Fantom bets on ‘safer memecoins’ with launch of $6.5M dev fund
Fantom Foundation CEO Michael Kong hopes the blockchain can “replicate the success” of its peers by getting in on the memecoin hype.
Layer-1 blockchain Fantom is pushing the idea of “safer memecoins” by setting aside $6.5 million worth of its native FTM (FTM) token as a reward to devs as it tries to get a slice of the nearly $50 billion sector.
Fantom Foundation CEO Michael Kong told Cointelegraph he wants to create “an environment where people can launch what we call ‘safer memecoins’” and introduce technical and non-technical measures to ensure projects aren’t “just an outright rug or scam.”
Solana and Coinbase’s Ethereum layer 2 Base have seen the bulk of the recent memecoin trading craze with trading volumes on Solana even surpassing Ethereum’s at the peak of the memecoin rush in March.
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Author: Jesse Coghlan
