I usually agree with Simon’s takes, but this one I don’t. I think memecoins are web3 equivalent of vaporware. Or if you prefer a tradfi analogy, they’re like SPACs hoping to find investments, except without even a clear and skilled search mission. The problem is even if they solve some interesting and challenging problems in fair distribution and transactional mechanics, the underlying tokenization is vacuous. L1s tokenize security and other basic affordances. L2s tokenize speed, tx cost, storage etc. Memecoins try to tokenize ephemeral “vibes” essentially. The premise is that the very act of swarming a vague cultural affinity like “degen” or “doge” is worth something nontrivial. I think it’s worth almost zero. Not exactly zero since there is some informational value in tagging a broad affective mood, but it’s certainly not liquid or at this level of revolutionary political value. If a memecoin prototypes and proves some novel distribution or transactional mechanic, that can be adopted by more substantial instruments. That’s experimental value separate and unrelated to the vibe it tokenizes. The vibe itself might occasionally crystallize into meaningful action but I don’t see how it can go beyond stunts like ConstitutionDAO. You do need somebody to actually put in work to create value. Not just in the mechanism, but the content. Otherwise you have a pure pickaxe economy with no gold mine in sight.