Ethereum
Ethereum Creator Vitalik Buterin Explains Why Celebrity Tokens Are Wrong
Vitalik Buterin has a problem with the latest wave of celebrity coins, taking to Twitter to denounce pop culture-fueled cryptocurrencies and explaining how they could regain credibility.
The problem, Buterin pointed out, was not the category of meme pieces, but rather that most had no goal other than making money.
“I’m pretty unhappy with the celebrity experimentation in this cycle so far,” he wrote. “Financialization as a means to an end that I can respect if the end is worth it: healthcare, open source software, art, etc. »
The tweet came in response to a post from Placeholder VC partner and author. Chris Burniske about Mother Iggy (MOTHER) token. THE Solana– a coin based on a meme was launched in May by the Australian rapper and model Iggy Azalea.
Meme Coins refer to cryptocurrencies based on internet memes, such as current events like elections and celebrities. Currently, MOTHER is trading at $0.10, up 11.7% for the day and 520.3% over the past seven days, according to CoinGecko.
Buterin referred to the NFT Stoner Cats supported by Hollywood stars Ashton Kutcher and Mila Kunis in 2021 as more worthy examples.
“Ashton and Mila’s Stoner Cats were far more honorable than anything we’ve seen from this 2024 celebrity memecoin era,” Buterin said. “At least there was an actual funded show.”
Buterin also shared recommendations for future celebrity coins, including setting a goal that serves the public good rather than simply enriching early adopters. He also said there should be more creativity in what coin holders can do.
“As much as I don’t like token voting DAOs, at least they give people something to do and organize,” he said. “The DAO should not entirely decide the agenda, but it can have some influence.”
Finally, Buterin said the project should have a long-term roadmap.
“Do something that lasts more than 10 years, rather than bubbling away for a few months and then being forgotten,” Buterin said.
Meme coins exist on many different blockchains, including the original meme coin Dogecoin. Solana, however, has seen an increase in meme pieces this year, including two based on the upcoming US presidential election: Jeo Boden (BODEN), named after Pres. Joe Biden and Doland Tremp (TREMP), named after his presumed rival.
Pointing towards March 2024 blog post where he shared similar advice, Buterin reiterated that the “north star” of a coin project should be where, even if the chips drop to zero, participants are still happy to have been part of experience.
“Corporations and regular charities achieve this goal all the time,” he said. “The bar is low, but the things we build should meet that bar too.”
Edited by Ryan Ozawa.