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Solana Co-Founder Proposes Grants for Memecoin Development
Anatoly Yakovenko, one of the founders of Solana, suggested that memecoin creators award grants to developers to improve meme projects.
Memecoins continue to exist as a controversial cryptocurrency sector where millionaires become millionaires overnight and investors sometimes suffer massive losses in a matter of minutes in scams commonly known as “rug pulls” or “getting rekt.”
As proponents debate memetic crypto tokens and their role in the future of finance, Solana (SOL) has established itself as the go-to meme network by offering low transaction fees and easy-to-send coin solutions such as pump.fun.
Solana co-founder Anatoly Yakovenko proposed further advancing this vertical by enlisting developers to build features for clients. “Memecoins should empower development teams to build stuff for them. Effectively invert the ICO process,” Yakovenko wrote on Monday.
X’s response was part of a debate about how meme projects could establish a stable onboarding corridor for retail users and incentivize institutional investors to adopt cryptocurrencies.
Retail needs to make money on something to attract more retailers and investors, and it doesn’t look like a $10 billion infrastructure can do that.
— chainyoda (@chainyoda) July 8, 2024
According to Yakovenko’s pitch, meme teams would submit grant offers and developers would accept the best options from projects on “fair and transparent terms.” Fantom contributor and veteran blockchain builder Andre Cronje has discussed a similar idea to improve meme tokens and promote safer speculation, as crypto.news reported in April.
Memecoins Crash With Cryptocurrency Market
Meanwhile, the memecoin sector saw a broad-based decline across the cryptocurrency market on Monday, losing more than 8% of its market cap, CoinGecko data shows.
Bearish price action has gripped digital assets for weeks, and meme tokens have succumbed to the volatility closely associated with cryptocurrencies. Major meme tokens such as Brett (BRETT), Dogwifhat (WIF), and Pepe (PEPE) have seen double-digit declines in the last week alone.
Top Meme Tokens by Market Cap | Source: CoinGecko