Fantom Co-founder Proposes Safeguarded Approach to Meme Coins on Network

Fantom co-founder Andre Cronje has put forward a proposal to introduce meme coins on the Fantom network, aiming to mitigate the risks associated with investing in such tokens. Cronje's plan involves issuing tokens with the involvement of the Fantom Foundation, which is dedicated to the development and maintenance of the Fantom blockchain. The proposal includes allocating up to 5% of the tokens for meme team expenses, which will be locked in a multisig requiring signatures from project members and foundation members. Additionally, 85% of the tokens will be allocated to a Fantom/token liquidity pool in the foundation multisig, with an initial provision of 100,000 FTM. Cronje's plan also addresses marketing expenses, with up to 10% of tokens allocated for this purpose. Furthermore, Cronje proposed conditions for removing initially provided FTM tokens from the liquidity pool once a certain threshold is reached, with the remainder of the LP being burned. This move by Cronje reflects a growing trend among blockchain teams to engage directly with meme coins, departing from previous approaches where such tokens were considered primarily tradable assets.