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SirWin
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Fantom’s Andre Cronje shares ‘safer meme coin’ thesis

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Fantom’s Andre Cronje shares ‘safer meme coin’ thesis

Blockchain developer Andre Cronje detailed how a safer meme coin and community may be achieved using transparent tokenomics to derisk projects on Fantom.

In a blog post, Cronje wrote that most concerns around meme coins center around teams selling tokens, early investors liquidating large amounts, developers withdrawing liquidating, and creators retaining access control post-launch. 

The issues have been evident in several meme tokens launched in recent months, some of which turned out to be rug pulls and cash grabs. In a lot of cases, early investors, usually involved in pre-sale raises, tanked market prices after launch, or the meme coin developer dumped a large amount on new users in the open market. 

Andre Cronje’s meme coin fix

Fantom Foundation Co-Founder Andre Cronje proposed allocating up to 10% of the token supply for marketing expenses such as airdrops, exchange listings, Key Opinion Leader over-the-counter deals, and social media promotions. Cronje said this amount would be secured at a multi-signatory address requiring three individual approvals. 

A multi-sig holding 5% of the supply would be sufficient to bankroll meme team expenses, Cronje also wrote in his Medium post. The remaining 85% of tokens would be designated to a liquidity pool (LP) paired with Fantom’s native cryptocurrency FTM

An initial 100,000 FTM would be tendered to any Fantom-based automated market market voted for by the meme coin community. Additionally, Cronje suggested withdrawing this amount and burning liquidity if the LP’s FTM exceeded two million FTM. 

The Fantom developer stressed that the meme coin must have no minting or ownership features, and offered to coordinate the project’s launch on X. 

“The token does not allow purchases or sales greater than 1% of the nominated LP pool in a single transaction. This will avoid initial launch sniping as well as potential large future dumps by early members, and will not impact any other liquidity pools created.”

Andre Cronje, Fantom Foundation co-founder

Due to a slew of controversial memes on Ethereum and Solana, Cronje clarified that he will not assist any offensive project, or any idea referencing real persons. 

Andre Cronje
FTM daily chart | Source: CoinMarketCap