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About Memory
Memory is a digital data layer that lets users own, connect, and monetize their online and on-chain activity. Users link accounts like X (Twitter), Farcaster, wallets, and even ChatGPT conversations; developers then pay $MEM via API to query this data, and the fees are automatically split with the data owners. The protocol offers two data types: structured data with fixed prices (e.g., social graphs) and unstructured data whose value is assessed by curators. Its Identity Graphs aggregate Web2 and Web3 identities into a portable profile, solving the problem of fragmented user data across platforms.
The core value proposition is a win-win: users get paid for data they already generate, while developers access high-quality, consent-based information to build better apps and algorithms. This addresses the market pain points of data silos, lack of user control, and the difficulty developers face in obtaining reliable personal data.
Regarding development in the past six months (March to September 2026), public information is limited. The token is trading with a circulating supply of ~75 million MEM and a market cap around $154K as of early September 2026. The price has been highly volatile, with a 200-day decline of over 93%, reflecting market uncertainty about adoption progress. No major product milestones or partnerships were publicly documented during this period. The project remains in an early stage, with community discussions on X indicating growing interest but no confirmed major updates.
Memory Protocol was founded by Jack Spallone and RAC to build a user-owned data layer. Its early investment round, backed by Coinbase Ventures' Base Ecosystem Fund, Robot Ventures, and others, laid the foundation. In September 2025, the $MEM token went live on Aerodrome, completing the V0 protocol design and establishing an incentive loop where apps pay to query data and users earn revenue shares. The protocol had already aggregated over 150,000 on-chain identities, enabling developers to access social and identity graphs via API. It then launched "Magical Onboarding" as a developer product, using data portability to solve cold-start problems while automatically distributing rewards to users. These milestones positioned Memory as infrastructure for portable identity and data monetization.
In the past six months, the Memory Protocol team was acquired by Vana (July 2026) and merged into the Vana ecosystem. The Vana App launched a Beta upgrade featuring a Personal Server, enabling local storage and self-sovereign control of user data; the upgrade includes an MCP endpoint, allowing AI tools like Claude and ChatGPT to read user data, achieving cross-platform data portability. Official future focus: building open data infrastructure and a data portability API; planning structured data (e.g., ChatGPT conversations, Spotify history) and unstructured data markets, with curators evaluating quality and users earning $MEM; also developing identity graphs that integrate Web2/Web3 identities, letting users manage and monetize personal data.
Co-founders:
Jack Spallone: CEO & Co-founder of Oscillator, Inc. (the company behind Memory Protocol and Factory.fm). Previously Senior Product Manager at ConsenSys (2018-2020), Head of Product at HIFI Labs (2021-2022), and advisor to Decent and HIFI Labs.
Andre Anjos (RAC): Co-founder, Portuguese-American musician, released the first album on Ethereum in 2017, leading creative and ecosystem efforts.