Altcoins

Solana co-founder proposes memecoin dev grants

Solana co-founder Anatoly Yakovenko suggested that memecoins creators allocate developer grants to improve meme projects.

Memecoins continue to exist as a contentious cryptocurrency sector where millionaires are made overnight, and investors sometimes suffer massive losses in 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 solidified itself as the go-to meme network by offering cheap transaction fees and easy-to-ship coin solutions like pump.fun.

Solana co-founder Anatoly Yakovenko proposed further advancing this vertical by enlisting developers to create customer features. “Memecoins should grant dev teams to build stuff for them. Effectively reverse the ICO process,” Yakovenko wrote on Monday.

You might also like: Solana price is showing bottoming signs, SOL has 35% upside potential

The X reply was part of a discourse around how meme projects could establish a steady onboarding corridor for retail users and incentivize institutional investors to adopt cryptocurrencies.

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

— chainyoda (@chainyoda) July 8, 2024

Per Yakovenko’s pitch, meme teams would field grant offers, and developers would accept the best options from projects with “fair and transparent terms.” Fantom contributor and veteran blockchain builder Andre Cronje discussed a similar idea to better meme tokens and foster safer speculation, as crypto.news reported in April.

Memecoins tumble with crypto market

Meanwhile, the memecoin sector joined a broad crypto market decline on Monday and lost over 8% of its market cap, data from CoinGecko showed.

Bearish price actions have gripped digital assets for weeks, and meme tokens have succumbed to the volatility closely associated with cryptocurrencies. Top meme tokens like Brett (BRETT), Dogwifhat (WIF), and Pepe (PEPE) have seen double-digit declines within the past week alone.

Top meme tokens by market cap | Source: CoinGecko Read more: Altcoins BRETT, PEPE, WIF, and JUP plummet 10% as Bitcoin drops 4%

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