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Solana Co-Founder Calls Memecoins ‘Digital Slop’ Despite $1.6 Billion in Meme-Driven Revenue
Solana co-founder Anatoly Yakovenko has sparked controversy by labeling memecoins and non-fungible tokens (NFTs) as “digital slop” during a recent debate with Jesse Pollak, the creator of Coinbase’s Base blockchain. The scathing remark comes despite the fact that memecoins have driven a significant portion of Solana’s growth, raking in an astonishing $1.6 billion in revenue so far this year.
Yakovenko compared memecoins to loot boxes found in free-to-play mobile games, where players spend money on uncertain rewards. “I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value,” he wrote. This sentiment echoes the concerns of regulators around the world who argue that these virtual goods can lead to gambling-like behavior, with users spending excessive amounts in pursuit of rare or limited items.
In a stunning juxtaposition, Yakovenko’s comments come as memecoins have become the primary source of revenue for Solana. Data from Solana-focused infrastructure firm Syndica reveals that memecoins accounted for a staggering 62% of decentralized app revenue in June, the highest share on record. This trend shows no signs of slowing down, with the network processing over 65,000 transactions per second and supporting more than 2,500 active developers.
Solana’s fundamentals suggest sustained growth may not be directly tied to memecoins’ success or failure. The network’s total value locked in decentralized finance (DeFi) stood at $10 billion in July, ranking among the top three blockchains.
Source: coinchapter.com
