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Solana co-founder proposes grants for memecoin development
Solana co-founder Anatoly Yakovenko suggested that memecoin creators allocate developer grants to improve meme projects.
Memecoins continue to exist as a controversial cryptocurrency sector, where millionaires are made overnight, and investors sometimes suffer huge losses within 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 (SUN) has established itself as the meme network of choice, offering cheap transaction fees and easy-to-send currency solutions such as bomb.fun.
Solana Co-Founder Anatoly Yakovenko proposed further advancing this vertical by enlisting developers to build features for the client. “Memecoins should grant development teams to build things for them. Effectively reversing the ICO process,” Yakovenko wrote on Monday.
X’s response was part of a speech about how meme projects could establish a stable onboarding corridor for retail users and encourage institutional investors to adopt cryptocurrencies.
Retail needs to make money from something to attract more retail and establishments and it doesn’t look like a 10 billion infrastructure will do that.
— chainyoda (@chainyoda) July 8, 2024
According to Yakovenko’s pitch, meme teams would receive grant offers, and developers would accept the best project options on “fair and transparent terms.” Fantom contributor and veteran blockchain builder Andre Cronje discussed a similar idea to improve meme tokens and promote safer speculation, as crypto.news reported. reported in April.
Memecoins fall with the cryptocurrency market
Meanwhile, the memecoin sector joined a broader cryptocurrency market decline on Monday, losing more than 8% of its market cap, according to data from CoinGecko.
Bearish price action has dominated digital assets 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