Fantom (FTM) altcoin and Andre Cronje, co-founder of the Fantom Foundation, proposed a plan to issue memecoins on the network in a safer and more equitable way.
Although the ongoing memecoin craze on the Solana and Base networks has generated millions of dollars in profits for platform owners and users, it also poses risks for the community and investors.
FTM Founder Wants Memecoins to Be Issued on the Phantom Network
Cronje’s proposed plan involves issuance of tokens through the Fantom Foundation, a non-profit organization dedicated to the development and maintenance of the Fantom blockchain, as one of the signatories controlling the tokens’ liquidity pools:
“Up to 5% of the tokens will be used to support the expenses of the memecoin development team. This will be locked in a multisig that requires the signatures of 2 project members and at least 1 foundation member.”
Per Cronje’s proposal, the remaining 85% of the tokens will be placed in an FTM/token liquidity pool (LP) in the foundation multisig. An amount of 100,000 FTM will be allocated. Any Phantom-based exchange can be nominated for LP. Up to 10% of the tokens can be allocated for marketing-related expenses such as exchange listings and will be locked in a multisig that requires the signatures of two project members and at least one Foundation member.
“If the FTM on the LP token reaches at least 2,000,000 FTM, the 100,000 FTM (5%) initially provided will be removed to cover the initial cost and the remainder of the LP will be burned,” Cronje added.
*This is not investment advice.
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