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Ethereum creator Vitalik Buterin explains what celebrity tokens get wrong
Vitalik Buterin has a problem with the latest wave of celebrity meme coins, taking to Twitter to rail against pop culture-fueled cryptocurrencies and explain how they could regain credibility.
The problem, Buterin pointed out, is not with meme coins as a category, but rather with the fact that most serve no purpose beyond making money.
“So far I’m feeling pretty dissatisfied with the ‘celebrity experimentation of this cycle,’” he wrote. “‘Financialization as a means to an end’ I can respect that if the end is worthy: healthcare, open source software, art, etc.”
The tweet came in response to a post from Placeholder VC partner and author Chris Burniske about Mother Iggy (MOTHER) token. THE SolanaThe meme-based meme coin was launched in May by the Australian rapper and model Iggy Azalea.
Meme coins they refer to cryptocurrencies based on Internet memes, such as current events such as elections and celebrities. Currently, MOTHER is trading at $0.10, up 11.7% for the day and 520.3% over the past seven days, according to CoinGecko.
Buterin referred to the Stoner Cats NFT championed by Hollywood stars Ashton Kutcher and Mila Kunis in 2021 as the most worthy examples.
“Ashton and Mila’s Stoner Cats was far more honorable than anything we’ve seen in the celebrity memecoin era of 2024,” Buterin She said. “At least there was a real show funded.”
Buterin also shared recommendations for future celebrity meme coins, including setting a goal that serves the public good rather than simply enriching early adopters. He also said there should be more creativity in what holders of the coin can do.
“As much as I don’t like token voting DAOs, at least they give people something to do and organize,” he said. “The DAO should not completely decide the agenda, but it can have some influence.”
Finally, Buterin said the project should have a long-term roadmap.
“Make something that lasts more than 10 years, instead of sitting around for a few months and then being forgotten about,” Buterin said.
Meme coins exist on many different blockchains, including the original Dogecoin meme coin. Solana, however, has seen a surge in meme coins this year two based on the upcoming US presidential elections: Jeo Boden (BODEN), named after President Joe Biden and Doland Tremp (TREMP), named after his presumed rival.
Aiming for a March 2024 blog post where he shared similar advice, Buterin reiterated that the “north star” of a meme coin project should be where, even if the tokens go to zero, participants are still happy to have taken part in the experience.
“Regular businesses and charities always achieve this,” he said. “It’s a low bar, but the things we build should also meet this bar.”
By Ryan Ozawa.