The Fantom Foundation has announced a significant $6.5 million fund of FTM tokens to support the creation of more secure memecoin initiatives. CEO Michael Kong announced this at the recent MemeGlobal event in Sydney.
The Fantom Foundation is tightening its memecoin security standards in order to promote user growth and prevent scams. This is in response to the huge number of fraudulent and abandoned projects on platforms like as Base and Solana.
This program intends to reduce the occurrence of scams in the cryptocurrencycurrency industry by incorporating technical and non-technical precautions into future memecoin launches.
Despite the improved security standards, difficulties remain. One recent example is the Solana-based BONKKILLER memecoin. Despite implausible promises of a $328 trillion market capitalization, memecoin drew over 1,000 investors before locking their assets by prohibiting token transfers. Such cases highlight the continued risk of fraud in the business.
Co-founder Andre Cronje has implemented a provision forcing memecoin developers to co-launch tokens with the Foundation, thereby regulating initial liquidity to protect investors and discourage producers from exiting quickly.
