Memecoins
Solana co-founder offers grants for memecoin development
Anatoly Yakovenko, co-founder of Solana, suggested that memecoin creators provide grants to developers to improve meme projects.
Memecoins continue to exist as a controversial sector of cryptocurrency, where millionaires are made overnight, and investors sometimes suffer massive losses in minutes in scams commonly referred to as “rug pulls” or “getting rekt.”
As proponents debate memetic crypto tokens and their role in the future of finance, Solana (GROUND) has established itself as the go-to meme network by offering cheap transaction fees and easy-to-ship coin solutions like pump.fun.
Anatoly Yakovenko, co-founder of Solana propose Yakovenko wrote on Monday that memecoins should allow development teams to build features for them. This would effectively reverse the ICO process.
X’s response was part of a talk about how meme projects could establish a stable onboarding corridor for retail users and incentivize institutional investors to adopt cryptocurrencies.
Retail has to make money on something to attract more retail and institutional businesses, and it doesn’t look like a $10 billion+ infrastructure project is going to do that.
— chainyoda (@chainyoda) July 8, 2024
According to Yakovenko’s pitch, meme teams would receive grant offers and developers would accept the best options from projects with “fair and transparent terms.” Fantom contributor and blockchain building veteran Andre Cronje has discussed a similar idea to improve meme tokens and foster safer speculation, as crypto.news reported reported in April.
Memecoins fall along with cryptocurrency market
Meanwhile, the memecoin sector joined a broader cryptocurrency market in decline on Monday and lost more than 8% of its market capitalization, according to data from CoinGecko.
Digital asset prices have been down for weeks, and meme tokens have succumbed to the volatility closely associated with cryptocurrencies. Major meme tokens like Brett (BRETT), Dogwifhat (WIF), and Pepe (PEPE) have seen double-digit declines in the past week alone.
Top Meme Tokens by Market Cap | Source: CoinGecko