Ethereum founder Vitalik Buterin recently wrote an article discussing the proliferation of memecoins. He acknowledges the hype surrounding memecoins and expresses his hope for the emergence of higher-quality projects. He also believes that memecoins can be combined with charity and blockchain gaming, among other things, as viable options.
“What else could memecoins be?” is the title of the article.
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Memecoins are wreaking havoc in the cryptocurrency field
Memecoins linked to charity
Memecoins combined with blockchain gaming
Vitalik: Respect for memecoin hype and hope for higher-quality projects
Memecoins are wreaking havoc in the cryptocurrency field
Vitalik cites Dogecoin as an example, which has been around for many years and had a strong performance in 2020. However, memecoins have made no progress beyond speculation and a series of Solana memecoins have even delved into areas such as racism and gender discrimination, providing no value whatsoever.
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As a long-time builder and advocate in the cryptocurrency field, how should one deal with the issue of memecoin proliferation?
Vitalik suggests that one approach is to disdain memecoins and express one’s disgust and opposition to such foolish behavior. However, he also poses another question: “If people value the ‘fun factor,’ financial game theory seems capable of achieving both speculation and entertainment. So, could there be a more positive version of the memecoin concept?”
Memecoins linked to charity
Vitalik has come across several interesting charity tokens. One and a half years ago, a token called “GiveWell Inu” donated all its proceeds to the US nonprofit organization GiveWell. Over the past two years, a memecoin called “Fable of the Dragon Tyrant” has also supported cultural projects related to anti-aging research.
However, neither of these projects has been long-lasting or perfect. GiveWell Inu seems to have no developers maintaining it anymore, and Fable of the Dragon Tyrant has some troublesome core community members, which Vitalik prefers not to mention.
Furthermore, there have been instances where memecoins deliberately sent tokens to Vitalik’s wallet to gain visibility, but he subsequently transferred the tokens directly to the foundation. It seems to have established a good relationship between the memecoin project Dogelon Mars (ELON) and the foundation.
Vitalik states:
“I feel that charity memecoins are a good opportunity with no competition, where we can attempt to create something more positive and long-term. But I think there will be limitations even if we do so.”
(The chaos of Shiba Inu comes to an end! Vitalik donates a large amount of dog-themed coins, unhappy with Ethereum fueling speculation?)
Memecoins combined with blockchain gaming
Vitalik points out that combining memecoins with meaningful and entertaining games is also a viable approach. During his visits to low-income Southeast Asian countries, he often heard about low-income families becoming well-off due to the earnings from Axie Infinity.
Therefore, he believes that combining charity tokens with blockchain gaming is also possible. For example, game mechanics could allow players to participate in voting after completing certain tasks to determine how the funds will be allocated to charitable organizations.
Vitalik specifically mentions that the development team he has the most confidence in and finds most interesting is 0xPARC, which has successfully developed Dark Forest and FrogCrypto. Players engage in these games for the fun of it, rather than with the desire to make money.
Vitalik concludes by mentioning his personal moral principle:
“If you dislike a group of people or a community, you should also be willing to appreciate some individuals, events, or things that align with your values. I view the ‘pump and dump culture’ in the cryptocurrency community in the same way. The idea that ‘all OOO are problematic’ may give oneself a sense of pleasure, but it pushes oneself into an echo chamber.”
He respects everyone, and it is not a bad thing for the cryptocurrency community to gradually change along with the mainstream. He hopes to see more high-quality and interesting projects in the future that can make positive contributions to the ecosystem and the world, rather than just focusing on attracting users.
At the very least, there should be more good memecoins than bad ones. The ideal scenario is to support public goods rather than solely benefiting internal personnel and token issuers. If it can further integrate gaming and allow participants to enjoy the process even more, that would be even better.
Vitalik
Vitalik Buterin
Memecoins
Blockchain gaming
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