Author: Jen Albert Translated by: Plain Language Blockchain

As the host of BlockchainBanter, I recently led it A discussion about memecoins - a topic that has caused strong controversy throughout the industry. Whether you love them or hate them, they cannot deny their influence. Some think they are ruining the crypto industry, while others see it as a natural evolution of the development of decentralized markets.

To analyze this debate in depth, I invited Justin Havens (Polygon DeFi Ecological Growth Leader) and Dr. Mark Richardson (Bancor & Carbon DeFi Project Leader) ) Discuss together. We had an in-depth discussion around the following core topics:

The origin and role of Memecoins

Regulatory Challenges

Investors vs. Gambler Mindset

Influencers vs. Key Opinion Leaders (KOL)

The possibilities and limitations of DYOR (self-study)

This scene Dialogue reveals memecoins You are welcome to discuss the multiple influences in the crypto market!

1. Memecoins dispute

Memecoins has caused huge differences in the field of encryption. Some think they are an interesting and community-driven way of market participation, while others think they undermine the orthodoxy of the industry. On the one hand, well-known figures like Benjamin Cowen even said bluntly: "Memecoins are destroying the crypto industry."

On the other hand, we have also seen some industry celebrities taking the opposite attitude, such as BN (Binance) co-founder and former CEO Zhao Changpeng (CZ), who posted photos of his pet dog Broccoli and attached Previous page storyBackground, seems to encourage (or not?) more of the birth of memecoin.

"I just posted photos and names of my dog. I didn't release memecoin myself, and whether to create it depends entirely on the community (or it's OK not to create it). However, I may interact with some of the more popular memecoins on BNB Chain (BSC). The BNB Foundation may offer rewards for top memecoins on BNB Chain, such as LP support or other incentives. Details are still under discussion , please stay tuned. ”

Justin believes that memecoins are not accidental products, but supervision The inevitable result of cracking down on structured token issuance. Due to concerns about legal risks, the project party had to choose the following methods:

Totally avoid any discussions related to the practicality of the Token

Choose to raise funds and exclude retail investors

issuing Tokens with no clear purpose

So, what happens when the only viable public token is tokens that have no practical purpose? The answer is the rise of memecoins.

Mark goes further: "Mark incentives determine the final result." Regulators have created an environment where practical tokens fall into the legal gray area. But the Token, which clearly claims that it is "useless"**, will hardly face compliance risks. The result is that memecoins quickly dominate.

2. Investor or gambler? The subtle boundaries of the crypto market

One ​​of the biggest misunderstandings in the crypto field is that there is a clear boundary between investment and gambling. But does this boundary really exist?

Investors study fundamentals, evaluate risks, and make decisions from a long-term perspective.

Gambling players chase hot spots, impulsive transactions, and accept extreme risks.

Justin pointed out that many retail traders are forced into the "gambling mentality" because they cannot participate in traditional early-stage investments. Unless you are a qualified investor, your only option is speculative trading—that includes memecoins.

Mark believes that this boundary is more blurry than most people think. After all, there are many obvious scams among the best performing crypto assets in history. As he said:

"People will advise you not to vote for this, saying it is a scam. And others will say, 'I know it is.'"

It is this paradox that fuels the craze of memecoins—the most scam-like project that sometimes brings the biggest gains.

3. Did KOL fuel Memecoin’s fanaticism?

The topic naturally turned to KOL (key opinion leader) and paid promotion internet celebrities - this is an important driving force in the memecoin ecosystem. So, is the root of the problem memecoins itself or those who sell them for profit?

In fact, there is an essential difference between a real KOL and a paid internet celebrity:

Real KOLs are respected industry builders and experts.

Paid internet celebrities are often promoting tokens that they are employed to promote, creating an illusion of "natural attention from the market".

This also explains the other side of memecoin hype - is it market demand that makes them, or is it artificially fueling?

4. Is the word KOL abused in the encryption circle?

Mark believes that the word "KOL" is often misused in the field of encryption. Many so-called "opinion leaders" are essentially just advertisers who resell the Token share behind the scenes. If a project requires money to make people talk about it, it is worth thinking: Why does it need to do this?

What is the core? Questioning incentive mechanisms. If someone desperately sells a token, ask yourself first-what can they get from it?

5. DYOR: ReallyIs it feasible?

"Self-research (DYOR)" This sentence is repeatedly emphasized in the encryption circle, but reality is often much more complicated than slogans. As viewer Mike pointed out, DYOR is easier said than done.

Most people lack tools and expertise to analyze correctly:

Token Key elements such as liquidity structure

Potential risks of smart contracts

Liquidity structure

p>

While real on-chain analysis requires some investment, there are certain tools that can help, such as Bubble Maps, which can intuitively track the Token distribution and identify potential scams. But at the end of the day, if you don’t understand what you are buying at all, you’re more like gambling than investing.

6. Can Memecoins evolve? Take Sei as an example

There is a reverse view in the discussion: some memecoins, although at first, were just jokes, later developed into real projects.

Seiyan (memecoin on the Sei chain) is a typical case - it was originally just a memecoin, but later launched its own aggregator, which will The momentum of the community is transformed into more practical products.

The boundary between Memecoins and functional tokens (utility tokens) is not always so clear. Sometimes, memecoins can also grow into real projects and contribute far more to the ecosystem than a "fun token".

7. Conclusion: Memecoins will not disappear

Memecoins is still one of the most controversial topics in the crypto industry, and the discussion is far from over.

But one thing is beyond doubt-memecoins have become part of the market and will not disappear in the short term. Their demand is market-driven, and before regulation has been clarified and cannot support structured token issuance, memecoins may continue to dominate.

So, what is the root of the problem?

Is it memecoins itself?

is it the speculative mentality of KOLs and the market?

or is the imperfect regulatory system?

As Justin concluded:

"If you correct the incentive mechanism, you can correct it Market. ”