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Opinion: Ethereum may fail due to internal contradictions among the “elite”

Wintermute CEO Evgeniy Gaevoy announced contradictions among the “elite” of the Ethereum community. This is how he commented on the statements of blockchain developer Vitalik Buterin and founder of the Uniswap exchange Hayden Adams regarding memcoins.

“If Ethereum fails in the future, it will not be because “Solana is faster,” but because of internal contradictions among the “elite” of this community,” Gaevoy emphasized.

According to the head of Wintermute, blockchain technology is excellent for creating “purely capitalist schemes” based on a system of incentives. At the same time, some members of the Ethereum community are trying to solve this “problem,” Gaevoy noted.

In his publication, he referred to Buterin and Adams. It is they, according to Gaevoy, who are trying to solve the non-existent problem of capitalism by fighting memcoins and MEV.

He quoted them as saying that projects in the Ethereum ecosystem “can only be respected if the purpose for their creation is worthy.” According to Gaevoy, the “elite” of the community is trying to build planned socialism, which is why contradictions arise.

“I choose capitalism in all its (often ugly!) glory. And if that’s not why you’re here, then I have one simple argument – capitalism, unlike socialism, really works,” emphasized the CEO of Wintermute.

The essence of the controversy surrounding memcoins

In early June 2024, Vitalik Buterin publicly criticized memcoins. In his opinion, such projects should have at least minimal value for the community. The object of criticism was the MOTHER token of singer Iggy Azalea.

She, in turn, responded to Buterin’s statement with a cartoon with the caption: “He was just hungry.”

Hayden Adams commented on Azalea’s publication. According to him, the singer only confirmed Buterin’s words. He recommended that Azalea use the profits from the project to solve social problems.

Also, according to Adams, Buterin, first of all, wants such projects to be of interest in themselves and to go “beyond financial schemes.” Neither he nor the co-founder of Ethereum are against memcoins as such, Adams emphasized.

Source: Cryptocurrency

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