Memeland Doubling Down on ETH
Memeland announces plans to set up 69 validators for Ethereum's upcoming Shapella hard fork on April 12.
The Deets
- Memeland holds most of its treasury in ETH
- Plans to set up 69 validators to help secure Ethereum network, earn rewards, and "dogfood Stakeland"
The Details
As Ethereum's Shanghai upgrade approaches, Memeland, a company dedicated to building in the web3 space, has announced its intention to set up 69 validators for the Ethereum network. This decision stems from the company's belief in the potential of Ethereum and the fact that most of its treasury is held in cryptocurrency, primarily in ETH.
Memeland has outlined three main reasons for setting up these validators: helping to secure the Ethereum network, generating operating revenue through earned rewards, and "dogfooding" Stakeland, their in-development project, before its public launch. More details on this bold move are expected to be shared soon.
❗Why It Matters
In a landscape ripe with migrating projects (DeGods, y00ts), real-life bank scares (SVB and beyond), Memeland has taken a different approach, more or less doubling down and committing to its future on ETH and the success of the Ethereum blockchain. While the company will now be actively participating in securing the network and earning rewards highlights the potential for increased adoption and integration of web3 technologies, it's also testing its own new product "Stakeland" in the process.
The Stakeland Twitter was created in July 2022, but no details have been released yet. One can only assume it maybe some sort of staking service, prehaps for staking ETH (or other currencies). Memeland is not a staking rookie, as the project is also staking a significant amount of $APE, which it's providing back to questers as rewards.
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