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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Solana Co-Founder Pitches New Way Of Meme Coin Distribution

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Solana SOL

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The co-founder of Solana, Anatoly Yakovenko, has suggested a new way in which meme coins should be distributed at their launch via Twitter. With this, Yakovenko addresses the problem that a large portion of all meme coins are scams and rug pulls that have a pre-mine in favor of the “inventors.”

Meme-Coins Should Be Treated Like A Lottery: Solana Co-Founder

The Solana co-founder compares meme coins to a lottery ticket, implying that they bring no value, but are only for making a quick buck. “In the best light possible, maybe meme coins are like zero loss lotteries,” Yakovenko said.

To make distribution fairer for all participants so that not only insiders and whales benefit, the Solana developer suggests that marketplaces listing meme coins should coordinate completely fair launches with no fees. This could prevent scam versions from popping up and constantly draining user liquidity.

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In response to a Twitter user’s comment that 99.999% of meme coins are scams that are difficult to distinguish, Yakovenko suggested the creation of a “fair list.” The latter could use certain heuristics to identify active users and distribute the coin without premise. The Solana co-founder explained:

Come up with a “fair” list that uses some heuristics to identify active users and distribute the coin without any premise. One group of researchers could do the analysis and publish the list, and anyone can use it to launch.

Nevertheless, there were some criticisms of the Solana founder’s proposal. For example, users pointed out that there is a risk that the list would be fairly easy to manipulate, as the integrity of the list would be compromised after initial deployment through airdrop farming and the like.

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However, the Solana co-founder argued that it doesn’t see a problem with this until there is a chain identity. In addition, users expressed concern about the vesting of contributors. However, the Solana founder argued that despite the possible lack of direct incentives for coin creators, the marketplaces themselves would benefit from the integration of these fair launch coins.

Still, the Solana founder’s final word was a warning:

Fair launch auction to start and everyone should expect it to go to zero eventually. That’s the point, treat it as a zero loss lottery.

SOL Price Trapped Below Trendline

At press time, the SOL price traded at $20.91 and was trapped below the trendline (black) that was breached to the downside on May 6. For now, SOL needs to hold the support at the 23,6% Fibonacci retracement level. If successful, it can attack the trendline and the 200-day EMA which are about to cross (at roughly $24.5).

Solana price
SOL price, 1-day chart | Source: SOLUSD on TradingView.com
Featured image from Play to earn diary, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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