According to Foresight News, the Arbitrum community has proposed the establishment of a Memecoin fund, which would be independent of the Arbitrum DAO. The fund aims to help Memecoin projects develop and foster a Memecoin-friendly culture within Arbitrum. The initial funding for the project would be $3.315 million worth of ARB tokens.
The fund would consist of at least five board members who do not participate in the daily activities and decision-making of the Memecoin fund, as well as three collaborators who manage the Memecoin fund. A multi-signature wallet would also be set up. Project selection criteria include having at least $200,000 in liquidity, a minimum of 1,500 holders, no high whale ownership, and a market capitalization of over $1 million. Additionally, the fund would not allow day trading, and investments must be held for three months. At the end of the three-month period, collaborators may consider liquidating or holding for another three months.
