Ethereum
Wintermute CEO questions Ethereum leadership paradox amid celebrity memecoin controversy
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Evgeny Gaevoy, CEO of Wintermute, said that if Ethereum fails in the future, it would not be because of technical shortcomings compared to competitors like Solana. Instead, the central problem is the contradiction in Ethereum’s direction.
“If ETH fails in the future, [won’t] it will be because “Solana is faster”, it will be because the [ETH] “the elite” is still stuck in a massive contradiction,” Gaevoy said in a recent job on X.
His remarks come in response to the controversy that erupted following Vitalik Buterin’s review of celebrity memecoins. According to Buterin, projects should aim to provide societal value and leave participants satisfied, rather than focusing on enriching celebrities and early investors.
Buterin’s stance drew sharp criticism from hip-hop artist Iggy Azalea, who recently launched her own memecoin, MOTHER. She posted a meme showing her holding a baby that looked like Buterin.
Azalea’s photo prompted Hayden Adams, co-founder of Uniswap Labs, to defend Buterin’s role.
He criticized Azalea for downplaying Buterin’s contributions to the crypto community, expressing disappointment that instead of reacting positively and using his profits to support social causes, the singer chose to mock Buterin.
No problem with memecoins or Celebcoins – I think memetic attention has value and it’s cool to create markets for it.
That said, the underlying purpose and value of the technology extends far beyond financial gaming. And the best manufacturers in the sector are motivated by positive social motivations… https://t.co/FQhawNl7GP
– hayden.eth 🦄 (@haydenzadams) June 6, 2024
That’s when Wintermute’s CEO waded into the debate and criticized Ethereum’s leadership. He argued that Ethereum leaders are trying to create a capitalist blockchain system while tackling social issues – a position he sees as inherently contradictory.
“Either you build capitalism or you build planned socialism. I’m sorry, you really are [can’t] have both,” Gaevoy added.
Gaevoy’s comments sparked controversy among crypto members. Many disagree with his view, saying that being against celebrity memecoins does not equate to building a socialist system.
I don’t know how Hayden and Vitalik saying they don’t like certain trends means they are against capitalism (or are no longer involved in building capitalist systems)
They both have a certain vision for crypto, in terms of the types of things people are going to build and what people…
-Mike van Rossum (@mikevanrossum) June 6, 2024
Excuse me, but in what way do Vitalik or Hayden build socialism?
Be against obvious tensions! = build socialism
– DeFi Made Here (@DeFi_Made_Here) June 6, 2024
In response to these disagreements, Gaevoy said it all comes down to the underlying principle.
According to him, if capitalism is the foundation, integrating features to mitigate its negative impacts is beneficial. However, if the primary goal is “social justice” or creating “only good things,” capitalism should not be an afterthought.
For me, this is the main guiding principle. If your main guiding principle is capitalism and you take additional steps to make it less damaging, I’m all for it.
If your guiding principle is, I don’t know, “social justice” or “only good things should be built” and then you attach…
– cynical and pious (@EvgenyGaevoy) June 6, 2024
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