What Happened?
Solana co-founder Anatoly Yakovenko described meme coins and NFTs as “digital slop,” arguing that they lack intrinsic value. This statement has sparked backlash within the community, especially since these assets are a significant source of growth for Solana.
According to a report by Syndica, meme coins contributed 62% of Solana’s decentralized application revenue in June 2025, boosting total revenue for the first half of the year to $1.6 billion, primarily from Pump.fun and PumpSwap.
The community criticized Yakovenko for his contradictory stance, promoting meme coins while denying their value, which could harm Solana’s image and user trust. This controversy has reignited a heated debate in the crypto world regarding the definition of “value,” with differing opinions on whether utility or cultural significance should take precedence.
Yakovenko Questions the Value of Meme Coins and NFTs
Recently, Solana co-founder Anatoly Yakovenko publicly stated during an X post debate with Base founder Jesse Pollak that meme coins and NFTs are “digital slop” with no intrinsic value, comparing them to “loot boxes” in mobile games, which triggered widespread user backlash. Ironically, these assets he labeled as “digital slop” are the primary driving force behind Solana’s network development.
Yakovenko believes that the operational logic of these assets is similar to mobile game loot boxes, designed to stimulate consumption and create addiction, yet lacking substantive content.
“I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value. Like a mobile game loot box. People spend $150b a year on mobile gaming.” — toly (@aeyakovenko) July 27, 2025
This statement quickly drew a rebuttal from Pollak, who argued that the content behind NFTs holds value, “just like a painting in a museum, which is a valuable piece of art regardless of whether there is an admission fee.” Pollak criticized Yakovenko for overlooking the importance of creative content and community culture.
One netizen pointed out that meme coin trading is key to Solana’s development. Yakovenko did not deny this, stating that just as Apple relies on mobile game revenue, they would not achieve such high revenues without “gacha” or “loot box” designed games.
“Absolutely. Without lootboxes iOS would have negligible revenues for Apple.” — toly (@aeyakovenko) July 27, 2025
Meme Coins: The Strongest Growth Engine of the Solana Ecosystem
According to a report released by blockchain infrastructure company Syndica in July 2025, meme coins are the primary source of revenue within the Solana ecosystem. In June 2025 alone, meme coins accounted for 62% of Solana’s decentralized application (dApp) revenue, setting a historical record and pushing Solana’s total revenue for the first half of 2025 to $1.6 billion.
The biggest contributors were the meme coin issuance platform Pump.fun, along with the decentralized trading aggregator PumpSwap. Additionally, the competitor LetBonk has recently begun threatening Pump.fun’s position, even surpassing it in some daily trading volumes.
Yakovenko’s remarks have sparked significant dissatisfaction among users. A crypto creator known as “Caps” criticized him for “openly mocking the user base that supports his platform,” further stating that such comments undermine the morale of the Solana community. Another crypto user, “Karbon,” suggested that Yakovenko promotes meme coins while privately deeming them worthless.
The question of what constitutes a “valuable” asset has long been a contentious issue in the crypto world. Yakovenko argues that value should stem from utility or scarcity, akin to traditional financial products or technological applications. In contrast, Pollak and many creators assert that culture, community, and creativity are the sources of value, with meme coins and NFTs serving as tools for expressing emotions and connections.
Media outlets have pointed out that if the contradictions remain unexplained, it could lead to a loss of confidence among Solana users and impact developers’ investment in the ecosystem. After all, if the founders consider meme coins to be “trash,” who would be willing to invest time and resources in building the future of “digital slop”?
Source: Cointelegraph, CryptoTimes