BORPA: The 'Second-Generation' Memecoin
Slated to launch in Q2 2024, Borpa aims to revolutionize what memecoins can be through intricate token design and viral marketing.
My first thoughts about Borpa was that it was just another typical memecoin project with a funny mascot. After diving into it further, it became apparent it was beyond the typically low quality, high-churn memecoin, and everything - from the gamified token design, to the lore, and even down to the pace and order of their content pipeline distribution - is highly intentional and intricately designed to capture attention, retain it, and ultimately drive value to the memecoin.
Who is behind Borpa is notable - Entanglefi, Psychonaut, and Thomas Auvin (you’ll learn soon enough). Borpa promises to redefine what a memecoin can be, and the cool thing is - it hasn’t launched yet; whitelists are still open.
Do I have your attention? Let’s dive in.
What is Borpa?
Or better, let’s start with “who” is Borpa?
As a concept, Borpa’s origins come from being a Twitch emote, based on an absurdly artistic variation of Pepe the Frog, and started to gain virality in 2021.
Now, in 2024 - Borpa has been adopted and embellished even further as a “native omnichain meme token drawing upon meme psychology whilst leveraging the DeFi mechanics of Liquid Vaults”.
Woah, woah - what mean?
Let’s break each part down:
1. Native Omnichain Meme Token
Borpa is launching on five chains - Ethereum, Arbitrum, BNB, Solana, and Base. Picking a single chain is hard enough for a memecoin project - success is highly dependent on the longevity of attention on that chain. However, leveraging Entanglefi’s interoperability tech, Borpa is able to exist as an omnichain meme. You can imagine what the implications are with this: not only will Borpa be able to tap multiple ecosystem communities and increase reach/liquidity/volume, it will also enable arbitrage opportunities. Simple example: if BORPA on Arbitrum was at a $5M market cap, but BORPA on Base was $7M - you would buy the BORPA on Arbitrum and sell the BORPA on Base.
2. Meme Psychology
In this speculative industry, the price performance of any crypto token is highly correlated with the level of mindshare and attention it attracts. With memecoins, usually the more polarising, absurd, or iconic it is, the more attention it gains. Think Dogwifhat on Solana - it became a top 30 cryptocurrency simply just by having a hat. And Pepe the Frog, an iconic internet meme, which at the time of writing, is a top 50 cryptocurrency.
As you can see, Borpa takes on a dual-themed approach - like good vs evil, red pill vs blue pill. In this case, Borpa’s dualism manifests as the ‘Cro-magnons’ (inner caveman, dumb) vs the ‘Futuristic Borpas’ (highly intellectual, efficient degenerates), mirroring the left curve vs right curve symbol.
The idea of incorporating a dual theme creates a fun friction between two separate groups of people, yet united around the absurdity of the Borpa meme itself. Through the process of identifying with a side, it creates a psychologically powerful identity-based association between community members and the meme itself.
On top of a consistently growing lore (peep their medium blog), they’ve even introduced traits that humanize the character of each Borpa tribe, including preferences for transportation, fashion, their habitat, and just their general quirks - deepening the connection to Borpa.
3. DeFi Mechanics (Liquid Vaults)
So we have the concept, we have the tech - now, let’s talk about the “game”.
No, not a video game, but a financial game that entails strategizing where you allocate your funds and tokens to obtain the most Borpa distribution at launch. 51% of the BORPA supply will be up for grabs in this game across 112 days. You can choose to play the game aggressively (for the Fut Borpas) or passively (for the Cro-magnons), catering to all participants.
How To Play (Cro-Magnon):
Interact with the Easy Mode dApp and invest your $BORPA position in the vault.
The vault is a automated strategy handling everything for you.
Chill out, go eat some rocks, and just claim your rewards.
How to Play (Futuristic Borpa):
Here’s where players have the liberty to explore various strategies:
Deposit funds into any 9 whitelisted farms available at launch (there’s a 2-5% deposit fee).
Start earning swap fees + $BORPA incentives
Instantly redeem 30% of $BORPA tokens upfront, with the remaining 70% in xBORPA (unlocked across a 28-day period, into $BORPA)
With the 70% redeemed in xBORPA, players can either choose to slash xBORPA and get $BORPA any time, or let it unlock over 28 days into $BORPA. However, if you choose to slash xBORPA early, you will only receive a smaller portion of $BORPA, compared to letting it unlock over the full 28 day period. Example:
Why slash early? To compound returns - players can obtain a portion of their BORPA tokens early and use it to provide liquidity and earn more rewards.
What if no slash early? Players can stake their xBORPA into boosting modules, which amplify rewards by a multiplier of up to 2.5x.
Furthermore, the more xBORPA you end up slashing, and the more BORPA you burn/redeem, the higher your odds of winning the ‘Borpass Fartune’ lottery.
The ‘Borpass Fartune’ Lottery:
Taking inspiration from the proven success of FOMO3D, the lottery system works in a way where a portion of LP deposit fees gets sent to the chest. The more BORPA you burn, the higher your chance of winning the lottery. You burn BORPA just by interacting - transferring, staking, depositing, withdrawing, etc.
The lottery gets triggered once it hits its threshold amount (first one being $30k). Importantly, the winner of the lottery doesn’t take all - they take only 40%, with the other 30% getting burned and the remaining 30% used to kickstart the next lottery period.
