Fantom Foundation sets up $6.5 million development fund for Meme Coin team

Michael Kong, CEO of Fantom Foundation, announced at the MemeGlobal event in Sydney on April 30 that Fantom Foundation will set up a 10 million FTM prize pool (worth $6.5 million) for Meme coin teams. The move is intended to attract Meme coin traders to the Fantom ecosystem, strengthen security measures around such tokens, and advance the concept of "safer Meme coins." Kong explained: "The current Meme coin phenomenon is a way for us to get a lot of customers because we have seen the success of other chains and want to replicate it." (Cointelegraph) Earlier, Andre Cronje published an article to explain the framework of the community Meme coin on Fantom that he designed. The token distribution plan is as follows: up to 10% of the tokens are allocated for marketing-related expenses (exchange listing, promotions, KOL OTC, airdrops, etc.); 5% of the tokens are used to support team expenses. The remaining 85% of the tokens will be placed in the foundation's multi-signed FTM/token LP.