0xCV🔺

A lot of meme coins pumped after the Avalanche Foundation said it would buy meme coins The immediate question was-- which meme coins would they buy? Emin Gün Sirer, the AVAX founder, actually spoke at length about how they would go about it on his podcast Here's what he said: "If you look more carefully and are a bit more savvy about crypto then you realize that these things play a critical social function. They are a social filter of sorts. So if you're in the business of hanging out with other crypto people, your taste in meme coins is actually a huge giveaway of how well connected you are. So it's really really interesting, people use this the same way as people in Manhattan use an equinox membership. Which NFTs you own, NFTs are similar ilk to meme coins, which NFTs you own and which meme coins you own are an indicator of which circles you're in. People use that as a social signaling mechanism. And you can't fade that. That will forever be here. Even if AI takes over the world. Even if all our work is done by robots. Social signaling will be with us forever. In the long run, everything is a meme coin. The dollar is a meme coin. So where does that take us? We came under a lot of fire for this decision. It was controversial. You don't hear other people say it. You might see other people do it. There might be other foundations out there silently buying meme coins. That could be happening. I would worry about those foundations. They should be far more transparent. And I worry about any support from those foundations because you don't know when it starts and when it stops. So let me talk about the AVAX Foundation's general approach to meme coins. Not that I'm in any position to talk on behalf of the Avalanche Foundation - I'm not. Anything I say here is just essentially, I'm summarizing for you the discussions in the hallways etc that have taken place. By hallways, I mean chatgroups and so forth. So um, let's see, the kinds of meme coins the foundation would support are those coins that have essentially wide community adoption, a fair start, a fair launch, and a bunch of sort of good practices around them. So obviously, the Foundation will not be part of anything that rugs, will not want to be a part of anything that is cultural solely by a small set of people, you know the presence of whales would drive off foundation's support and so forth. That should be obvious, but let me say it again. The foundation will always seek the most legitimate, the most widely accepted, the most widely popular meme coins. That's number one. I think this is part of the announcement as well. So how is this going to work in practice? So here is the sort of the general approach to this. So the Foundation doesn't not want to be in a position, you wouldn't either if you were in the Foundation, does not want to be in the position where it picks winners and losers. So don't text me, don't message me, and ask me to support this or that. I don't want to be in that position, nor does anyone else. So how would it work? The Foundation will identify some criteria for selecting the meme coins that it finds most legitimate, most popular, most exciting, with the most amount of activity around it. So whatever criteria that is, will be used to determine where the support from the Foundation will go. So that is to say, there will be some kind of criteria, some number of daily active users, some amount of volume, some presence on exchanges, etc. That kind of criteria is written somewhere and it's evaluated periodically for the Foundation to go and identify let's say the top K coins for some K, and then for the Foundation to allocate its resources to purchase those K coins. So that's how this would work. And so that takes all of the human element out of the picture. So don't message me about your favorite coin, yes I've heard it all. Yes I know that everyone is excited, but messaging does essentially nothing. The only thing I can do is help identify the criteria that should be important and help identify the criteria that people will not game. And you can imagine that the Foundation has some really smart people on hand that it can ask how to determine such criteria. And the Foundation does go out and purchase these coins. So that's how this will work. I hope it makes sense. So I'm speaking only in the personal capacity here. Exactly what the foundation is doing - I don't know. We'll see how it translates to practice. But I'm really, really, really proud to be part of an ecosystem with a forward thinking foundation in charge. Oh so let me mention some fud. Some of the press reports mentioned a $100m figure. I don't know how they got that figure from, but there was a previous fund allocated to culture catalyst. That fund was $100m, so it's up to that amount but obviously it's not going to $100m spent on memes immediately tomorrow. It's going to be an incremental process and it's going to be based on community criteria. So the main takeaways I think are twofold: One, we have an amazing foundation that's forward looking. Two, the selection of which coins is going to be done on chain. It's going to be done not by me, but by you. You guys will determine with your feet, which coins are the most popular, which coins have the most volume, which coins have the most excitement around them etc etc. So the foundation will come up with criteria and we'll evaluate that criteria against chain and other information sources to determine which ones are the coins that fit. Once it has applied that filter for fair launch, etc etc So of the coins that qualify, it applies these criteria and then purchases those coins. I hope that makes sense and I hope you can see that this is a fair process. I hope this is a process that opens the door tomorrow for other coins that come out tomorrow. So if you have a new meme coin that comes out tomorrow and everyone decides, hey this thing is the next hottest thing, well that's awesome too and the Foundation will direct its support to you on the next cycle immediately. So that's a pretty nice situation to be in. Because it's just open. It's just open, fair, and free for all. and that's the ethos that we prescribe in crypto in general but especially at Avalanche." Here is a link to the podcast, meme coin talk starts around the 33 minute mark xitter.cf/el33th4xor/status/1743… Which coins do you think will make the cut? I think $COQ and $KIMBO are pretty obvious given the volume and exchange criteria. Think there are a lot of coins with pretty similar profiles under the $1m mark so will be interesting to see what happens (pulling for $MEAT so here's a shameless cashtag 🥩)