Ethereum leaders are stuck in a ‘big contradiction’ – Wintermute CEO
Ethereum leaders must choose between supporting a capitalist or a socialist economic system, but they cannot do both, said Evgeny Gaevoy, CEO of digital asset market maker Wintermute.
“You are either building capitalism or planned socialism. Sorry, you really can't have both,” Gaevoy said in a June 6 post on X, following recent comments from both Ethereum founder Vitalik Buterin and Ethereum-based decentralized exchange (DEX) Uniswap founder Hayden Adams about the rise of celebrity memecoins.
“If ETH fails in the future, it's not because Solana is fast,” because ETH “elite” is still in high conflict.
Gaevoy contradicts Buterin, Adams and “many” in the Ethereum community by stating that they want to build products that make a positive difference to society and are ultimately “worthy” of continuing to try to solve the Maximum Extractable Value (MEV). ) – the maximum value that can be withdrawn from the block of transactions according to their order.
“Vitalik, Hayden, and many others are trying to “solve capitalism” by claiming that what we build can only be celebrated “if the end is worth it (healthcare, open source software, art, etc.)” or “the best builders.” It is motivated by positive social change in space,” he wrote.
Gaevoy argues that blockchain technology itself “enables the creation of systems based on pure capitalist incentives.”
Buterin's latest comments on celebrity memecoins
This Buterin's recent comment on celebrity memecoins is that they don't give the community anything they “deserve”.
On June 5, Cointelegraph reported that Buterin believes that the goal of a project should be that, even if the tokens are eventually worthless, the average participant should still feel satisfied and happy.
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Furthermore, he argued, financialization is only justified when it serves a purpose that brings value to society, such as improving health care, supporting open source software, and promoting art and innovation.
“I'm not happy yet with this cycle of celebrity experimentation,” Buterin told X.
Meanwhile, Adams says he's “no problem” about celebrity memecoins. However, he criticized rapper Iggy Azalea for her offensive comments against Buteryn, who he described as “the best developer in space.” Adams suggested that Azalea “could use the profits to donate to a social cause or something else.”
On June 6, Cointelegraph saw Azalea's mother Iggy (Mother) token rise to a new all-time high of $0.1272, defying the decline of other celebrity memecoins.
At the time of publication, Mother is trading at a new high of $0.1522 according to CoinGecko data.
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