Meme coin suggestion from Andre Cronje

Andre Cronje also touched upon the meme coin issue, which was mentioned by Vitalik Buterin, one of the founders of Ethereum, last week and into which cryptocurrency investors have recently invested serious money.

Cronje, the founder of Fantom Foundation and Yearn Finance, stated that meme coins can cause great losses to other investors due to early investor and team sales, so various measures should be taken in this sense.

“Fair distribution mechanism and security…”

Stating that he can be reached via

Cronje, who also put forward various conditions for the meme token to be issued on the Phantom network, said:

“Up to 10 percent of tokens may be reserved for marketing and advertising-related expenses. This amount is stored in a wallet that has the signing authority of 3 people, including a foundation manager and 2 project members. 5 percent tokens are allocated for team expenses. These tokens are likewise secured in a multi-signature wallet.”

Stating that the remaining 85% can be put into an FTM-supported pool, Cronje said, “In the first stage, 100 thousand FTMs are given to the pool. If the figure later reaches 2 million, those 100 thousand FTMs are used to cover costs. He explained his system by saying, “If there are any remaining tokens from those 100 thousand at the end of the expenses, they will also be burned.”

Cronje also stated that any Fantom-based liquidity provider can be involved in the project(s).

Stating that purchasing more than 1 percent of tokens in each transaction will be prevented, the developer said that this will prevent large purchases at the beginning of the project and will also prevent price drops due to large sales by early stage investors.