But previous attempts suggest “culture can’t be curated,” as one community member said.<\/p>\n
A prominent crypto founder wants to create so-called safe memecoins, but past experiments show these tokens can\u2019t be forced.<\/p>\n
Addressing the booming memecoin frenzy<\/a>, Fantom and Yearn Finance founder Andre Cronje posted<\/a> an article on April 9, bidding to create a safer environment for communities and investors.<\/p>\n Cronje\u2019s post listed four risks that accompany memecoin projects: the creating team sells their tokens, early investors offload their holdings, liquidity gets removed, and tokens come with access controls. <\/p>\n The founder wants to create a new memecoin model that addresses these issues, though he didn\u2019t say exactly how.<\/p>\n Cronje has proposed the following allocation of tokens: Up to 10% of tokens will be allocated for marketing related expenses, and up to 5% of tokens will be assigned to support the \u201cmeme team.\u201d <\/p>\n Meanwhile, the remaining 85% of the tokens will be put up in a FTM\/token liquidity pool LP in via Fantom’s foundation multisig, with 100,000 FTM, or roughly $96,000.<\/p>\n \u201cAnyone wishing to launch a community \/ meme coin for their idea can contact me directly on telegram or twitter. Provide the idea, graphics, name, ticker, and concept,\u201d wrote Cronje.<\/p>\n Although Cronje\u2019s proposal can be considered in good faith, there\u2019s space to see it as an attempt for Fantom to grab market share in the memecoin sector, which currently commands<\/a> a $65 billion market cap. Fantom\u2019s total value locked (TVL) sits at $141 million, a whopping 98% drop<\/a> from its 2022 all-time high of $7.9 billion.<\/p>\n In defiance of the overall pullback in prices, Fantom has surged today. The FTM token trades for $0.98, with a 7% pump.<\/p>\n Cronje\u2019s attempt isn\u2019t the first of its kind.<\/p>\n In late 2023, the Avalanche Foundation\u2013which oversees development on Avalanche\u2013expanded its $100 million NFT incubator fund to include memecoins.<\/p>\n This meant adding a \u201cCulture Catalyst\u201d initiative, which aimed to offer exposure for memecoins to its ecosystem.<\/p>\n It didn\u2019t go down well for Avalanche, however. There is a seemingly barren wasteland for memecoins in the ecosystem, with most activity landing on Solana<\/a> and Base.<\/p>\n Some are predicting Cronje\u2019s proposal will go down the same path. \u201cCulture is cultivated, not curated,\u201d wrote<\/a> Louis Cooper, a self-proclaimed degen trader on X today.<\/p>\n“Meme Team”<\/h2>\n
\u201cCulture is Cultivated, Not Curated\u201d<\/strong><\/h2>\n