Arthur Hayes, a co-founder of BitMEX, recently engaged in a discussion with Real Vision CEO Raoul Pal, where he shared his bullish views on memecoins within blockchain ecosystems. Hayes regards memecoins not just as digital assets but as a vibrant form of communal expression that enriches the crypto world with its diversity and creativity. He mapped out a crypto enthusiast’s journey from mainstream cryptocurrencies to engaging with memecoins, emphasizing the progression as an enjoyable exploration of digital currency capabilities.
Highlighting the inherent fun and experimental nature of memecoins, Hayes underscored the importance of cautious engagement in these ventures. He praised the decentralized nature of memecoin trading, where the absence of a central governing body allows for a dynamic and instant response to market desires, fostering a sense of freedom and immediate validation or rejection of new ideas.
Further, Hayes delved into the significant impact of memecoins on blockchain platforms, particularly noting their role in driving attention and development towards them. He presented Solana as a prime example of a blockchain that has benefitted from the memecoin phenomenon due to its user-friendly interface and attractive environment for launching such digital currencies. This, according to Hayes, not only enhances the platform’s visibility but also serves as a magnet for new developers and users intrigued by the vibrant memecoin culture.
Hayes argued that while some may dismiss memecoins as frivolous or lacking in value, their role in attracting attention, users, and developers to blockchain platforms cannot be underestimated. In his view, the engagement and community growth driven by memecoins contribute positively to the ecosystem, making them a net positive for the blockchain space:
“The chains that can support [that] culture are going to be the chains that have value. So Solana – and I’m a bit of an ETH maxi in terms of who has the best decentralized internet computer – but at the end of the day, if the Solana price is going up because people are launching these memecoins on it and a new developer to this space says, ‘Oh, this is interesting, I want to develop on Solana because I know I have users.’
“Why does Solana have users? Well, it’s a very easy platform with a good UI/UX (user experience) to launch these dog money coins, and so it brought attention … So yes, you can poo-poo these things as stupid and valueless, but if it brings attention, if it brings more engineers to the space, then it’s positive value to the chain itself.”
