MimeToken is a non-transferable token that inherits from the ERC20 standard and implements a modified version of the Uniswap MerkleDistributor logic. It allows accounts to claim their balances from an existing token by providing a merkle proof. The token uses a merkle tree of claims to store the balances, which can be updated to a new snapshot using a round functionality.
The purpose of MimeToken is to improve the user adoption on a multi-chain ecosystem by reducing the friction of onboarding. The current onboarding process when trying to use a protocol on a new chain is to transfer tokens to that chain, which requires the user to pay for the gas fees. This is a major barrier to entry for new users, especially for those who are not familiar with the process.
MimeToken allows users to claim their balances from an existing token by providing a merkle proof generated by the front-end, similar to an airdrop process. This allow for more experimentation with new chains and protocols without the need to transfer tokens across chain.
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