Introducing Meme Stable Dollar — $Pina

5 min readJan 9, 2023

We are happy to announce that we will be launching our Meme Stable Dollar - $Pina, in mid-January. Here is an introduction of it.

What is $Pina?

$Pina is an essential part of our dual-coin system, serving as a utility token that drives activity and innovation on our platform. By incentivizing artists to “drop” their artworks, promoting community collaborations, and rewarding participation in games and staking, $Pina helps to support and grow our NFT marketplace.

In addition to its role as an incentivizing force, $Pina is also a stable dollar pegged to the value of $1. Using mechanisms inspired by Dynamic Set Dollar (DSD), we have optimized $Pina to better serve the needs of our marketplace. Its value remains stable, but it is also able to adapt to market demand by expanding or contracting as needed to maintain its usefulness within the NFT space.

Why need $Pina?

Firstly, we are grateful to @Wizard for sharing their draft on MEME V2 with our community, and we are excited to turn this vision into a reality. Yes, we choose to create this system!

In addition, we choose DSD as our stablecoin model as we think it is more suitable for us. The $Pina will includes several features that are designed to incentivize and reward the Meme community users, including artists, liquidity providers, and players of DontDieMeme games. For artists, $Pina offers the opportunity to be rewarded for their creative work through a rewards program that generated by the $MEME staking pool. For liquidity providers, $Pina offers a LP staking program that rewards users for providing liquidity to the stablecoin ecosystem. And for P2E game players, $Pina offers the chance to earn rewards through in-game activities and achievements. These incentives are designed to help build and support a thriving community around the $Pina stablecoin and to provide additional benefits for Meme community users.

How $Pina works?

We have developed $Pina based on the works of DSD. The failure of DSD was not due to its algorithmic approach, but rather to its underlying mechanisms and the utilities of the token. By modifying these aspects of DSD, we believe that we can create a more stable and useful stablecoin with $Pina. Our modifications include improvements to the bonding, supply mechanism, coupons and other features that will make $Pina more accessible and useful within the NFT marketplace.

1. Contract Architecture

We have added some new features to the contract architecture of $Pina, such as the distribution of $Pina to the DontDieMeme pool which will be used to reward the Artist Pool, Genesis Pool, Game Pool, and Airdrop Pool. These additions can help to support the growth and adoption of $Pina within the NFT marketplace, and provide value to various stakeholders.

2. Stability Mechanism

2.1 Supply Expansion

Regardless of the price of $Pina, we will always be in an expansion state, but the rate of expansion will change according to the price of the $Pina. As long as the price of $Pina remains below $1.0025, the expansion rate will be fixed at 0.005% per epoch(~53.95% per year). If the price rises above $1.5, the expansion rate will be fixed at 1% per epoch. In the event that the price falls between $1.0025 and $1.5, the expansion rate will be calculated using the following formula:

By implementing this three-phase system, the supply expansion simulation for $Pina will be like this:

2.2 Supply Contraction

When contractionary measures are necessary, we do not rely on issuing bonds. Instead, we incentivize contraction by burning $Pina in order to purchase coupons. This allows us to stimulate the economy without incurring additional debt. By offering these coupons, we can encourage individuals and businesses to spend and invest, leading to a decrease in the overall money supply and helping to prevent inflation.

3. Coupons Market

The coupons come in three denominations: 1,000 $Pina, 10,000 $Pina, and 100,000 $Pina. The price of each coupon is based on the fluctuating value of $Pina. The coupons can be staked based on their face value in order to earn a reward in $Pina. When they expire, the coupons can be destroyed in order to receive $Pina equal to the amount originally spent on the coupon. The price of each coupon will be calculated using the following formula:

One of the most important aspects of these coupons is that they are artwork NFTs, allowing them to be freely traded and providing them with a potential value as collectible artwork. This means that in addition to their use as a means of incentivizing contraction, the coupons also have the potential to serve as a unique and valuable investment.

4. Utilities

$Pina is a digital asset that can be used for a variety of purposes. One key use case for $Pina is the ability to purchase artwork from artist pools and cards from the Genesis pool. $Pina can also be used to bid on artworks in auctions, and to reward users in DontDieMeme games.

One unique aspect of $Pina is that it can be burned in order to purchase coupons. These coupons can then be staked in order to earn rewards in $Pina, providing an incentive for users to burn their $Pina and help to reduce the overall token supply.

5. Governance

The Pina DAO contract will be fully self-governed, and the $Meme token will be the sole governance token. $MEME holders can propose and vote on changes to the contract on the blockchain. Once a proposal has been approved, it can be implemented by anyone. This means that $Meme holders have a say in how the Pina DAO is run and can influence its direction.

Conclusion

Overall, $Pina represents a significant step forward for the meme economy and the NFT marketplace. We believe that $Pina has the potential to unlock new levels of creativity and value within our community, and we are excited to see what the future holds for this innovative new token.

Website: https://www.dontdiememe.com/

Twitter: https://twitter.com/dontdiememe

Discord: https://discord.gg/suGBP3E3

Telegram: https://t.me/thedegenerator