Yakovenko compares memecoins to loot boxes as critics question Solana’s moral stance
Solana co-founder Anatoly Yakovenko stirred controversy in the crypto world after declaring that memecoins and NFTs are “digital slop,” despite their critical role in Solana’s skyrocketing revenue.
In a heated exchange on X (formerly Twitter) with Base creator Jesse Pollak, Yakovenko compared memecoins and non-fungible tokens (NFTs) to loot boxes commonly seen in mobile games, suggesting they lack any intrinsic value.
“Digital Slop” or Market Gold?
“I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value,” Yakovenko stated on X, arguing their value comes solely from speculative market behavior. He likened them to loot boxes in free-to-play games, where users often spend money for uncertain rewards.
Pollak pushed back, asserting that the content itself holds value—like a painting—regardless of the financial mechanics around it. He argued that NFTs and memecoins can carry cultural or artistic worth.
Solana’s Success Still Built on Memecoins
Despite Yakovenko’s harsh criticism, memecoins are undeniably driving Solana’s ecosystem. In June alone, they accounted for a record-breaking 62% of decentralized app revenue on the Solana network, according to data from infrastructure firm Syndica.
During the first half of 2025, memecoin activity contributed the lion’s share of Solana’s $1.6 billion in network revenue, highlighting the protocol’s reliance on what Yakovenko himself deems worthless.
Pump.fun and LetBonk Fuel the Boom
The explosive growth is largely tied to Solana-native platforms like Pump.fun, a memecoin launchpad, and PumpSwap, a DEX aggregator. These tools have made it easier than ever for new tokens to launch and gain traction—often within hours.
However, Pump.fun now faces stiff competition from rival platform LetBonk, which has occasionally surpassed it in daily revenue, signaling a more competitive memecoin launch landscape within the Solana ecosystem.
Crypto Community Pushes Back
Yakovenko’s remarks drew backlash from the crypto community. X user and Flaunch contributor “Caps” accused the Solana CEO of mocking the very users driving his chain’s success.
Another critic, commentator “Karbon,” said: “I’m not a huge fan of how Vitalik [Buterin] handled memecoins […] but I find Toly’s approach much more distasteful—actively promoting them while believing they’re worthless.”
Loot Boxes, Apple, and the Ethics of Engagement
Yakovenko doubled down on his analogy by comparing memecoins to Apple’s revenue from loot boxes, which are controversial in the gaming world for encouraging spending without guaranteed results. These mechanics have drawn regulatory scrutiny in countries like Australia and Germany.
While he acknowledged Solana’s success is tied to memecoins, Yakovenko hinted it may be more a reflection of consumer behavior than meaningful innovation.
A Consistent Viewpoint, but a Divided Community
Yakovenko’s stance isn’t new—he has posted similar views since at least January 2024—but the latest debate reignited the tension between crypto idealism and market reality.
As memecoins continue to dominate Solana’s revenue stream, questions around their legitimacy, value, and ethical implications remain front and center—not just for Solana, but for the broader Web3 space.
