TL;DR
- Fantom Foundation has launched a $6.5 million development fund in its native cryptocurrency, FTM, to promote the development of safer memecoins.
- The foundation’s CEO, Michael Kong, aims to replicate the success of other blockchains by introducing measures to protect memecoin projects against fraud and scams.
- The strategy includes a prize pool of 10 million FTM during the MemeGlobal event in Sydney, aimed at memecoin development teams to attract operators and developers to the platform.
Fantom Foundation, a layer-1 blockchain platform, has launched a $6.5 million development fund in its native cryptocurrency, FTM, with the goal of promoting what it calls “safer memecoins”. This initiative arises to accompany the development of memecoins, where projects like Solana and Ethereum’s Base have seen significant trading volume.
Fantom Foundation CEO Michael Kong aims to replicate the success observed on other blockchains by following the evolution of memecoins. Kong seeks to create an environment where these projects are protected against fraud and scams by introducing technical and non-technical measures to ensure their integrity.
🚀 Exciting news from @MemeGlobal_!
Our CEO @MichaelFKong announced the #Fantom Meme Season competition with 10 million FTM in prizes for memecoin holders & teams.
👀 More details to follow soon. pic.twitter.com/lT8ogsjYhH
— Fantom Foundation (@FantomFDN) April 30, 2024
The foundation’s strategy includes the allocation of a 10 million FTM prize pool, valued at $6.5 million, during the MemeGlobal event in Sydney. The prize is intended for memecoin development teams, with the aim of attracting operators and developers to their platform.
Fantom Seeks to End Scams
However, the rise of memecoins comes with several controversies in tow. It was found that one in six memecoins on Base are scams, and at least 12 projects on Solana were abandoned by their creators. In response, Fantom Foundation and its co-founder, Andre Cronje, have proposed measures to ensure that projects are launched fairly and securely.
Cronje’s proposals include the foundation’s involvement in controlling the initial supply and liquidity of memecoins. The proposal is based on an equitable distribution of tokens to the community and the retention of a portion of the supply for marketing purposes, which will be locked in a multi-signature wallet requiring the foundation’s approval to be unlocked.
Fantom aims to capitalize on the interest in memecoins to attract new users to its blockchain platform. With a focus on the security and integrity of projects, the foundation seeks to distinguish itself as a reliable option in the crypto ecosystem
