Arbitrum's Memecoin Fund

im guessing u and @ruslanklinkov missed boop going from 1m to 40m mc on arb

This is a clear chance to make a huge marketing play and revive Arb ? Arb should make a large $Boop buy and supply liq .

Hello @0xkawz,

This is Oyeniyi Abiola Peace from the Blockchain Innovation Hub. After discussing this proposal with the team, this is our view of the proposal.

While this proposal might be worth funding, there might be problems regarding memecoins seeking funds from DAO if the following concerns are not addressed.

  1. How do we ensure that the holders of the tokens are real users and not bots?

2)How do we intend to measure the daily trading value if people are trading with bots?

  1. How do we ensure the project founders would not secretly allocate wallets to themselves?

  2. How do we ensure that there won’t be insider trading?

  3. Will there be mandatory KYC for project founders?

  4. The DAO should not be obliged to fund memecoins when transparency and accountability cannot be guaranteed.

I echo Jojo’s sentiment and appreciate that @0xkawz brought this conversation to the forums so we can have a thoughtful debate. Here is the original Twitter thread for reference:

Regarding the memecoin fund, these are the questions that I would encourage us to think about:

The Avalanche Foundation aims, among other things, to make the use of the Avalanche blockchain synonymous with creativity, culture, and lifestyle.

  • Who are the collaborators who will run the memecoin fund? What is their background and expertise? How will they be selected?
  • Who will be the multisig signers? And is a multisig the best option? (the DAO has been having conversations around the pitfalls of having too many multisigs across the DAO).
  • What is a detailed breakdown of costs? (i.e, how did you come up with your monthly proposed costs, including $3M to kickstart the fund?)
  • Will the DAO have final say in investment decisions or will the fund collaborators have full decision making powers?

I know you are very early in thinking through the fund and its structure. Thanks again for starting this conversation on the forum.

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