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Fantom launches $6.5 million development fund, betting on safer memecoins

Layer-1 blockchain Fantom is using a grant of $6.5 million worth of native FTM as a development fund to promote the idea of safer meme coins, in an attempt to gain a share of this nearly $50 billion market. Solana and Coinbase's Ethereum Layer-2 network Base accounted for the majority of trading volume in the recent meme coin frenzy. However, up to one-sixth of meme coins on Base were exposed as scams, and at least 12 sizable meme projects on Solana were quickly abandoned by their founders after raising $26.7 million.

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