Million

Base

Fantom

Foundation

The Fantom Foundation has announced a substantial $6.5 million allocation of its FTM tokens to foster the development of safer memecoin projects. The initiative was announced by CEO Michael Kong at the recent MemeGlobal event in Sydney. 
This initiative aims to curb the prevalence of scams in the cryptocurrency space by offering technical and non-technical safeguards for new memecoin launches. 
The Fantom Foundation is intensifying its safety protocols for memecoins to foster user growth and prevent scams. This is a response to the high incidence of fraudulent projects on platforms like Base and abandoned ones on Solana. 
Co-founder Andre Cronje has <a href="https://andrecronje.medium.com/safer-community-meme-coins-9cda6f882c59" target="_blank" rel="noopener" data-wpel-link="external">introduced </a>a measure requiring memecoin developers to co-launch tokens with the Foundation, controlling initial liquidity to safeguard investors and deter the quick exit of creators. 
Despite these enhanced security protocols, challenges remain. A recent example is the Solana-based BONKKILLER memecoin. Despite questionable claims of a <a href="https://www.cryptotimes.io/2024/04/30/bonkkiller-scam-lures-investors-on-solana-platform/" data-wpel-link="internal">$328 trillion market cap</a>, the memecoin attracted over 1,000 investors and then locked their funds by restricting token transfers. Such incidents underscore the ongoing risk of fraud within the sector. 
Kong revealed plans to establish a 10 million Fantom prize pool, equivalent to $6.5 million, aimed at enticing memecoin traders to Fantom. 
Kong described a successful memecoin as one with a “democratic launch where you release a lot of tokens to give to the community” and aren’t “heavily concentrated in a few whales or a few bags.” 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read:<a href="https://www.cryptotimes.io/2024/04/22/12-meme-coins-on-solana-abandoned-within-a-month-of-presale/" data-wpel-link="internal">12 Meme Coins on Solana Abandoned Within a Month of Presale</a> 
</blockquote>

Fantom Allocates $6.5 Million to Promote ‘Safer Memecoins’

The Crypto Times

Other articles published on May 1, 2024

Proof-of-Stake Is Just an Excuse for the SEC; It Doesn’t Make Ethereum a Security

Meme coins: Betrayal of crypto’s ideals… or its true purpose?

EXCLUSIVE: Kentucky Derby Fans Can Score $100K Prize With Web3-Powered SuperFecta Scratch-Off

Why Did Bitcoin (BTC) Fall? Will the Decline Continue?

Why does the price of Bitcoin keep going up and down, and when will it finally settle down?

OpenAI Updates ChatGPT with Enhanced Privacy Features

Join our free newsletter for daily crypto updates!