Ethereum leaders are trapped in a ‘staggering contradiction’ — Wintermute CEO
According to Evgeny Gaevoy, CEO of digital asset market maker Wintermute, Ethereum leaders must choose between a capitalist and socialist economic system, but not both.
“You are either building capitalism or planned socialism. sorry. You can’t have both.” Gaevoy made the declaration in a June 6 post on Celebrity meme coins surge.
“If ETH fails in the future, it will not be because “Solana is faster,” but because the ETH “elite” is still locked in a massive contradiction,” he argued.
Gaevoy claims that Buterin, Adams and “many others” within the Ethereum community want to bring positive change to society and ultimately create “valuable” products, in addition to attempting to solve for maximum extractable value (MEV). He argued that we are faced with a contradiction. ) — The maximum value that can be extracted from a transaction block based on its ordering.
“Vitalik, Hayden, and many others have said that what we build can be respected “only if the end is valuable (healthcare, open source software, art, etc.)” or “only if the best builders are valuable.” We are trying to “solve capitalism in a space where we are motivated by positive social change,” he wrote.
Gaevoy argued that blockchain technology itself “helps create a purely capitalist incentive-based system.”
Buterin’s latest comments on celebrity memecoins
This follows Buterin’s recent comments about celebrity memecoins not providing anything “of value” to society.
On June 5, Cointelegraph reported that Buterin believes that the goal of the project is that even if the tokens eventually become worthless, regular participants should still be satisfied and happy that they participated.
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Moreover, he argued that financialization is only justified if it serves the purpose of providing value to society, such as improving healthcare, supporting open source software, or encouraging art and creativity.
“I am very dissatisfied with this cycle of celebrity experiments so far,” Buterin wrote of X.
Meanwhile, Adams insisted he had “no problem” with celebrity memecoins. But he criticized rapper Iggy Azalea’s arrogant comments about Buterin, whom she described as “the best builder in the business.” Adams suggested that Azalea could “use the proceeds to donate to a social cause or something.”
On June 6, Cointelegraph reported that Azalea’s Mother Iggy (MOTHER) token defied the failing trend of other celebrity memecoins and reached a new all-time high of $0.1272.
At the time of publication, MOTHER is trading at a new high of $0.1522, according to CoinGecko data.
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