Solana Co-founder Anatoly Yakovenko Labels Memecoins and NFTs as 'Digital Slop' Amid Heated Debate
Solana co-founder Anatoly Yakovenko ignited controversy within the crypto community by calling memecoins and non-fungible tokens (NFTs) "digital slop," despite these crypto tokens driving a significant portion of Solana's revenues.
Yakovenko expressed his views in a post on X, stating, "I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value," comparing them to loot boxes found in free-to-play mobile games.
Debate Over Intrinsic Value
The comments came during a debate with Base creator Jesse Pollak about whether memecoins and NFTs hold fundamental value. Yakovenko argued their value is purely market-driven through price discovery, while Pollak countered that the content behind these tokens holds intrinsic value.
“The content itself is valuable. Just like a painting is fundamentally valuable, regardless of whether you charge people at the museum to see it.”
Memecoins Compared to Apple's Loot Boxes
Yakovenko acknowledged that without memecoins, Solana would not have achieved its current status. However, he likened memecoin revenues to Apple's loot boxes, which generate significant income despite criticism.
Loot boxes are virtual rewards in many free-to-play games on the Apple App Store. Critics argue they exploit players by encouraging repeated spending with uncertain outcomes. This has led to regulatory scrutiny in countries such as Australia and Germany.
Yakovenko has maintained this skeptical stance on memecoins and NFTs since at least January 2024.
Community Backlash
The Solana co-founder’s remarks drew criticism from the crypto community. Flaunch contributor and X user “Caps” accused Yakovenko of mocking Solana’s user base. Crypto commentator Karbon expressed distaste for Yakovenko’s approach, noting the contradiction of promoting memecoins while calling them worthless.
Solana’s Heavy Reliance on Memecoin Activity
Despite Yakovenko’s disparaging remarks, memecoins remain a major revenue driver for Solana. According to Solana-focused infrastructure firm Syndica, memecoins accounted for 62% of the network’s decentralized app revenue in June 2025, marking an all-time high.
Memecoin activity contributed to the majority of Solana’s $1.6 billion revenue in the first half of 2025. Much of this revenue comes from Solana-based memecoin launchpad Pump.fun and its decentralized exchange aggregator PumpSwap.
Recently, rival platform LetBonk has emerged as a serious competitor, occasionally surpassing Pump.fun in 24-hour revenue as Solana’s leading memecoin launchpad.
Source: Cointelegraph on July 28, 2025.
Frequently Asked Questions
What did Yakovenko compare memecoins and NFTs to?
Yakovenko compared memecoins and NFTs to loot boxes found in free-to-play mobile games.
Why does the community criticize Yakovenko's remarks?
The crypto community criticizes Yakovenko's remarks for being hypocritical since Solana benefits financially from memecoins despite him calling them worthless.
How significant are memecoins to Solana's revenue?
Memecoins account for over 62% of Solana's decentralized app revenue, showcasing their importance to the network’s financial stability.
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