MemeCore Foundation Announces a $50,000 Donation Initiative to Support Charitable Causes

MemeCore Foundation Announces a $50,000 Donation Initiative to Support Charitable Causes

MemeCore, a pioneering force in the meme coin ecosystem, is thrilled to announce a significant charitable initiative, uniting various meme coin communities to donate a total of $50,000. This initiative underscores MemeCore’s commitment to leveraging the power of blockchain technology and meme coin communities for social good.

The donation initiative is structured to maximize impact and community involvement. Half of the total donation amount, equating to $25,000, will be distributed by the end of October 2024. These funds will be directed towards either an animal shelter or victims of Hurricane Helene, with the final decision being made based on community input. The remaining $25,000 will be sourced from MemeCore’s innovative “Mine to Earn” staking pool. This amount will be unlocked and donated on January 1, 2025, to charitable organizations selected by the community.

Several prominent meme coin projects from the current times to the previous bull market are participating in this initiative. WHY, one of the largest meme coins on the BNB Chain with a market cap exceeding $100 million, has been a prominent participant in Binance Blockchain Week, showcasing its commitment to innovation and community engagement. FOUR, originating from a popular meme associated with Changpeng Zhao, has been recognized as an innovative meme coin on the BNB Chain, contributing to the vibrant meme coin culture. PITBULL, a community-driven, dog-themed meme coin on the BNB Chain, is one of the first that rewards its investors through a unique auto-staking mechanism, fostering a strong and engaged community. HANA, operating on the Ethereum Blockchain, has previously collaborated donated $15,000 to victims of Hurricane Helene, demonstrating its dedication to humanitarian efforts. FEG, with a robust community of over 400,000 followers across social channels, with its peak of around $4 billion market capitalization is a cross-chain meme coin available on leading blockchains such as BNB Chain, BASE, and ETH, exemplifying the power of community-driven initiatives.

MemeCore’s Pre-staking program is designed to provide users with an immersive experience of its staking services. Participants earn M points as rewards, which can be converted into M tokens upon the conclusion of the pre-staking period. The program supports a variety of stackable tokens, including DOGE, PEPE, SHIB, and more. To celebrate this initiative, MemeCore is hosting a $1 million Prize Pool Event to further incentivize participation and engagement within the community. More details can be found on the website.

This is not MemeCore’s first foray into charitable giving. Inspired by NEIRO and Anndy Lian’s previous donation efforts for Hurricane Helen victims, MemeCore has previously donated $10,000 worth of tokens, setting a precedent for its ongoing commitment to philanthropy.

Anndy Lian, Managing Director of MemeCore’s LIFT Ecofund, stated, “We believe in the transformative power of community and blockchain technology. By uniting meme coin communities, we can make a significant impact and support those in need. This initiative is a testament to our commitment to fostering a decentralized future that is inclusive, innovative, and compassionate.”

MemeCore is an EVM-based Layer 1 multi-chain cross-staking blockchain, secured by the unique Proof of Meme (PoM) consensus mechanism. The layer 1 is designed for meme coins and aims to create a dynamic playground for meme communities within the blockchain ecosystem. MemeCore’s mission is to foster a “memeable” space that encourages creativity, inclusiveness, and innovation, benefiting the meme coin community through its distinctive PoM consensus.

MemeCore invites all meme coin enthusiasts and community members to join this noble cause and contribute to making a positive impact on society. Together, communities can harness the power of memes and blockchain technology to create a better world.

About MemeCore

MemeCore Foundation, a non-profit, organization that created the MemeCore blockchain, an EVM based, multi-chain cross-staking L1 secured by Proof of Meme (PoM). LIFT up the Fun! $M

 

Source: https://www.macaubusiness.com/memecore-foundation-announces-a-50000-donation-initiative-to-support-charitable-causes/

 

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Crypto Philanthropy: How Digital Assets Are Driving Charitable Giving

Crypto Philanthropy: How Digital Assets Are Driving Charitable Giving

In 2021, crypto philanthropy saw a massive surge, with cryptocurrency donations rising by 16 times and reaching $500 million in the United States alone, the Web3 tech company that specializes in crypto philanthropy, Givepact, told Technopedia.

While platforms that specialize in crypto donations are yet to see another repeat of the 2021 bull run, the chief operating officer of Endaoment, Zach Bronstein, noted that crypto investors continue to drain their Donor Advisor Funds (DAFs) and give their remaining dollars to charities.

“Folks are excited to get the contributed dollars to the charitable recipients, and are using this slower period of blockchain activity to focus on making impactful and meaningful gifts.”

What is Crypto Philanthropy?

Crypto philanthropy is very similar to other forms of charitable giving, with the only major exception being the type of asset donated.

“The recipient has to understand all of the mechanics of holding a wallet, knowing how to transfer the token to and from an off-ramp or exchange, as well as keeping it secure and safe,” the co-founder of Bracket Labs, Pelli Wang, explained.

Givepact’s Maule added that in many instances, one of the most exciting parts of crypto donations is that, on average, crypto donors tend to give 82 times more money than “cash” donors, which could amount to $10,500 per donation.

