Solana co-founder Anatoly Yakovenko has ignited controversy in the crypto space after labeling memecoins and non-fungible tokens (NFTs) as “digital slop” in a recent post on X, despite their outsized contribution to the Solana ecosystem’s growth and revenue.
Yakovenko’s remarks surfaced during a heated exchange with Jesse Pollak, the creator of Coinbase’s Base network, over the true value of digital collectibles and tokens. The Solana Labs CEO argued that memecoins and NFTs lack intrinsic value and are driven solely by market speculation—comparing them to the controversial “loot boxes” often found in free-to-play mobile games.
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
“I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value,”
Yakovenko wrote, doubling down on views he has publicly held since at least January 2024.
Pollak disagreed, asserting that digital content can carry inherent value in the same way that artwork or museum pieces do. “The content itself is valuable,” he responded, likening NFTs to paintings that remain valuable regardless of monetization.
Despite Yakovenko’s dismissal of memecoins, he acknowledged that their presence has played a critical role in the Solana network’s expansion. Drawing a parallel to Apple’s app store profits, he noted, “Absolutely. Without lootboxes ios would have negligible revenues for Apple,” suggesting that profitability doesn’t necessarily imply meaningful value.
His comments were met with swift backlash from the crypto community. Critics pointed out the disconnect between Yakovenko’s harsh take and the Solana ecosystem’s deep reliance on memecoins for revenue. In June alone, memecoins were responsible for 62% of decentralized app (dApp) revenue on the Solana blockchain—a record high, according to Solana infrastructure firm Syndica.
X user “Caps,” a contributor to Solana launchpad Flaunch, accused Yakovenko of mocking the very users who helped fuel Solana’s success. Meanwhile, crypto analyst Karbon contrasted Yakovenko’s stance with Ethereum’s Vitalik Buterin, stating: “I’m not a huge fan of how Vitalik handled memecoins […] but I find Toly’s approach much more distasteful, actively promoting them constantly while believing they’re worthless.”
Notably, Solana developers have introduced a significant upgrade proposal, SIMD-0286, aimed at increasing the network’s block capacity by 66%.
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