Fantom launches $6.5 million meme coin development fund! To create a more secure Memecoin

This site (120BTC.coM): Investing in meme coins or doge coins also hides high risks behind the high returns. Many projects pretend to be issuing coins. Behind the scenes, the purpose is simply to increase shipments and cut leeks. In order to promote the development of a safer meme currency ecosystem, Fantom Foundation CEO Michael Kong announced at the Meme Global event yesterday that FTM worth $6.5 million will be allocated as a meme currency development fund.

"I hope to create an environment where people can launch safer meme coins and introduce technical and non-technical measures to ensure that these projects do not become outright scams or scams."

Meme Coin Frauds Frequent

This statement was issued against the background of numerous scams amid the meme currency trading frenzy. According to Cointelegraph, one-sixth of the meme coins on the Base chain have been exposed as scams, while at least 12 larger meme projects on Solana were quickly abandoned by their creators after raising a total of $26.7 million.

CEO Michael Kong pointed out: The current meme currency phenomenon is a way for Fantom to obtain a large number of customers. We have seen other chains succeed in this regard and hope to replicate this. success.

“For a chain like ours (Fantom), our interest lies in growing the on-chain ecology as much as possible, which ultimately is about acquiring users. If customers need decentralized finance, give them DeFi. Need non-fungible tokens? Give them NFTs when it comes to memecoins—or at least provide an environment for people to develop them in a safe way.”

Kong describes the characteristics that a successful meme coin should have, including: democratized issuance, releasing a large number of tokens to the community, rather than being highly concentrated in a few large households or wallets.

Andre Cronje also called for creating a secure meme currency framework

Just in early April, Fantom co-founder Andre Cronje also called for creating a framework to launch on Fantom. Support and foster community-safe memecoin. For example, when meme currency developers issue tokens, they can use the Fantom Foundation as a co-controller to launch liquidity of the tokens.

Cronje also proposed a proposed scheme for the token supply: 5% to the team and 10% for marketing, which will be locked in a multi-signature wallet that requires at least one foundation member as a co-signer . The remaining 85% will be placed in a liquidity pool paired with FTM, and the foundation will invest 100,000 FTM (currently worth approximately $65,000) to provide liquidity.

Simply put, Fantom hopes to help the development of new meme coins through more active official participation in project development (more equitable distribution and enhanced fund security), as well as actual token rewards.

But whether the current plan can adapt to the unpredictable meme currency ecology may still need to be verified. Whether users will be able to invest more confidently because of official participation is unknown...but it is indeed a good attempt.

After all, in the ecology of a popular public chain, new projects are springing up like mushrooms after a rain. How to ensure the safety of projects has always been a pain point for investors. However, readers should also be reminded that even if Fantom officially implements related meme currency development plans in the future, they should still be careful of risks.

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