Memecoins
have
always
been
a
feature
of
crypto,
but
only
recently
has
the
sector
grown
to
become
a
dominant
theme
in
the
ecosystem.
Memecoin
launchpad
“Pump.fun”
reached
over
$100
million
in
revenue
after
just
217
days
of
going
live,
a
record
for
the
crypto
industry.
Since
Pump.fun
hit
that
milestone,
the
sector
has
cooled
off.
As
the
dust
settles,
lively
debate
has
broken
out
as
crypto
natives
lament
what
memecoins
do
to
the
industry’s
image.
University
College
Dublin
lecturer
Paul
Dylan-Ennis
told
The
Block:
“It’s
all
the
worst
elements
of
our
industry
condensed
into
one
epilepsy-inducing
website.”
More
than
99%
of
the
memecoins
launched
on
Pump.fun
are
dead
within
the
first
week.
Nonetheless,
users
have
launched
around
2
million
coins.
Memecoins
listed
on
CoinGecko
boast
a
collective
market
cap
of
$40
billion.
This
is
six
times
larger
than
tokens
(not
tokenized
assets)
categorized
in
the
Real
World
Asset
(RWA)
sector
at
$6.6
billion,
which
involves
the
tokenization
of
everything
from
U.S.
Treasuries
to
insurance.
Ignore
The
Nonsense,
Crypto
Utility
Is
Right
In
Front
of
You
Many
crypto
natives
find
these
figures
disheartening,
leading
to
a
palpable
growth
in
the
cohort
of
so-called
“crypto
nihilists”
within
the
industry
–
people
who
think
we
are
doing
nothing
here
but
slinging
memes.
However,
while
the
crazy
corners
of
crypto
rage
on,
the
serious
part
of
the
industry
makes
great
strides.
Stablecoin
market
cap
recently
hit
$175
billion,
as
demand
for
crypto’s
greatest
product
grows.
The
utility
and
significance
of
USD-pegged
stablecoins
is
often
lost
on
crypto
natives
in
Western
countries.
However,
stablecoins
have
proven
to
be
crucial
products
for
people
in
emerging
markets,
whether
they
are
avoiding
hyperinflation
of
their
native
currency,
or
avoiding
predatory
remittance
fees.
Meanwhile,
infrastructure
for
crypto
payments
continues
to
develop.
Mastercard
recently
partnered
with
Mercuryo,
enabling
users
to
spend
their
self-custodied
crypto
at
more
than
100
million
merchants.
PayPal
and
Venmo
just
integrated
Ethereum
Naming
Service,
enabling
their
users
to
transfer
crypto
by
using
readable
names
instead
of
traditional
wallet
addresses.
The
Helium
Network,
a
decentralized
physical
infrastructure
(DePIN)
project
going
after
big
telcos,
has
seen
113,000
people
sign
up
to
its
mobile
service.
That
is
113,000
people
who
have
ditched
the
likes
of
Verizon
for
a
crypto
alternative.
Crypto
is
also
integrating
itself
into
our
lives
through
messaging
apps.
Telegram,
with
nearly
1
billion
monthly
active
users,
integrated
The
Open
Network
(TON),
allowing
users
to
transfer
crypto
as
easily
as
sending
a
text.
LINE,
an
Asian
messaging
app
with
over
230
million
monthly
active
users,
is
following
a
similar
plan
with
Kaia.
Both
TON
and
Kaia
are
focused
on
building
out
mini
apps
that
will
enable
crypto
usage
within
Telegram
and
LINE.
TADA,
a
major
ride-hailing
app
in
Southeast-Asian,
just
launched
“TADA
Mini”
which
enables
users
to
book
rides
through
Telegram
and
pay
using
TON
or
USDT.
Kaia
Wave,
an
incentive
program
starting
in
Q4,
is
offering
up
to
$1.2
million
in
support
for
developers
building
out
mini
apps
on
LINE.
If
that
were
not
enough,
there
is
every
indication
that
the
$12
billion
in
tokenized
assets
on-chain
is
only
the
beginning
for
the
RWA
sector.
BlackRock’s
BUIDL
fund,
a
tokenized
investment
fund
focused
on
U.S.
Treasuries
and
repo
agreements,
reached
over
$500
million
in
capital
deployed
this
summer.
BlackRock
CEO
Larry
Fink
frequently
reiterates
the
vision
to
“tokenize
all
assets”,
with
BUIDL’s
launch
in
March
being
just
the
start.
Memecoins
Rarely
Capture
Headlines
Memecoins
have
stirred
a
lively
debate
within
crypto
circles,
but
“Dogwifhat”
does
not
capture
wider
attention
and
make
crypto
look
bad
to
outsiders.
FTX
defrauding
customers
and
collapsing
makes
crypto
look
bad.
$6
billion
in
DeFi
exploits
and
hacks
makes
crypto
look
bad.
VC-backed
projects
extracting
millions
and
then
exiting
makes
crypto
look
bad.
Memecoins
can
make
crypto
look
silly,
but
there
are
greater
issues
that
damage
the
crypto’s
image.
Fortunately,
such
issues
are
balanced
out
by
positive
fundamental
developments
in
the
space.
It
is
easy
to
fall
into
the
trap
of
crypto
nihilism,
particularly
when
the
silliest
sectors
of
the
industry
steal
our
attention
away
from
real
progress.
Memecoin
madness
likely
continues
to
be
a
feature
of
crypto,
but
it
will
be
drowned
as
the
industry
ushers
in
a
new
era
of
real
world
crypto
utility.
Note:
The
views
expressed
in
this
column
are
those
of
the
author
and
do
not
necessarily
reflect
those
of
CoinDesk,
Inc.
or
its
owners
and
affiliates.
