I’m concerned about the overall cost of WG and project proposals in the ecosystem. If you haven’t realized yet, you soon will, that I’m a huge fan of Future Proofing.
I am presenting this as an alternative funding method, but really hope it can see universal adoption within the ecosystem.
MEME-FUNDING
What do we know about meme coins? We know they are insanely lucrative…assuming you get in early, and you don’t get dumped on by devs, and of course it isn’t a scam. Meme coins are the hottest thing around and trading them is like walking through a minefield…blind. It’s not a matter of IF you get scammed, it’s when. When a meme coin on Solana starts dumping…it’s very likely it’s gonna dump to zero. It’s degen, it’s dangerous and it’s insanely addictive for those who have the risk tolerance.
What i propose is a weekly contest for the best meme coin. The community launches that coin with a few things that will soon be known by all who trade memes…it’s us…So they will know it’s not a scam. We will make the tokenomics real simple…75% LP 5% (in value) to the contest winners, and 20% to fund our projects in the ecosystem.
So instead of extracting our liquidity in straight sells, we bot up and give them say 10 SOL along with their allocation to liquidate.
The bots would then ‘Trade Out’ buying and selling only on each sell, they sell a small portion of their allocation. We can design our system to do things like not sell during downtrends and no large sell offs.
The idea is that we are creating as healthy a trading environment as we can manage. No predatory devs selling off, No pre-sales or whitelists or influencer corruption.
We do a stealth launch each week, the community votes on the day/time (so not a state secret, but not broadcast until after launch) and then we do a full liquidity launch…maybe Meteora first with their new anti bot measures…and then an hour later LP on Raydium and Orca and then ads…the knowledge that this launch is a Jupiter launch and that there will be no shenanigans will probably be enough to bring degens back from Base lol.
So we ‘trade out’ our 25% over a couple days and then let the thing live or die as any meme coin will. pass 5% of the net proceeds as a SOL airdrop to the contest winners…and then do it again. Each and every week.
Conclusion:
We’ve seen a few LFG introductions from meme coins. What we haven’t seen yet is a project that does nothing but launch meme coins. WE can become that project lol, and instead of the liquidity being extracted by either scammers or bad actors, we would be extracting the value, and then keeping in the ecosystem. We don’t do anything special…just not be scammers, provide good liquidity and avoid dev sell cliffs. I believe that these actions along with a standard stealth launch will provide significant value to the meme community, the Solana ecosystem and the JUPDAO. The community can then self-fund projects. Or the funds can be given back to the DAO to offset community costs.
As much as I hate this idea, it’s not terrible and might have some use case… one memecoin/week is far too much though and I’m not sure this is what we want from a community standpoint. I would much rather be known for launchpadding the best friggin’ projects, hands down, and drawing a ton of use into Solana/Jupiter ecosystem because of it.
When it comes to building something like we are, the best dang DAO in the universe (LFG!), you need to garner trust. While memecoins can be lucrative, normies don’t trust them. You want to garner support from the OG’s AND normies to eat up as much market share as you can from everyone else (Jupiter is the biggest planet after all).
But at the same time creating our own income stream would also be nice, but I’m sure there are other ways to do this… TL;DR… interesting proposal, could probably potentially technically hypothetically work, but is it really what we want to build our community around?
Thanks for the response!
I would like to clarify though, that this is not a proposal, just a discussion topic. And while i personally love meme coins, my primary goal is to stimulate discussion about alternative funding methods.
I would like to point out though, that all those (legitimate) objections you posted are the reason for my idea. The class does have a tainted reputation. it really is like playing Russian Roulette. There are scammers and bad actors everywhere.
We could be good actors on the stage. a place to degen where you only have to deal with standard crypto risks.
An clear and certified ‘Safe’ place to interact with risky financial products.
If I can be honest, this is a bad idea. Memes are the worst thing that could happen to the crypto space (in my opinion, of course). On X you may see a few people who have made good money off of meme, but you don’t see the thousands of people who have lost money. People who buy memes are often people who have no idea how the market works and it ends tragically for them. I think Jupiter doesn’t want to be associated with releasing memes, but with solid projects. If you publish 1 meme a week (52 per year) and let them live or die, it will end badly, e.g. loss of reputation or, even worse, loss of trust. Jupiter should be associated with adding value, not a meme factory.
