In short: Solana co-founder Anatoly Yakovenko suggests that meme coins should be distributed like a lottery ticket for a completely fair launch with no fees, preventing scam versions from ruining user liquidity. To ensure fair distribution, Yakovenko proposes the creation of a “fair” list that identifies active users and distributes the coin without any premise. However, users have expressed concern about the list's potential for manipulation. Yakovenko warns that a fair launch auction should be expected to eventually go to zero. At present, Solana's price is trading below the trendline.
Our quick analysis:
Anatoly Yakovenko, the co-founder of Solana, has a new idea for a fair way to distribute meme coins during launch via Twitter. Meme coins have been characterized as scams and rug pulls with pre-mines favoring the "inventors". Yakovenko compared meme coins to a lottery ticket, explaining that they offer no value except for making a quick buck.
The Solana developer suggests that marketplaces listing meme coins should coordinate completely fair launches with no fees to benefit all participants. This could solve the problem of scam versions draining user liquidity. The founder even suggests creating a “fair list” that could use certain heuristics to distribute coins to active users without any bias.
However, some criticisms of this proposal have emerged. For instance, users pointed out that the list could be vulnerable to manipulation, but Yakovenko argued that there is no problem if there is a chain identity. Moreover, users were concerned about the vesting of contributors, but Yakovenko explained that marketplaces themselves would benefit from fair launch coins.
Yakovenko emphasized that the fair launch auction should start and everyone should expect the coin's value to drop to zero eventually. The aim is to treat it as a zero-loss lottery. However, at present, the SOL price is trading at $20.91 and needs to hold the support at the 23.6% Fibonacci retracement level to attack the trendline and the 200-day EMA, which are currently at roughly $24.5.
In summary, Yakovenko's proposal for a fair launch of meme coins like a lotto is an intriguing way to make distribution fairer for all participants. After all, why not treat it like a fair shot at winning something with no advantage given to insiders or whales?
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Anatoly Yakovenko, the co-founder of Solana, has a new idea for a fair way to distribute meme coins during launch via Twitter. Meme coins have been characterized as scams and rug pulls with pre-mines favoring the "inventors". Yakovenko compared meme coins to a lottery ticket, explaining that they offer no value except for making a quick buck.
The Solana developer suggests that marketplaces listing meme coins should coordinate completely fair launches with no fees to benefit all participants. This could solve the problem of scam versions draining user liquidity. The founder even suggests creating a “fair list” that could use certain heuristics to distribute coins to active users without any bias.
However, some criticisms of this proposal have emerged. For instance, users pointed out that the list could be vulnerable to manipulation, but Yakovenko argued that there is no problem if there is a chain identity. Moreover, users were concerned about the vesting of contributors, but Yakovenko explained that marketplaces themselves would benefit from fair launch coins.
Yakovenko emphasized that the fair launch auction should start and everyone should expect the coin's value to drop to zero eventually. The aim is to treat it as a zero-loss lottery. However, at present, the SOL price is trading at $20.91 and needs to hold the support at the 23.6% Fibonacci retracement level to attack the trendline and the 200-day EMA, which are currently at roughly $24.5.
In summary, Yakovenko's proposal for a fair launch of meme coins like a lotto is an intriguing way to make distribution fairer for all participants. After all, why not treat it like a fair shot at winning something with no advantage given to insiders or whales?
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!