Memecoins
Fantom Foundation Launches $6.5 Million Fundraiser to Encourage “Safer Memecoins”
Fantom Foundation Launches $6.5 Million Fundraiser to Encourage “Safer Memecoins”
In a bid to tap into the booming $50 billion memecoin industry, Ghost, a layer 1 blockchain network, is taking steps to establish a more secure environment for memecoin projects. The Fantom Foundation, led by CEO Michael Kong, plans to set aside $6.5 million of its native FTM token as a reward for developers who adhere to technical and non-technical measures aimed at preventing scams and draws. carpet.
Networks like Solana and Ethereum layer-2 Base have dominated the recent memecoin trading frenzy. To attract memecoin traders to the Fantom network, Kong announcement setting up a prize pool of 10 million FTM (equivalent to $6.5 million) for memecoin teams at the MemeGlobal event in Sydney on April 30. Kong sees the memecoin phenomenon as an opportunity to acquire more customers and replicate the success seen on other chains.
Kong emphasized that Fantom’s goal is to expand its network by meeting customer demands. Whether it’s DeFi, NFTs, or memecoins, Fantom aims to provide an environment that enables the secure development of memecoins and aligns with the preferences of its users. According to Kong, a successful memecoin launch involves a democratic distribution of tokens to the community, thus avoiding high concentration among a few large holders.
Foundation co-founder Andre Cronje previously proposed measures to secure memecoins, including making the Fantom Foundation a co-controller of the token’s startup liquidity. Cronje also suggested a split of the token supply, with 5% allocated to the team and 10% for marketing, locked in a multi-signature wallet requiring approval from Foundation members. The remaining 85% would be placed in an FTM matched liquidity pool, with the Foundation contributing 100,000 FTM.