Vitalik Buterin, co-founder of Ethereum, expressed concerns about the recent wave of celebrity-backed digital currencies, highlighting the need for more meaningful projects in the cryptocurrency space. His comments come on the heels of Australian rapper and model Iggy Azalea’s release of the song Mother Iggy (MOTHER), which sparked significant controversy and interest in the cryptocurrency community.
Vitalik Buterin shares his vision for meaningful crypto projects
Vitalik Buterin expressed his dissatisfaction with the trend of celebrity-backed coins. It is worth noting that in a recent X post, he highlighted that while financialization can be respectable when it serves a meaningful end, the current trend seems to lack substance.
The Ethereum co-founder said, “Financialization as a means to an end is respectable… if the end is worthy,” while financialization as the end product is deplorable. Furthermore, he compared the current trend to previous projects like Ashton Kutcher and Mila Kunis’ Stoner Cats, which funded an actual show.
At the same time, Vitalik Buterin emphasized the need for cryptocurrency projects to have lasting value beyond just token trading. He outlined several features that can improve the respectability of celebrity-backed cryptocurrency projects, which include several factors such as good target audience, attractive activities, and finally, the longevity of the projects.
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A closer look at his comments
Meanwhile, the latest discussion stems from a comment from Chris Burniske, co-founder of Placeholder, where he spoke about the recently launched Mother Iggy (MOTHER) meme coin by Australian rapper and model Iggy Azalea. In his comment, Burniske said that if MOTHER can create any sustainable value, it could be the “mother” of the popular meme coins.
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However, in his comment on this, Vitalik Buterin emphasized the following aspects that celebrity projects should focus on:
Public good goal: Projects must serve the public good beyond enriching celebrities and early adopters. This could be an art project or a charitable cause.
Involving mechanisms: Besides trading, projects should offer attractive activities, such as decentralized autonomous organizations for token voting, said Vitalik Buterin. These activities should allow participants to have a meaningful impact.
Longevity: Meme projects should aim to last for more than ten years, rather than being forgotten about after a few months. The goal should be to create value that will last even if the value of the token drops to zero.
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