Fantom launches a $6.5 million development fund, betting on "safer meme coins."
ChainCatcher news, according to Cointelegraph, Layer-1 blockchain Fantom is promoting the idea of "safer meme coins" by allocating a development fund of $6.5 million in native FTM tokens, attempting to carve out a share in this nearly $50 billion market.
Fantom Foundation CEO Michael Kong stated that he hopes to create "an environment where people can launch what we call 'safer meme coins'," and introduce both technical and non-technical measures to ensure that projects "are not just outright scams or frauds." The meme coin phenomenon is a way for Fantom to attract a large number of users, hoping to replicate the success of other chains.
It is reported that Solana and Coinbase's Ethereum Layer-2 network Base accounted for most of the trading volume during the recent meme coin trading frenzy. However, up to one-sixth of the meme coins on Base have been exposed as scams, and at least 12 substantial meme projects on Solana were quickly abandoned by their founders after raising $26.7 million.
