As the host of Blockchain Banter, I recently led a discussion on a topic that sparks strong opinions across the industry — memecoins. Whether you love them or hate them, there’s no denying their impact. Some believe they are ruining crypto, while others see them as a natural evolution of decentralized markets.
To break down the debate, I was joined by Justin Havens (DeFi Growth at Polygon) and Dr. Mark Richardson (Project Lead at Bancor & Carbon DeFi).
What followed was an in-depth discussion on:
The beginning, and the role of memecoins
Regulatory challenges
Investor vs. gambler mentalities
Influencers vs. KOLs (key opinion leaders)
The ability or inability to DYOR (do your own research).
The Meme Coin Divide
Memecoins have created a deep division in crypto. Some view them as a fun, community-driven way to engage in markets, while others argue they undermine the legitimacy of the space. On one hand, we have high-profile figures like Benjamin Cowen going as far as saying “Meme coins are ruining crypto”.
https://x.com/intocryptoverse/status/1890918818483998797
On the other hand, we have high-profile figures like Binance co-founder and former CEO, Changpeng Zhao (CZ for short), encouraging (or not 😏) more memecoin creation with photos and a page-long backstory of his dog, Broccoli.
I am just posting my dog’s picture and name. I am NOT issuing a meme coin myself. It’s up to the community to do that (or not). I will likely interact with a few of the more popular meme coins on BNB Chain (BSC). The BNB Foundation may provide rewards for the top memes on the BNB Chain, giving LP support or other rewards. The details are still being discussed. More to come.
https://x.com/cz_binance/status/1890071433214038103
According to Justin, meme coins aren’t an accident — they exist because of the crackdown on structured token launches. The fear of legal repercussions has led projects to either:
avoid token utility discussions entirely
opt for private fundraising that excludes retail investors
launch tokens with no stated purpose
And what happens when the only viable public token launches are ones without utility? You get memecoins.
Mark took it a step further: “You get what you incentivize.” Regulators have created a system where utility-driven tokens are a legal gray area, while tokens that openly claim to have no utility face no enforcement risks. The result? Memecoins dominate.
Investor or Gambler? The Thin Line in Crypto
One of the biggest misconceptions in crypto is the idea that there’s a clear distinction between investing and gambling, but there is… right?
Investors research fundamentals, assess risk, and take a long-term view.
Gamblers chase hype, make impulsive decisions, and accept extreme risks.
Justin noted that many retail traders are pushed into a gambling mindset because they’re locked out of traditional early-stage investing. Unless you’re an accredited investor, your options are limited to speculative trading — including memecoins.
Mark claims the line is much blurrier than people think. And as we’ve all seen, some of the highest-performing assets in crypto history have been the most obvious scams. As he put it, “People say don’t invest in that, it’s a scam. And others say, I know it is.” This paradox fuels the memecoin frenzy — the worst-looking projects sometimes make the biggest gains.
Are KOLs Fueling the Memecoin Frenzy?
The conversation naturally shifted to KOLs (key opinion leaders) and paid influencers — a major factor in the memecoin ecosystem. Are memecoins the problem, or is it the people shilling them for profit?
There’s a clear distinction between true KOLs and paid influencers.
True KOLs are respected builders and industry experts.
Paid influencers are often promoting tokens they were paid to shill, creating an illusion of organic interest.
Mark says the term “KOL” is often misused in crypto. Many so-called “opinion leaders” are simply advertisers selling token allocations behind the scenes. If a project needs to pay people to talk about it, it’s worth questioning why.
The takeaway? Question incentives. If someone is aggressively promoting a token, ask yourself — what do they gain from this?
DYOR: Is It Even Practical?
“Do your own research” (DYOR) is often repeated in crypto, but as Mike from the audience pointed out, it’s easier said than done. Most people don’t have the tools or expertise to properly analyze token distributions, contract risks, or liquidity structures.
While true onchain research takes effort, there are tools that help. Platforms like Bubble Maps make it easier to track token distributions and identify potential scams. But at the end of the day, if you don’t fully understand what you’re buying, you’re likely gambling — not investing.
Memecoins Can Evolve: Case Study on Sei
One counterpoint in the discussion was that some memecoins start as jokes but evolve into real projects. A great example is Seiyan on Sei, which started as a memecoin but has since launched their own aggregator — turning its community momentum into something more.
The line between meme and utility tokens isn’t always clear — sometimes, memecoins grow into legitimate projects and contribute much more to the ecosystem than a good-humored token.
Final Thoughts: Meme Coins Aren’t Going Anywhere
Memecoins remain one of the most controversial topics in crypto at the moment— and the conversation is far from over.
At the end of the discussion, one thing was clear: memecoins are here to stay. Their demand is market-driven, and until there’s regulatory clarity that allows for structured token launches, memecoins may very well continue to dominate.
So, is the real problem memecoins? Is it KOLs and the gambling mindset? Or is it the regulatory system?
As Justin summed it up: “If you fix the incentives, you fix the market.”
Blockchain Banter
Breaking down and debating the biggest conversations in crypto- live and unfiltered.
🎙️ Follow me on X at x.com/Here2DeFi and tune in every Wednesday at 3PM UTC.
https://x.com/Bancor/status/1892228830888391011
Project Updates
Before wrapping up, Justin and Mark shared updates on their respective projects:
Polygon (Justin Havens)
Biggest challenges: Fragmented liquidity & cross-chain interoperability.
Polygon’s Ag Layer aims to solve these issues and drive mass adoption.
DeFi growth on Polygon & Ag Layer will be a major focus in 2025.
Bancor & Carbon DeFi (Mark Richardson)
Bancor pioneered AMMs in 2017 and continues to push DeFi innovation.
Carbon DeFi offers the most feature-rich DEX experience, providing:
Advanced trading strategies.
Grid trading & conditional orders.
More flexibility than traditional AMMs.
Blockchain Banter is a live, unscripted discussion series where industry experts, builders, and thought leaders come together to share knowledge, challenge ideas, and explore the evolving landscape of DeFi and blockchain. Tune in weekly to join the discussion!
