SendAI creator Yash Agarwal has warned that the Solana AI Hackathon is turning into a gambling haven, with two to three hackathon teams launching tokens daily and quickly reaching a market value of $50 million.
In a X post, Yash said that the Solana AI Hackathon has ended up becoming a gambling haven for criminals.
To explain the claim he says that currently, two to three hackathon projects publish $50 million tokens per day, with a total value of over $500 million.
Hackathon Turns into a AI Token Search Place
According to Yash, inadvertently, the Solana AI Hackathon has evolved into a platform for finding AI tokens. He also adds that the meta’s hypertokenization is blinding and shortsighted developers.
As long as they are upfront about it, 90% of Crypto x AI initiatives at the moment are similar to cat/dog memecoins, and that’s perfectly acceptable.
But many projects that market their currencies as “utility coins”, misrepresent the real value of the token. In this case, it can do long-term harm to real builders (especially the weak ones), who are now compelled to focus in the short term.
Tokens are the most effective technique to attract attention, according to the majority of Agent/Infra projects. Keeping this in mind, in order to give degens a short pump and dopamine rush, many projects just upload sporadic announcements or demos (even with $200M+ maketcap) – and then the whales/cabals spread to retail degens as “awesome tech.”
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Yash Gives Advice to Builders
The SendAI founder requested builders to refrain from issuing tokens just for the purpose of doing so, especially if they do not hold a sizable portion of the company.
“I promise you that once the price starts dropping, you won’t have any motivation to continue building if you hold less than 5%”, he adds.
“Indeed, launching a $50–$100M token will give a builder a short-term dopamine boost, but after the price corrects, the builder won’t have any motivation to build and will be left with a pathetic group of bagholders who expect them to keep building because they were sold “awesome tech” by some cabal.
Additionally, he says that “Never forget that tokens are both a technical and an emotional burden. Launching a token is relatively simple, but after managing one for the past six months and through all of these setbacks, I can assure you that token management is not enjoyable. Managing the token is a massive task in and of itself.”
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