Well i certainly wouldn’t want any of those negative consequences lol…I personally think that FTX ranks a bit higher on the evil scale than cute dogs, but that’s just me.
I appreciate the response though, and as of now, it looks like roughly 100% of respondents think this is a shit idea…and the sheer lack of interest speaks loudly as any critical posts.
With the trend of meme coins on the rise I would like to hear more. How would the memes be implemented and how would we prevent rug pulls? I personally have made a lot of money on Solana meme’s but with that being said I am a moderator for crypto banter and I do not look at them as investments. They are simply trades and I am in and out of logically. If we could provide education on how to buy them that may be a start. Just my opinion.
Hey! Thanks for responding! I’m a fan of banter bubbles…and moderators so glad to have you! I see this is your first time posting, it’s always good to see new engagement.
So implementation and risk management. If this ever went to a proposal, i guess i would design it in as WG “MFWG” acronyms are fun…
WG Composition:
We would recruit community members with the requisite knowledge for launching tokens on Solana
We would need community builders for the non-JUP community. You know, telegram/Twitter/Website (but with JUP branding)
We’d use multisig wallets to fund the LP…all steps fully transparent to the community.
Implementation:
‘Meme Ethos’ posted on our meme socials…and as this will be a fully funded and accountable Work Group, the built in accountability and transparency would/should create a level of trust for our meme that there will never be any of those shady tactics the unwary get scammed by.
Stealth launches once a week. as our community would know the launch time, all interested community members would be able to get in at a good price…presumably lol, that could (NFA/DYOR) build a very strong community floor.
Meme contest. well we are plugged in all over the interwebs…set a really good reward for the winning teams, maybe create a Discord channel for members to get together and create teams for the contest. Do a vote and the WG would then get to work.
Extracted value…well we could fund a meme coin education series. build partnerships with aligned influencers. Lots of things we could do to benefit the meme community
LOL we could set up a rug fund where any poor bastard that gets rugged can connect their wallets to our site and get a (RUG) airdrop equivalent to the total tokens lost to them. We fund the LP and give all those victims a free second chance…guaranteed rug freeeeee!
There are so many fun and helpful ways an imaginative community could roll something like this.
While there is a dark side to everything, and this is crypto AND meme coins on top of that…there will always be the risk of getting your face melted…having said that, memes can be fun and engaging, and very lucrative with the proper risk management in place.
When Retail shows up in force, i believe meme coins will be the Pied Piper leading them to Solana lol…i say we learn to play the flute.
Hey Loot,
I’m very uncomfortable with the idea of the Jupiter community owning/shilling a project who’s focus is profiting from the sale of the token itself. For instance; $JUP is not the product, Jupiter is. Buying $JUP allows someone to participate in Jupiter’s success.
Having said that… Given the magnitude of meme trading on Solana, it might be time to start thinking about ways to support Honest Meme Traders. Lean into this advantage for Solana by making it safer.
Initially Jupiter could provide dependable real time, real deal, information about Solana’s “Meme Scene”. Jupiter can see all of the activity associated with a token, so maybe providing continuously updated information that allows people to help themselves?
***Balanced against the imperative to protect privacy, and anonymity
I was talking about meme coins with some friends the other day, and the point was made that attention + utility = value. For meme coins with no utility, the only value is attention - which is not inherently a bad thing. Every project needs both - utility without attention is just 100% potential. But the greater the proportion of utility to attention, the more important the concept of consensus. Meaning - a meme coin with no utility benefits from any attention - good or bad. But a project with real utility only benefits if that attention has consensus around positive utility. My point is this - what if the Jupiter had a way to measure/rate utility in projects? Would that be useful in accessing their potential value and risk?
Thanks for the engagement! It’s always nice to see new opinions and views on any given subject.
So to continue your point, the Jupiter ecosystem and it’s satellites are the product. not the token. The token is primarily a reflection of the ecosystem value proposition and a method of transferring value.
