Solana Faces Backlash Over Racist Memecoins: Community and CEO Respond

Solana Faces Backlash Over Racist Memecoins: Community and CEO Respond

FinanceBlockchain

By Jakub Lazurek

23 Mar 2024 (4 months ago)

2 min read

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Solana's CEO condemns racist memecoins; community and DEX Screener pledge action

Recently, the Solana blockchain has seen a disturbing rise in the number of memecoins with racist and offensive names, sparking widespread condemnation from both the Solana community and the broader crypto world. The issue gained attention on March 22, highlighting a misuse of Solana's token creation feature to spread hate.

Anatoly Yakovenko, the CEO and founder of Solana, strongly criticized this trend on X, expressing his disdain for the creators of such content with a terse message: “F’ these anti-Semitic racist incels.

In response to this surge of problematic tokens, DEX Screener, a service that tracks token activity across multiple blockchains including Solana, announced it would reassess its policies. The company's stance is clear: “We won’t be the gatekeepers of what happens on-chain, but we’re definitely not here to spread hate.

However, the service also noted that its platform operates in real-time and lacks human moderation, making immediate action against these tokens challenging.

While the influx has somewhat lessened, it's not confirmed if DEX Screener has directly intervened.

Molly White, from web3isgoinggreat, observed that despite the initial flood of offensive tokens on DEX Screener, few remain visible on the site's main page.

Instead, tokens condemning the offensive material, such as “Stop Racism on Solana” and “F— DEX Screener,” have gained prominence.

The crypto community has been in the grips of a memecoin frenzy for some time, a trend significantly fueled by tokens like BONK and WIF experiencing rapid value increases. Solana, known for its low fees and fast transaction speeds, has become a hotbed for memecoin activity, contributing a considerable volume of trading on its network.

SolanaFM reports that the network sees over 20,000 new tokens created each day, facilitated by its low transaction costs compared to other blockchains. For context, an average transaction on Ethereum might cost over $9.00, while Solana's fees are just a small fraction of a cent.

Of the top 50 cryptos trending on DEX Screener in the past day, nearly all are associated with Solana to some degree, underlining the network's popularity for token creation and trading.

This incident underscores the challenges blockchain platforms face in balancing openness and responsibility, especially as they become arenas for social and political expression.

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