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As memecoin mania deepens, crypto\u2019s more-established players have begun addressing the proliferation of fly-by-night tokens head on.\u00a0<\/p>\n
The popular anonymous crypto blogger Polynya published a blog post decrying<\/a> crypto\u2019s \u201cbroken moral compass.\u201d\u00a0<\/p>\n \u201cAt this point, this evil in crypto is banal and normalized. This has become the identity of crypto \u2014 sure, some useful stuff, but mostly just infested with scams and absolute degeneracy,\u201d they wrote, expressing particular disdain for racist and sexist memecoins that cropped up over the past couple weeks.\u00a0<\/p>\n Ethereum co-founder Vitalik Buterin weighed in on the matter, acknowledging the unsavory side of memecoin<\/a> culture, but he values \u201cpeople\u2019s desire to have fun\u201d and thinks memecoins can be an avenue for good.\u00a0<\/p>\n He points out charity-focused coins and \u201cRobin Hood games\u201d like Axie Infinity that financially benefit lower-income players as examples.\u00a0\u00a0<\/p>\n Read more:<\/strong> Cheatsheet: Vitalik Buterin says there\u2019s nothing \u2018new and interesting\u2019 about memecoins\u00a0<\/a><\/p>\n Variant Fund general partner Li Jin made the business case for memecoins, saying viral tokens represent an effective go to market strategy for founders.\u00a0<\/p>\n \u201cWhile traditional GTM consisted of first building a product, then building a community around it through marketing and memes, this new playbook involves identifying a vibrant community of users around a memecoin, then building a product that incorporates that token,\u201d Jin wrote, citing the BONK-incubated Telegram trading tool BONKbot as one example.\u00a0<\/p>\n Read more: <\/strong>BONKbot volumes rise as the memecoin\u2019s DeFi uses grow<\/a><\/p>\n At the BUIDL conference in Seoul this week, a panel of crypto community leaders debated whether Solana<\/a>, the blockchain where many memecoins are traded, should try filtering out racist memecoins, CoinDesk reported<\/a>.<\/p>\n The base fee on blobs, which are packets of data introduced by Ethereum\u2019s recent Dencun upgrade<\/a>, surged this week as the platform Ethscriptions released a platform for creating inscriptions on Ethereum blobs.\u00a0<\/p>\n So-called BlobScriptions are like Bitcoin ordinals<\/a> in that they create a low-cost way for users to inscribe arbitrary data onto the blockchain. Users created a torrent of would-be memecoins and blob-style NFTs<\/a>, leading the base fee for blobs to jump by trillions of percent<\/p>\n Read more: <\/strong>Blob base fee surges, Ethereum misses slots as \u2018BlobScriptions\u2019 go viral<\/a><\/p>\n BlobScriptions are scrubbed from Ethereum<\/a> after roughly 18 days, but users were undeterred.\u00a0<\/p>\n As of Friday afternoon, the cost of including a blob in the next Ethereum block still hadn\u2019t come down. The average blob fee was<\/a> 13.4 gwei at press time, according to ultrasound.money, equal to roughly $0.45. The gas fee on Ethereum layer-1 was<\/a> 31 gwei at around the same time, according to Etherscan.\u00a0<\/p>\n Until BlobScriptions caught on, blob space, which is used by layer-2s<\/a> to send transaction records to Ethereum, was effectively free.\u00a0<\/p>\n\u2018BlobScriptions\u2019 stress test Ethereum\u2019s new blobs<\/h2>\n
One interesting stat:<\/h2>\n
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Also of note:<\/h2>\n
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