Metamask

MetaMask co-founder: Meme coin issuers should limit token sale methods, and the community should not be filled with users making personal threats

ChainCatcher news, according to Cointelegraph, MetaMask co-founder Dan Finlay has recently been experimenting with issuing meme coins on Ethereum and Solana to explore issues of user consent and trust in the Web3 ecosystem. He issued tokens named "Consent" and "I Don't Consent" on Ethereum and Solana through the Clanker bot and Pump.fun platform, respectively. The results of the experiment showed that rapid trading activity led to a significant inflation of the token's value, with Finlay's holdings at one point exceeding $100,000.However, the experiment revealed many issues within the meme coin ecosystem. Due to the lack of clear positioning and purpose for the tokens, investors continuously attempted to assign more meaning to them, with some even threatening Finlay or demanding a long-term development plan. Finlay likened this phenomenon to the issue of data usage consent in the AI field, specifically mentioning Bluesky's practice of using public posts for AI training without explicit user consent, calling for the establishment of a more robust trust mechanism and user consent framework in the Web3 ecosystem.Finlay stated that the meme coin ecosystem urgently needs better tools and incentive mechanisms. He suggested creating new systems that allow token issuers to have fine control over their tokens, including restricting trading within specific communities and providing structured sales methods. He emphasized that this is not only a matter of ethics but also about building better products, stating, "Applications should not become toxic asset pools, and communities should not be filled with users issuing personal threats; your shares should not be diluted by anonymous whales."
ChainCatcher Building the Web3 world with innovators