Solana Labs CEO Anatoly Yakovenko debated Base creator Jesse Pollack about the fundamental value of meme coins and NFTs, sparking significant discussion in the crypto community.
“I’ve said this for years. Memecoins and NFTs are digital slop and have no intrinsic value.,” Yakovenko wrote.
The Solana co-founder compared these assets to loot boxes in mobile games, which generate revenue for developers but are often criticized for exploiting users. He argued that the value of meme coins and non-fungible tokens is solely determined by market demand.
Pollack countered, emphasizing that their value lies in their content. Jesse Pollack said, “the content itself is valuable. ads are a way to monetize that value”
Community Reaction
Users criticized Yakovenko’s statements, accusing him of a disdainful attitude toward his own community. Crypto enthusiast Karbon called Yakovenko’s stance on meme coins hypocritical.
“I'm not a huge fan of how Vitalik handled memecoins (nuking them in 1 clip anytime someone sent them to his wallet) but I find Toly's approach much more distasteful, actively promoting them constantly while believing they're worthless,” Karbon wrote.
Meme Coins Are the Basis of Solana's Economy
During the debate, Yakovenko acknowledged that Solana’s growth was fueled by meme coins. The network is home to two leading meme coin platforms, LetsBonk and Pump.fun, which actively compete for dominance in the sector.
Meme coins accounted for 62% of Solana’s total revenue in June, according to Syndica. In the first half of 2025, Solana generated $1.6 billion largely driven by meme coin activity, with Pump.fun and LetsBonk contributing significantly.
