Solana co-founder wants a fair launch for 'Trump Corruption' coin

Anatoly "Toly" Yakovenko, a co-founder of Solana, has commented on California Governor Gavin Newsom's parody proposal to create “Trump Corruption Coin,” calling for the governor to use a fair launch protocol should he continue with his proposal.

In a post on X, on September 3, Yakovenko said:

"LFG @GavinNewsom. Please use a fair launch protocol. There are tons of options available. @metaplex, a California native company, has an excellent option. (@gavelxyz and @MeteoraAG have options as well)."

He then followed up and tagged another dev proposing that they use a Dutch auction model for celebrity tokens to continue his initiative of fair and transparent launches of tokens – even of parodies.

What's a dutch auction?

Dutch auctions start high and drop until buyers bid. In crypto token launches, the issuer sets a maximum price that decreases until all tokens are sold or a minimum price is reached.

The model ensures fairer distribution, prevents bots and insiders from buying tokens early, and lets the market set the price.

For Newsom's satirical memecoin, Yakovenko offered this model to avoid chaos and favoritism.

More news:

XRP community fumes as Commerce Dept. starts publishing GDP data
Google's new blockchain ledger is set to compete with XRPL
Crypto stock jumps after betting on asset that beat Rolls-Royce

Newsom's political parody

As reported earlier, Newsom introduced the token on Pivot as part of his Campaign for Democracy initiative when adequate funding for voter outreach and redistricting became increasingly hard to come by.

Newsom emphasized that this coin would not be some sort of vanity project using his name, but a way to strike back at Trump's "grifters' playbook" in crypto.

He said, “This is just jaw-dropping. And none of this is normal. Again, none of this is funny.

Yakovenko's public relations efforts show the extent to which deliberations about crypto infrastructure attack vectors have become part of political theater.

Related: What are meme coins? Explained

While Newsom's plan is in the realm of parody for now, Solana's founder used this opportunity to tip the hat to best practices in token issuance - showcasing that even joking about tokens can impact the more significant discussion about equity, transparency, and adoption that we are all likely interested in.

FAQs

Q. What is Trump Corruption Coin?

A: Governor Gavin Newsom of California teased a satirical cryptocurrency on a podcast. He wants to fight with Trump's crypto fortune.

Q: Why did Newsom propose it?

A: According to Newsom, the idea was intended to mock President Donald Trump's cryptocurrency ventures, calling him one of the great "grifters of our time."

Q: Why did Newsom propose it?

A: According to Newsom, the idea was intended to mock President Donald Trump's cryptocurrency ventures, calling him one of the great "grifters of our time."

The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.