Solana (SOL) Co-Founder Anatoly Yakovenko Pitches New Way to Advance Memecoin Sector-web3.0-php.cn

Solana (SOL) Co-Founder Anatoly Yakovenko Pitches New Way to Advance Memecoin Sector

Jul 15, 2024 pm 06:37 PM

Memecoins continue to exist as a contentious cryptocurrency sector where millionaires are made overnight, and investors sometimes suffer massive losses in minutes

Solana (SOL) Co-Founder Anatoly Yakovenko Pitches New Way to Advance Memecoin Sector

Solana (SOL) co-founder Anatoly Yakovenko has a suggestion for memecoins creators: Give out developer grants to improve your projects.

Memecoins are a hot topic in the cryptocurrency space, with some people becoming millionaires overnight and others losing everything in scams known as “rug pulls” or “getting rekt.”

As proponents argue about the place of memetic crypto tokens in the future of finance, Solana has become the go-to meme network, thanks to its low transaction fees and easy-to-use coin solutions like pump.fun.

Now, Yakovenko is proposing to take this vertical even further by getting developers involved in building user features. “Memecoins should grant dev teams to build stuff for them. Effectively reverse the ICO process,” Yakovenko tweeted on Monday.

The X reply came in a discussion about how meme projects could create a steady onboarding channel for retail users and get institutional investors excited about crypto.

Retail needs to make money on something to bring more retail and instos and its not looking like a 10b+ infra thingies will do that

According to Yakovenko's proposal, meme teams would put out grant offers, and developers would choose the best projects with “fair and transparent terms.”

Earlier this year, Cronje proposed a similar idea to improve meme tokens and make speculation safer, as reported by crypto.news in April.

Memecoins drop along with crypto market

On the other hand, the memecoin sector fell on Monday, losing more than 8% of its market capitalization, according to data from CoinGecko.

Meme tokens have been hit hard by the broader crypto market downturn, which has seen prices fall for weeks. Top meme tokens, such as Brett (BRETT), Dogwifhat (WIF), and Pepe (PEPE), have lost double digits over the last week.

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