Solana co-founder Anatoly Yakovenko has suggested that memecoin creators allocate developer grants to enhance meme projects.

Memecoins remain a debated segment within the cryptocurrency sector, characterized by rapid wealth creation and significant investor losses due to scams like “rug pulls” or “getting rekt.” As discussions continue regarding the role of memetic crypto tokens in the future of finance, Solana (SOL) has positioned itself as a preferred meme network by offering low transaction fees and straightforward coin solutions.

Yakovenko proposed advancing this sector by engaging developers to create custom features. “Memecoins should grant dev teams to build stuff for them. Effectively reverse the ICO process,” Yakovenko stated.

The proposal was part of a broader conversation about how meme projects could create a steady onboarding process for retail users and attract institutional investors to the cryptocurrency space.

According to Yakovenko’s suggestion, meme teams would offer grants, and developers would choose the best options from projects with fair and transparent terms.

“Retail needs to make money on something to bring more retail and instos, and it’s not looking like a 10b+ infra thingies will do that,” commented @chainyoda on July 8, 2024.

Similar ideas have been discussed by industry veterans like Andre Cronje, who has also advocated for improving meme tokens to foster safer speculation.

Memecoins Tumble with Crypto Market

Meanwhile, the memecoin sector experienced a decline along with the broader crypto market, losing over 8% of its market cap.

Bearish price actions have impacted digital assets for weeks, with meme tokens being particularly vulnerable to the volatility that often accompanies cryptocurrencies. Leading meme tokens like Brett (BRETT), Dogwifhat (WIF), and Pepe (PEPE) have experienced double-digit declines in the past week.

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