Crypto’s most established players have started to address the spread of fly by night tokens as memecoin fever intensifies.
A popular anonymous cryptocurrency blogger, Polynya, published a blog decrying the crypto industry. “broken moral compass.”
“At this point, this evil in crypto is banal and normalized. This has become the identity of crypto — sure, some useful stuff, but mostly just infested with scams and absolute degeneracy,” The writers expressed their disgust at the racist and sexist memecoins, which appeared in recent weeks.
Vitalik Buterin of Ethereum weighed into the debate, admitting the negative aspects associated with memecoins, while he still values them. “people’s desire to have fun” Memecoins are a good way to spread positive messages.
The coin is a charity one. “Robin Hood games” Axiom Infinity, for example, is an online game with a financial benefit to lower-income players.
Li Jin, general partner at Variant Fund, made the case for memcoins. He said that viral tokens are an effective way to go to market for entrepreneurs.
“While traditional GTM consisted of first building a product, then building a community around it through marketing and memes, this new playbook involves identifying a vibrant community of users around a memecoin, then building a product that incorporates that token,” Jin cited the Telegram trading bot BONKbot, which was developed by BONK.
CoinDesk reports that at the BUIDL Conference in Seoul, this week, leaders of the cryptocommunity debated whether Solana – the blockchain on which many memecoins trade – should filter out racist memecoins.
‘BlobScriptions’ stress test Ethereum’s new blobs
This week, the base fee for blobs (packets of data) introduced in Ethereum’s Dencun update, soared as Ethscriptions launched a platform to create inscriptions on Ethereum Blobs.
BlobScriptions, also known as Bitcoin ordinals, are a way to create an inexpensive method for users of the blockchain to add arbitrary information. As a result, the fee to create blobs went up by trillions.
After 18 days of use, Ethereum has been scrubbed of BlobScriptions. However, users are undeterred.
The cost to include a blob into the next Ethereum Block was still the same as of Friday afternoon. At press time, ultrasound.money reported that the average blob cost was 13.4gwei. This is equal to about $0.45. Etherscan reported that the gas fees on Ethereum layer-1 were 31 gwei around this time.
Prior to the advent of BlobScriptions, layer-2s could send transactions to Ethereum for free.
This is an interesting fact
- Dogwifhat has passed Pepe and is now the third largest memecoin, according to CoinGecko. Its market cap exceeds $4.1 billion.
Note:
- According to a lawsuit filed in the same year, Yuga Labs was believed to have given Bored Apes as part of an undisclosed promotional effort. A Bored Ape that is thought by some people to be owned Kevin Hart has sold for 13.8 ether. This price is far lower than what it allegedly cost 79.5 ether when purchased back in 2022. A lawsuit filed in the same year claimed Yuga Labs had given Hart and several other celebrities Bored apes for an unknown promotional campaign.
- Degen is a popular memecoin on Farcaster. They built their layer-3 chain with Arbitrum and base.
- Munchables, a Web3 Blast game that was built using Blast technology, suffered an exploit worth $62.5 million. The developer behind this hack is believed to have shared his private key in order to retrieve the assets.
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