Crypto: Are memecoins a red flag for Web3?

Memecoins, these light tokens often perceived as harmless, could very well be the Achilles’ heel of Web3. Dan Finlay, co-founder of MetaMask, recently explored their impact through a bold experiment. His conclusions? A Web3 weakened by a lack of consent, transparency, and accountability. A reflection that shakes the certainties of the crypto ecosystem.

The Bright Illusion of Memecoins

Memecoins play a paradoxical role. While their light nature attracts crowds, their impact on Web3 is much darker.

Dan Finlay, co-founder of MetaMask, conducted a troubling experiment by launching two memecoins on Ethereum and on Solana.

These creations, although satirical, revealed the deep flaws of Web3 in terms of consent, trust, and accountability.

From the moment they were circulated, these cryptos saw their values artificially inflate, reaching ephemeral peaks of $100,000. But the euphoria quickly gave way to chaos.

Finlay describes a dynamic where the absence of structure or clear vision pushes investors to impose a forced meaning on assets without a real purpose.

This phenomenon exposes not only the limits of the memecoin economic model but also those of the trust that is supposed to support Web3.

Even more concerning, Finlay became the target of threats from frustrated investors, a situation that raises questions about the health of the crypto community.

Is the implicit consent of users, which simply consists of agreeing to “play” with these tokens, sufficient to justify such behaviors?

Web3: Between Promises and Disillusionments

Memecoins are not just an anecdote. They embody the existential challenges of Web3. In a space expected to be decentralized and fair, they reveal a much harsher reality: blurred lines between hype and accountability.

Finlay draws a bold parallel between these dynamics and those of artificial intelligence. On platforms like Bluesky, public data is used without explicit consent, muddling social and technological expectations around the notion of consent.

Web3 thus suffers from a glaring lack of suitable infrastructure. According to Finlay, it is not an ethical question, but an urgent need for better tools and better incentives.

Precise token control, limiting markets to specific communities, or structuring sales are all avenues to escape this deadlock.

Finlay’s experience is not just a critique: it’s a call to action. Web3, just like AI, must evolve to strengthen trust, clarify expectations, and respect user consent. Memecoins, while appearing as jokes, carry crucial lessons. To prevent Web3 from becoming a digital dump, it is time to rethink its foundations. Meanwhile, bitcoin is on its way to an ATH.