pump.fun Lianchuang: I hope that the party responsible for the LIBRA incident will be punished, and users’ demand for permissionless on-chain creation/speculation will not disappear.

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ODAILY
02-18
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Odaily News reported that Alon Cohen, the co-founder of pump.fun, posted on X stating: "I am disgusted by the events surrounding LIBRA over the past few days. The people behind this project have gained significant personal benefits at the expense of many users, the ecosystem, and even entire countries. I hope the responsible parties are duly punished. I know the situation is still evolving, so if you are aware of any misconduct by any participants in the ecosystem, no matter how small, you should speak up. I also know that some people may be in difficult situations, so my DM is open so that I can provide assistance. The events of this weekend were particularly heartbreaking, as pump.fun was established to explicitly address some of the issues exposed over the past few days. Most importantly, the involvement of intermediaries such as 'development teams' and market makers is absurd - creating a Meme coin should be very simple, and anyone should be able to do it. The mere existence of such participants means that anyone can easily be exploited. Due to the damage caused by these events, many have stated that this could be the 'end of Meme coins'. While I sympathize with those who hope to see the end of Meme coins, as they are tired of such events, the fact is that the user demand for permissionless on-chain creation/speculation will not disappear. The same core user behavior you see in the Meme coin space has existed before - whether it's Dogecoin, the ICO craze, NFT/DeFi - in an increasingly attention-driven economy, users will undoubtedly continue to want to trade on world events, culture, technology, and so on. That said, it is crucial for platforms to provide guardrails to ensure users are as safe as possible while meeting their needs. Here are some thoughts on what to focus on to achieve this goal: 1) Educate users on how to create tokens safely and ethically 2) Onboarding new traders needs to be more user-friendly 3) User protection needs to be prioritized at the interface level. While no permissionless platform can completely eliminate negative on-chain outcomes, the interface can create a safer environment by reducing the visibility of tokens displaying suspicious trading patterns and setting reasonable default slippage settings (hint: slippage less than 20%)."

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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