So, the Borpass Fartune is not just a one-and-done lottery - there will be an infinite number of chests, and it grows with each iteration. You can quickly see how this lottery will keep holders engaged with the project, whilst being a key factor that funnels in new holders with the chance to take home a big payout.
Fun fact: Borpas are born with small asses, so the BorpASS Fartune is something all Borpas worship as the bringer of prosperity.
As you partake in this financialized game spanning 112 days, it’s good to keep in mind that the BORPA incentives decrease over time. As seen below, the reward curve grows rapidly, peaks at day 15, then gradually decreases (this info could inform your strategy of slashing xBORPA early or not).
Through DeFi mechanisms and game theory, the token design was meticulously crafted to create the ultimate “price-go-up” pumpamentals, incentivizing users to increase their exposure to BORPA.
Website: borpatoken.com
Twitter: https://twitter.com/BorpaTokencom
Discord: https://discord.com/invite/borpatoken
Medium: https://medium.com/@borpatokencom
The Team
Okay, that was a lot. Who the heck came up with all that? Let’s see:
1. EntangleFi
EntangleFi, an interoperability protocol that’s backed by Consensys, recently conducted a sale of their native $NGL token which did a 20x at launch. They’re building an extensive stack of products that aim to revolutionize DeFi. With a genuine track record, they’ve officially partnered up with Borpa to bring forth the “second generation of memecoins”.
What they bring to the table:
20+ team of devs with extensive development experience full-stack.
Specialists in EVM and Rust (Solana), crucial for BorpaToken's progress.
Full suite of products for DeFi and omnichain solutions, enhancing liquidity utilization.
Integral to BorpaToken, offering unmatched expertise and innovation
2. Psychonaut (Founder)
As the brainchild behind this memecoin project, Psychonaut designed the mechanics of Borpa, how it works, and how it will capture attention to set a new quality of standard in the currently-mediocre memecoin world.
What he brings to the table:
Has been in the crypto game for 7 years, DeFi summer degen.
Founded french crypto-focused community in 2017, with 2k+ members.
Founded 2nd community in 2019 (400+ crypto-natives which evolved into a $2M AUM DAO)
Expert in market psychology, addicted to how tokenomics and price can shape behaviours.
3. Thomas Auvin (Lead Artist)
Artistically talented and beyond versatile, Thomas breathes life into Borpa - the design, the animation, the lore.
What he brings to the table:
20 years experience as an illustrator and graphic designer.
Versatile skill set: excels in illustrations, motion design, and animation and music through a wide range of creative software.
Deep experience in arts and communication roles across diverse cultures.
Manager and psychotherapist of the infamous DJ Borp.
All in all, you can easily see how this is not your average memecoin project. There’s a massive technically-competent and crypto-native team behind this who eat, sleep, and breathe web3.
Being extremely observant and aware of the current prevailing low-quality, quick-turnover approach to memecoins, as well as how mercenary attention is in the crypto world in general, the team has gone all-in to ensure the project stands out.
We poured a lot of resources, but a lot of love, into the birth of this project.
Tokenomics
One core differentiating aspect about Borpa is ensuring the token is fairly distributed (mitigating bots and insiders controlling a large portion of the supply). You can also see based in the supply distribution, they’ve incorporated vesting schedules for the team, airdrop, and private sale (comprising 120-130 individuals).
Note: Public allocation (14%) is split between 10% whitelisted and 4% for the general public, and the airdrop (10%) will be allocated to Webverse NFT stakers and Borpa community members.
The initial supply will be $1 billion $BORPA, however, the number will decrease significantly over time with the deflationist mechanisms like burns and buybacks (with each interaction). Borpa was designed in a way to keep attention on it (burning helps reduce supply and increase price). Hence, the deflationary aspect is central to the project's tokenomics, in order to achieve a flywheel of visibility.
As the vesting schedule unlocks, the supply will evolve as follows over days:
At launch, the market cap will start at $1.4M, and 5% of the supply will be used to seed the liquidity pools across the chains as seen below:
Full tokenomics here.
How to Get in
The 10% for the private sale has already occurred, with $278k raised at $0.00278, however, you can still take part in the public sale through a guaranteed whitelist (double the cost of private sale at $0.0056). Only 10% is allocated for the whitelist, with 4% in a free-for-all general public sale.
Secure Your Whitelist
Join the Discord and be active. Their server is designed to mirror the dualistic concept of Borpa, so you’ll be required to pick your tribe (Fut or Cro-magnon) and role-play along. In the server:
Play ‘Pass the Borpa’
Interact with the AIs in their Discord chat
Engage, be fun, and receive $BORPA tokens. It’s really that simple.
Furthermore, they’ve partnered with Zealy to track activity for most active Borpas through quests - climb the leaderboard and get a higher chance to obtain a whitelist.
What’s to Come
Wen token? Some time in Q2 2024.
Be ready to see how arbitrage dynamics play out on each of the 5 chains (Ethereum, Arbitrum, BNB and Solana and Base) - the team can decide to add more as time goes on.
And their roadmap:
Hearing things about a Borpaverse. More to come in an interview with Psychonaut - stay tuned.
Disclaimer: The information provided is not financial advice. If you have any corrections or additional suggestions, please contact me at @nattynatman.
great deep dive - keen to see the future of borpa