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Solana SOL

Solana Co-Founder Pitches New Way Of Meme Coin Distribution

Jake Simmons by Jake Simmons
3 weeks ago
in Cryptocurrency Market News
Reading Time: 2 mins read

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.

Related Reading: SOL Price Prediction: Solana Drops But It’s Too Early to Say Bulls Have Given Up

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.

Related Reading: Solana (SOL) Retests Multi-Month Trend Line, Bulls Prevailing Again?

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
Tags: meme coinsSolSolana
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Jake Simmons

Jake Simmons

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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