Andre Cronje, the co-founder of Fantom (FTM), has unveiled a plan for ensuring a safer platform for introducing new tokens, specifically community and meme coins, to the market.
If you have a concept for a community or meme coin that you’d like to bring to life, feel free to reach out to me on Telegram or Twitter. Please share your idea, graphics, proposed name, ticker symbol, and concept with me. (Please note: I will not provide assistance for any meme that could be perceived as offensive or referencing real people or ongoing projects.)
Safer community / meme coins on Fantom
— Andre Cronje (@AndreCronjeTech) April 9, 2024
The Proposal Framework
Cronje’s suggestion outlines the objectives, potential hazards, and intricacies involved in establishing a token launch platform. He brought up various risks, such as team members selling off their tokens, early investors doing the same, withdrawal of liquidity, and tokens restricted to certain users.
The framework design seeks to mitigate these risks and highlights three key tokenomic requirements:
- Up to 10% of tokens allocated towards marketing:
The budget for distributing tokens includes costs related to promotions, airdrops, and exchange listings. This allocation of tokens will be kept secure in a “multisignature wallet” that requires approval from at least two project team members and one foundation member before any transactions can be made.
- Up to 5% of tokens allocated to team expenses:
This arrangement ensures that at least two team members and one representative from the foundation are needed to grant access and approval for this allocation.
- Remaining tokens to be placed “in a FTM/token LP in foundation multisig”:
A person designated as the token issuer would receive a supply of 100,000 Fantom (FTM) tokens. They are then free to utilize any automated market maker (AMM) on the Fantom network to set up a liquidity pool (LP). Once the FTM amount within this pool surpasses the threshold of 2,000,000 FTM, the initial 100,000 FTM will be taken out to cover inception expenses. The remaining FTM from the LP will subsequently be destroyed.
Cronje went on to clarify that under this system, new tokens will not have the ability to be minted or for their owners to exercise control, and any transactions exceeding 1% of the designated liquidity pool in a single transaction will be disallowed. This measure is intended to discourage quick buying of newly launched tokens and significant selling by initial members.
During the beginning phase of the LP, I will oversee the Twitter launch. This action helps lessen or even quiet down the recognized risks.
The Market Sentiment Shift
The announcement of Cronje’s proposal brought waves of excitement to the FTM market, increasing investors’ belief in the value of FTM and leading to a nearly 10% surge in its price that day, approaching the $1 threshold.
Photo: CoinMarketCap
The framework promotes responsible token launches on Fantom, encouraging more investors and developers to join.
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2024-04-09 12:09