The ongoing scandal scandal took the coding industry through the storm, which sparked many discussions related to the protection of the user, the market of the market, and the bad actors who benefit from Memecoin’s madness. Pump.fun founder joined the discussion and urged the distinguished code to work on practices to improve the space.
The scandal scale shakes the mimin sector
On Monday, Alon Cohen, the founder of Pump.fun X, took to Monday Discuss The current situation of the Memecoin sector after the recent “Libragate” controversy. Cohen expressed disgust from the events that “occur during the past days surrounding men”, as the people responsible for the project have benefited from many users, the ecosystem, “and even an entire country.”
Pump.fun's founder weighs in on the Libra token controversy. Source: Alon on X
The “VIVA LA LIBRTAD” project and Ramzah, Al -Mizan, were launched on Friday and soon gained attention after Argentina President Javier Millie supported it in a launch now. It claims that the project aims to “encourage the economic growth of Argentina by financing small companies and startups”, as the value of the market value of more than $ 4.5 billion in less than an hour.
However, the team governor and those familiar with the project began to dispense with more than $ 100 million, and the evaluation of the code is distinguished by more than 90 % within a few hours. Since then, President Millie has distanced the project and mentioned in interview He “did not promote her” but “published it.”
Cohen considers that this incident has greatly damaged the mechanical space, “especially that Pump.fun was designed to address some of the problems that were explicitly revealed” this week.
He criticized the need for the participation of the brokers -like development team and the participation of market makers, noting that the mechanics “should be simple with stupidity so that anyone can do it” and suggest the presence of these actors to benefit from anyone easily.
When we created the pleasure of the pump, from the beginning, it began to unify, automate and give the democratic character to create a metal currency to build at a basic level of safety, simplicity and fairness for every launch.
Better user protection is required
Pump.fun’s founder pointed to the increased ames towards Memecoins, but he pointed out that “the same basic user behaviors that you see in the Memecoin space were present by” in other sectors, including NFTS and Defi.
Cohen defends the memecoin sector. Source: Alon on X
He suggested that Memecoin platforms such as Solana Launchpad should provide handrails that ensure that users are as safe as possible and meet their demands simultaneously. I have included three procedures that can help achieve a better user protection.
First, Cohen is considered to teach users safely and ethics the important symbols is important. According to The Post, there is a shortage of education about what Memecoin is doing after launching the distinctive symbol, how to determine expectations, the amount of offer that must be purchased and when it gets profit, or what to do about snipers.
Second, he suggested that on board the plane should be more friendly for new traders, noting that the ecosystem should be on board new users in a way suitable for the user trading experience “, as promoting advanced trading tools is” simply irresponsible. “
Finally, the Pump.fun founder believes that the user protection should be taken seriously “at the front level.” For him, he can create safer environment facades, reduce the vision of symbols that display suspicious activity, put reasonable sliding settings, and more, to “make this space great again.”
Cohen’s publication has sparked a discussion on what Memecoin’s launch platforms do to protect users. Some community members considered that the thread is somewhat hypocritical on the basis of the previous differences of Pump.fun.
As Bitcoinist reported, Solana’s platform has faced severe criticism in November 2024 after users used the direct broadcast feature now now to promote controversial and exciting symbols.
I am free The name The platform “Basta Pulling Factory”, which offers “fraud and extraction”, with one user male Cohen’s launch platform has extracted more money from Solana than anything else through Longshot. “
Meanwhile, a pump user indicated.
The repercussions of the distinctive scale icon have not yet been seen, but it put the spotlight on the growing users on the ongoing poor practices of the harmful actors trying to benefit from encryption investors.
Solana (SOL) trades at $169.25 in the one-week chart. Source: SOLUSDT on TradingView
Distinctive photo of Unsplash.com, Chart from Tradingview.com