With this concept, the WG and it’s commitment to fair meme access is the product. the meme itself is simply the reflection of our commitment and of the existent value of that proposition.
I’m not sure that folks truly appreciate the value of a known safe zone where you can degen with the full knowledge that this token will not be the subject of shady dev practices or scammers.
I have lost thousands to scammers. a few bucks at a time. I try to be thorough with my research, but the number of malware meme coins launched on Solana daily is staggering.
If i had a place to go where i knew for a fact, that it was a legit project and that i could get in relatively early, i would never trade anywhere else. that is fact.
I can handle my own bad decisions, but when i’m interacting with a contract and have been for hours, and then all of a sudden they do some scam magic and all my funds are gone…this happens more often every day. the tools they do have available don’t/can’t cover every possible scam vector.
So a few things to consider:
Meme coins will be traded at a high volume for the foreseeable future.
Meme coins are about 90% scams and pulls
Jupiter Exchange and Meow fully support the meme value proposition in the ecosystem and have decided to interact positively with them on the platform.
The Jupiter Community has the resources and the implementation processes in place to successfully launch any number of meme coins.
The greater Solana community would embrace a provably secure access point for meme coin investing.
The value extracted from most meme coins goes to enrich either the team or the individual who launched it. Usually in a destructive manner. It is not unusual for bad actors to completely nuke a contract on exiting.
If the Jupiter community extracts that same value, it is not then removed from the ecosystem automatically, Many community investors who profited would most likely hold that value within the ecosystem to benefit their personal investment goals.
Jupiter is the best option as custodians for this asset class. We can develop best practices to facilitate a positive trading environment. this can potentially become a Standard Practice that other platforms and individuals can adopt.
We could create a certification process that other projects could use to signal a safe trade environment…provide a solid boilerplate contract that others could use unedited.
They have actually been taking positive steps in this direction. not sure if you caught any of the most recent AMA’s , but they are building some pretty robust protections. Of course, they aren’t going to be perfect…not much is lol. contracts can rug with all the safety checks done…but it’s still a step in the right direction.
Well i hope this addressed your points. sometimes i get chatty and distracted. If there are any points you’d like clarification on or if you have alternate thoughts, feel free to respond again and i’ll try my best to address anything else on your mind.
Utility is an interesting standard. Lets fix our definitions first though if you don’t mind. Utility is an interesting standard. For the purposes of this discussion, I’ll define utility as “something useful or designed for use.” This broad definition could technically include every launched token, but let’s refine it to focus on specific types of utility valued by our community.
A meme coin’s utility is two-fold: attracting attention and facilitating high-volume value extraction. Identifying and categorizing these utilities can help us evaluate projects more effectively.
To address your point, I propose creating a classification system to evaluate utility. This system would involve:
Defining the types of utility our community values.
Creating a scoring system to assess each project’s utility.
Applying this system to both existing and developing projects.
We can collect data on projects with similar utility metrics that have failed and compare these with known risk metrics to identify correlations. While the current data might be insufficient, over time, as our algorithms improve and datasets grow, this approach could give valuable insights.
Interestingly, your question aligns with a project I’m working on. I’m setting up a vector database to track conversations within the Jupiter and broader crypto communities over time and across platforms. Initially focusing on Twitter, we aim to expand to other social media, collecting engagement data from projects, community members, and ecosystem partners. Using semantic searches, we can track the tone and tenor of discussions and monitor user and community migration across the crypto landscape. A similar process could be used to track utility and associated risks.
(Note: This response is an AI generated rewrite of my original response. My original draft was lengthy and rambling…sometimes i do that. the AI has specific instructions to stick to the original text and not embellish. This is an accurate reproduction of my original post .)
I don’t know what to say I’ve to lost hell loads of money on memes and gained very few, Most of my setbacks where because of rugs which looks legit and what’s been pointed out here is a nice idea which I feel could be tested and it it works then it could be great for those who love the gambling aspect, u have my vote in this.
Thanks for that support!
Note: this is not actually a proposal. IF there is engagement with this post and support grows for the concepts, it may turn into something. But there would need to be much more specificity in an actual proposal…my thoughts are pretty general and would need considerable refinement before it ever came to anything worth proposing.
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