In addition, crypto philanthropy is driven by one of the biggest names in the industry – Vitalik Buterin, the founder of ethereum (ETH), who, over the years, has donated vast amounts of crypto for a number of charitable causes.

“We have noticed a trend that schools, universities, and other research and higher learning institutions typically find themselves at the top of this list. I would argue that donors here are not just excited to give back to their college or university but rather are interested in supporting interesting and potentially greatly impactful research that’s being carried out. This is very much in line with the ethos of the Web3 space, to find funding opportunities that can translate not just to doing some good, but to being able to do some good that was previously unattainable,” Endaoment’s Bronstein said.

In 2022 alone, the company saw $22.8 million in crypto donations, with the average donation size being $43,000.

Crypto Philanthropy Pros and Cons

Crypto donations are processed at a much faster rate than traditional donations, the author of NFT: From Zero to Hero, Anndy Lian, told Technopedia, which could come in handy in times of emergencies.

In addition, the fact that crypto is borderless allows individuals to make crypto donations to charities worldwide, regardless of their location.

Lian said:

“The transaction costs for receiving crypto donations are lower than those for credit cards, debit cards, and wire transfers. This means that more of the donation goes directly to the cause.”

Bracket Labs’ Wang added that because cryptocurrency transactions are transparent, donors can openly see how much funds were collected for a certain cause.

On the other hand, cryptocurrencies remain a niche. Digital assets are highly volatile, which could also push many individuals against opting for crypto donations.

“The greatest challenges with crypto donations are fluctuations and regulations. The price of cryptocurrencies is highly volatile, which affects the value of donations. So, nonprofits need to be strategic about converting their bitcoin payments. When it comes to regulations, different regulations depend on the jurisdiction, which makes it complicated because the organizations need to navigate the procedures and comply with the laws,” a founder at Coin Data Flow, Alexandr Sharilov, told Technopedia.

What About Tax Implications?

One of the biggest advantages of crypto philanthropy is the tax breaks the donors get and the tax credit, Sharilov explained. This means that in many cases, donors are eligible to get a charitable contribution deduction when filing their tax returns at the full fair market value of the cryptocurrency that they donated at the time of the donation.

Wang noted that while tax deductions are one of the biggest reasons why many donors would opt for a crypto donation as opposed to cash, each county recognizes the value of cryptocurrencies differently.

In the US, for example, the Internal Revenue Service (IRS) treats digital assets as property for tax purposes meaning that donating digital assets is not a taxable event, and donors can claim a charitable deduction for the fair market value of their donation, Lian explained.

Companies specializing in crypto philanthropy are also keen to educate the public on how easy it is to contribute to charitable causes using digital assets.

“What is key here is explaining to folks that donations of crypto are treated just like donations or stock or property – if you have held the asset for over a year, you can deduct the current market value of the asset (if you have held less than one year, you can only deduct the cost basis of that asset). While of course, this is not tax advice, clearly donations of appreciated assets can create additional deductions for donors, and the non-profits reap the rewards of the appreciation by receiving additional funding!”

The Future of Crypto Philanthropy

Companies specializing in crypto philanthropy are bullish, betting that the field will continue to prosper in the years to come. Maule compared the current rate at which crypto adoption is growing to how the internet was in 1998.

“The interest in crypto is expanding, and we’re just at the beginning of seeing this take off. If $500 million in crypto was donated in 2021 with limited pathways to give, we are betting on a future that projects crypto donations will exceed $10 billion within a decade.”

Edaoment’s Bronstein added that even in the bear market currently faced by the cryptocurrency space, the company has seen over $52 million donated on its platform, with the metrics continuing to grow.

“Put this together with the fact that new folks are onboarding into web3 daily, and large organizations like Coinbase are working to tackle the crypto UX problem – we are sure to see many more folks join us in this space in the next few years, which will in turn lead to additional crypto donation activity, especially as folks learn how easy it can be, and the benefits that can be wrought.”

Making Crypto Philanthropy More Accessible

From UNICEF to the Rainforest Foundation, a number of charities have started to accept crypto donations showing just how easy it is for charities to “jump onto the trend”.

Lian and Sharilov both explained that organizations can start accepting crypto donations in two easy ways. Either through a hands-off approach by leveraging a crypto payment processor in the likes of Givepact or Endaoment to accept the donations on their behalf or through a hands-on approach by holding the crypto donations in a wallet controlled by the organization itself.

Bracket Labs’ Wang noted that before charities get involved in the Web3 space, they must make sure a member of their team is familiar with the crypto world.

“There are many benefits to tapping into the crypto/Web3 audience including higher average donations; younger, higher earning donors; potentially less fees to process. However, you need to make sure you have: a wallet provider or custodian; an off-ramp or exchange; tax/accountant; ID or KYC/AML provider and a security/compliance monitor.”

 

Source: https://www.techopedia.com/crypto-philanthropy-how-digital-assets-are-driving-charitable-giving

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j