CoinMarketCap takes a deep dive into YooShi — a memecoin inspired by Yoshi, a green dinosaur in the Super Mario franchise, that has evolved into a metaverse-focused crypto with NFT offerings.
What Is YooShi?
Why the Name YooShi?
YooShi is a pun for “Yoshi,” a nod to the lovable green character of the Super Mario video game franchise.. This origin story highlights the project's meme inspiration and early beginnings.
However, YooShi is shaping up to be more than just a memecoin. The project seeks to build the YooShi metaverse with various features including a fully functional game launchpad, a game development system and its own play-to-earn game with NFT integration.
How Does YooShi Work?
The YooShi ecosystem is a multi-faceted DeFi platform with varying features and capabilities governed by its native decentralized memecoin, YOOSHI. YooShi is building a metaverse with embedded play-to-earn attributes, creating a world where players can have fun and earn money simultaneously.
The core functionalities of the YooShi platform can be broken down into three basic concepts:
YooShi GamePad: The YooShi gamepad functions as an accelerator for game developers, allowing them to raise funds to pursue their projects by preselling unique in-game assets in the form of NFTs.
- YooShi Labs: YooShi Labs is a DeFi game incubator that provides GameFi game developers with technical support and the necessary tools to design their games and bring their ideas to life.
P2E Guild Alliance (P2EGA): P2EGA is YooShi's play-to-earn game initiative. YooShi's game will feature P2E mechanics allowing players to have fun and extract real value from their gaming experience.
According to the roadmap, YooShi intends to develop its metaverse and push other aspects of its platform to grow the community.
What Makes YooShi Unique?
The YooShi platform has something for everyone. Investors can partake in its DeFi yield farming services and gamers can play and earn in YooShi’s P2E game. Game developers can leverage the YooShi gamepad and Labs to accelerate their projects, while NFT lovers can trade their assets on the YooShi NFT marketplace.
YooShi touts its fair launch system wherein 100% of YooShi supply is seeded as liquidity, eliminating the need for presale or team token allocation. The platform also integrates a whale-proof mechanism, ensuring that no wallet holds more than 1% of the token supply while limiting the maximum token transaction to 5 trillion tokens. This approach provides a safety net against whale manipulation.
It is usually unheard of to see memecoins have this much utility and depth. YooShi is challenging this stereotype with unique DeFi offerings and metaverse aspirations.
Rise of the Memecoins in 2021
The value potential of a memecoin usually depends on the amount of hype it can generate. Dogecoin, for instance, was able to gain a significant value increase in May 2021 when billionaire celebrity Elon Musk started tweeting about this meme crypto in a positive light. A coin that began as a way to make fun of Bitcoin was now being pushed by the self-proclaimed Dogefather. This was enough to build hype for Dogecoin and send its price skyrocketing.
The demand for memecoins and the communities that form around them is growing so much that there are already hundreds of memecoin scattered around the crypto space. Investors are keen on seeing which memecoin will become the next Dogecoin or Shiba Inu.
Memecoins: How Does YooShi Stack Up?
Memecoins are usually sought after and collected by people who want to be part of the joke. With the rising fame of memecoins, however, this attitude is changing. Many people now treat memecoins as a legit investment vehicle as they seek to capitalize on their rising popularity.
The lack of purpose and value has given memecoins somewhat of a bad rep among some professional crypto traders and crypto haters alike. They often dismiss mememcoins as short-lived crypto bound to diminish in value over time. Whether this is the case or not remains to be seen.
However, YooShi attempts to turn memecoin culture on its head. By creating a rich ecosystem that integrates NFTs, gaming, yield farming and so much more, YooShi clearly distinguishes itself from other memecoins. Through its various offerings, YooShi's memecoin-focused ecosystem brings utility and value to all its participants. This unique approach to the memecoin culture may redefine how we look at memecoins moving forward.