will scan these communities every 20 seconds, recalculating the number of likes for the top-25 posts for the preceding 24 hours.
The meme index formula, in a simplified form, is as follows:
Index = (total number for likes given to the top-25 posts in /r/memes for the preceding 24 hours) / 1000
The index can be represented graphically like so:
Why are we doing this, anyway?
The world is full of fun and cool things that cannot be explained away using just the rational “why” and “what for”. Many people live by the “just for fun” principle — they do what they like, create what they like, and share it with others. That’s exactly what we are doing with MEMES-BTC.
At the same time, MEMES-BTC is much more than just a joke. It is a real, perfectly functional trading tool that lets you deposit Bitcoins, make deals, use leverage, short, withdraw profit — everything you can do with any other futures contract. They only difference is that memes act as the underlying asset.
There are also some purely practical reasons for using our meme index. It can change by 10–20% daily, which can interest many crypto traders — especially now that the days of Bitcoin’s hypervolatility are over. Earning real Bitcoins on the popularity fluctuations of memes is an exciting opportunity that should not be ignored.
• Contract Symbol: MEMES-BTC
• Contract Type: Direct Perpetual
• Initial margin: 33% of the order size
• Maintenance margin: 0.5 * Initial Margin
• Index Termination Fee: 15%
• Tick: 1 Pts
• Contract size: 1e-6 BTC = 1 muBTC
• Typical index value ~ 500
• Typical value of 1 contract = 500 * 1e-6 = 5e-4 BTC = ~ $2
For more details, please follow the link.