Fantom founder proposes the concept of securely launching meme tokens on the blockchain

What’s new? Fantom blockchain founder Andre Cronje has presented a concept that would allow meme tokens to be launched in the ecosystem and form communities around them while keeping investors safe. Cronje urged those wishing to launch meme tokens to contact him directly via social media and send him details of their projects. At the same time, the entrepreneur said he would not participate in the launch of offensive or parody projects.

Andre Cronje’s blog

What else is known? According to Cronje’s proposal, startups can allocate up to 10% of tokens to marketing-related expenses such as listing on exchanges and airdrops, with up to another 5% going towards covering the project team’s expenses. For this, the team must have a multi-signature wallet.

The remaining 85% would be placed in a liquidity pool paired with the native token of the Fantom (FTM) blockchain in a multi-signature wallet. Cronje proposed allocating 100 000 FTM to each such pool. The liquidity provider would be any decentralized exchange (DEX) in the Fantom ecosystem. If the FTM volume in the liquidity pool reaches 2 million coins, those 100 000 will be withdrawn to cover the team’s initial costs and the remainder will be burned.

Limits will be imposed on buying and selling assets: no more than 1% of the liquidity pool volume per transaction. Cronje has also pledged to coordinate a launch on the X social network.

Cronje’s idea is aimed at combating the risks that arise after a team conducts a token sale, early investors also sell large amounts of the asset, and liquidity declines. He believes the proposed measures eliminate or mitigate such risks.

However, some community members criticized his initiative and predicted its failure. According to them, attempts to guide and control the formation of communities will not work with memcoins, the main feature of which is fun. One commenter joked that sometimes he needs “need to get rugged to feel alive.”

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Previously, the BNB Chain team launched a prize pool with awards of up to $1 million to attract meme token developers, and the Memeland team launched the Memenet blockchain to issue meme tokens.