Solana co-founder proposes memecoin dev grants

Memecoin Development Grants Proposed by Solana Co-Founder

Solana co-founder Anatoly Yakovenko has suggested that memecoin creators allocate grants to developers to enhance their projects.

Despite controversies surrounding memecoins, with their potential for overnight millionaires and sudden losses in scams, Solana has established itself as a hub for these projects due to its low transaction fees and user-friendly solutions.

Yakovenko's proposal aims to further advance memecoin development, encouraging the creation of new features. "Memecoins should grant dev teams to build stuff for them," he wrote.

The proposal emerged during a discussion on how meme projects could attract retail users and institutional investors. Yakovenko's suggestion would involve meme teams offering grants, with developers selecting projects based on fair and transparent terms.

This idea aligns with similar proposals from Fantom contributor Andre Cronje, as reported by crypto.news in April. The goal is to enhance meme tokens and promote safer speculation in the crypto market.

Memecoins Falter Amid Market Decline

The memecoin sector experienced a decline on Monday, losing over 8% of its market cap, as reported by CoinGecko.

The broader crypto market downturn has affected digital assets, with meme tokens showing volatility. Brett (BRETT), Dogwifhat (WIF), and Pepe (PEPE) have all suffered double-digit losses in the past week.