Fantom Foundation Launches $6.5 Million Prize Pool to Incentivize “Safer Meme Coins”

• In a bid to tap into the booming $50 billion meme coin sector, Fantom, a layer-1 blockchain network, is taking steps to establish a safer environment for meme coin projects.

Fantom Foundation Launches $6.5 Million Prize Pool to Incentivize “Safer Meme Coins”

In a bid to tap into the booming $50 billion meme coin sector, Fantom, a layer-1 blockchain network, is taking steps to establish a safer environment for meme coin projects. 

The Fantom Foundation, led by CEO Michael Kong, plans to reserve $6.5 million worth of its native FTM token as a reward for developers who adhere to technical and non-technical measures aimed at preventing scams and rug pulls.

Networks like Solana and Ethereum layer-2 Base have dominated the recent meme coin trading frenzy. 

To attract meme coin traders to the Fantom network, Kong announced the establishment of a 10 million FTM prize pool (equivalent to $6.5 million) for meme coin teams during the MemeGlobal event held in Sydney on April 30. 

Exciting news from @MemeGlobal_!

Our CEO @MichaelFKong announced the #Fantom Meme Season competition with 10 million FTM in prizes for memecoin holders & teams.

More details to follow soon. pic.twitter.com/lT8ogsjYhH

— Fantom Foundation (@FantomFDN) April 30, 2024

Kong sees the meme coin phenomenon as an opportunity to acquire more customers and replicate the success observed on other chains.

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Kong emphasized that Fantom’s goal is to grow its network by catering to customer demands. Whether it’s DeFi, NFTs, or meme coins, Fantom aims to provide an environment that enables the safe development of meme coins and aligns with the preferences of its users. 

According to Kong, a successful meme coin launch involves a democratic distribution of tokens to the community, avoiding heavy concentration among a few large holders.

The Foundation’s co-founder, Andre Cronje, previously proposed measures for safe meme coins, including having the Fantom Foundation as a co-controller of the token’s startup liquidity. 

Cronje also suggested a token supply split, with 5% allocated to the team and 10% for marketing, locked in a multi-sig wallet requiring Foundation member approval. 

The remaining 85% would be placed in an FTM paired liquidity pool, with the Foundation contributing 100,000 FTM.

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