Leonidas, founder of the Runestone protocol and host of The Ordinal Show, recently issued an open letter to Coinbase, the leading U.S. crypto exchange, questioning its transparency and fairness in listing practices, particularly regarding meme coin DOG. Leonidas shared his concerns on X (formerly Twitter), urging Coinbase to address broader issues around listing transparency for non-utility tokens, such as memecoins, within the crypto industry.
In the post, Leonidas quoted Coinbase founder Brian Armstrong, who urged all projects interested in listing on the platform to “drop a note.” However, according to Leonidas, Runestone has not received any response from Coinbase on the application for DOG, even with follow-ups made.
Call for Equitable Listings of Meme Coins
In his letter, Leonidas appealed directly to Armstrong and Coinbase to adopt policies accommodating decentralized and fairly distributed memecoin communities. He pointed out that Armstrong has recently invited projects to the public again, and the DOG community is now asking for a DOG listing on Coinbase. He also explained that Coinbase is equally irresponsible for opaque listing standards, labeling this tactic as ‘accidentally promoting venture-capital-backed memecoins. He further stated that such coins are managed so that insiders pass their unwanted coins to retail people, making it a disadvantaging prospect for decentralized projects.
Leonidas proposed that Coinbase develop a more equitable listing process to level the playing field, allowing decentralized memecoins to compete on an equal footing with venture-capital-backed tokens. The founder of Runestone further noted that equal practices are essential in making the ecosystem healthier for cryptocurrency, thereby making listing opportunities available for various projects that investors do not limit.
Conclusion
Leonidas’ open letter to Coinbase highlights a growing issue of transparency and fairness in the listing practices of major crypto exchanges, particularly for decentralized projects like memecoins. By questioning Coinbase’s opaque process, he raises valid concerns about a system that can appear to favor venture-capital-backed tokens over community-driven projects like DOG.
His call for a more transparent and equitable listing policy underscores the need for exchanges to prioritize decentralized projects and create a level playing field. Implementing such practices could enhance investor confidence and democratize access to listing opportunities, fostering a healthier and more inclusive crypto ecosystem.
Via 36crypto
