Anatoly Yakovenko, a co-founder of Solana, recently discussed meme currencies on Twitter by comparing them to “zero loss lotteries.” The well-known cryptocurrency inventor proposed that by arranging totally fair launches with no costs, digital asset exchanges may reduce the prevalence of fraudulent meme currencies. This would stop fraudulent versions of meme currencies from perpetually consuming user liquidity, says to Yakovenko.
In his tweets, Yakovenko also raised the issue of how to distinguish between real and fake meme coins. He suggested building a “fair list” using particular algorithms to detect active users and distribute the coin without a premine in answer to a query about separating out possibly dishonest currencies. Yakovenko proposed that a team of researchers examine the list and publish it for use by anybody launching coins.
Some, however, drew attention to possible drawbacks with this strategy, such as the chance that the list may be compromised following the initial usage because of airdrop farming and other manipulative techniques. Contributor vesting may also provide problems, hence it is advised to eliminate it entirely as part of the zero premine plan.
The Solana inventor said that even while currency developers would not receive any direct incentives, markets will gain from including these fair-launch currencies. Yakovenko questioned whether the marketplaces themselves wouldn’t stand to gain when a user pointed out that the motive for developing and promoting these currencies would be reduced. It appears that a more dependable and open currency launch procedure would, in turn, draw more users to these platforms.
