Band Protocol co-founder causes a stir with proposal to turn $BAND into a Memecoin

Celebrating meme season, Band Protocol co-founder Soravis Srinawakoon suggested turning the $BAND token into a memecoin by removing its primary oracular function.

To celebrate memecoin season, I propose removing the oracle function from @BandProtocol and turning $band into a memecoin, okay? 🤔

— Soravis Srinawakoon | BAND (🅑) (@SSrinawakoon) March 11, 2024

The proposal, made on X/Twitter, sparked amusement and discussion within the crypto community.

The Band Protocol project joined in on the banter by supporting the idea, envisioning $BAND as the “first full interchain memecoin on Cosmos.”

Some community members supported the move, pointing out that the oracle feature had a somewhat meme-like status.

No one uses your oracles seriously, I thought it was already a meme

— Albie (@linkchainlink) March 11, 2024

U-turn: just a Memecoin meme

However, the project later clarified that the proposal was itself intended as a meme, stating:

“As much as we love memes, this tweet was just supposed to be a meme itself and nothing more (sorry to have disappointed some of the meme lovers out there). We are 100% on the right path to building a more performant, decentralized system. ” Oracle coming in Band v3. Stay tuned!”

Band Protocol later extended an invitation for AI-related collaborations. The project has expressed openness to collaborating with others seeking to verify the integrity of AI requests and store their permanent records on the blockchain.

Band Protocol works as a decentralized oracle project, facilitating the connection of data with the blockchain ecosystem. Leveraging BandChain, a public blockchain, users can request data from APIs and various web services. Band’s most notable backers include TheSpartanGroup, Woodstockfund and snzholding, as reported by Crunchbase.

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