% 0.16
BTC Dominance:
% 0.46
Market Cap:
$2.41 T
% 1.30
Fear & Greed:
74 / 100
$ 66.129
BTC Dominance:
% 54.0
Market Cap:
$2.41 T

Fantom Foundation Enters Memecoin Trend with $6.5 Million Reward Pool


Fantom Foundation, a layer-1 blockchain that is gaining in popularity, has made a crucial decision aimed both at getting the benefits of generating meme coins from an expensive trend and at providing a safety environment. CEO Michael Kong encouraged vision, relying on successful experiences of similar projects, amidst crypto giveaways madness.

CEO Michael Kong Aims for Safer Memecoins Amid Trading Craze

Kong ideates a scene where the memecoins are securely sheltered under the robust security system, free from the destabilizing fraudulence that had characterized this domain of cryptocurrencies. To make this vision a reality, $6.5 million will be dedicated to compensation for the developers out of the total amount received by Fantom as an award in the nearly $50 billion developers market.

The most popular cryptocurrencies, memecoins which have mainly selected platforms such as Solana and Base, have surprisingly witnessed the highest trade volume on Solana in such a manner that it is even bigger than the Ethereum trading volume during the memecoin hype peak. On the other hand, a massive build-up has been tarnished by the alarming reality of scams, to the extent that one out of six memecoins displayed on Base have been proven to be fake.

Strategic Move to Ensure Integrity and Customer Satisfaction in Booming Sector

The objective goal of this initiative was advised by Kong who presented it as part of the MemeGlobal event held in Sydney, Australia on April 30. The setup of a 10 million Fantom prize contest of $6.5 million is their grounded argument for developing safe and adequate soil for memecoin projects.

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Kong stressed that these two criteria were key to the company eventually being successful. As long as it is DeFi, NFTs or memecoins, Fantom platforms remains customer-centered, but only with a client promise of safety and integrity.

Not far behind Kong came the co-founder Andre Cronje, who enumerated some of the means by which they can create a safe launch and exploit of memecoins within the Fantom ecosystem. Such legal instruments integrate the ownership of the token liquidity with the Fantom Foundation as well as Marketing and Team assets in a responsible manner.

Through the pragmatic approach to memecoin project, the platform of Fantom creates the democratic lauching of the projects that gurantees the wide distribution and the community involvement. Cronje’s proposal has in-built mechanisms to lessen the risk of concentration, hence allowing many individuals to hold memecoin in a fair and even environment.

The fact that Fantom joins the memecoin bandwagon is happening when the blockchain alongside is slowly climbing the ladder to the peak, being presently in the 38th position in DefiLlama’s list of total value locked (TVL) amounting to $108.3 million. The ability of Fantom to establish itself is a major challenge. Nonetheless, its pioneering spirit and persistence make it likely that it will breakthrough the blossoming memecoin arm with ingenuity and vigilance.

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