Ethereum leaders are stuck in a 'massive contradiction' — Wintermute CEO


Ethereum (ETH) leaders must choose between supporting a capitalist or socialist economic system, but they can’t do both, according to digital assets market maker Wintermute CEO Evgeny Gaevoy.

“You are either building capitalism or planned socialism. I’m sorry, you really can’t have both,” Gaevoy declared in a June 6 post on X, following both Ethereum co-founder Vitalik Buterin and Ethereum-based decentralized exchange (DEX) Uniswap founder Hayden Adams’ recent comments regarding the surge of celebrity memes coins.

“If ETH fails in the future it won’t be because “Solana is faster”, it will be because the ETH “elite” is still stuck in a massive contradiction,” he claimed.

Gaevoy argued that Buterin, Adams, and “many others” within the Ethereum community face a contradiction by claiming to want to build products that bring positive change to society and are ultimately “worthy,” on top of continuing to attempt to solve Maximum Extractable Value (MEV) — the maximum value that can be extracted from a block of transactions based on their ordering.

“Vitalik, Hayden, and many many others are trying to “solve capitalism” by saying that what we build can only be respected “if the end is worthy (healthcare, open source software, art, etc)” or that “the best builders in the space are motivated by positive social change,’ he wrote.

But argued, at the same time, blockchain technology itself is “conductive to create purely capitalist incentive-based systems.”

Buterin’s recent comments on celebrity meme coins

This follows Buterin’s recent comments on celebrity meme coins not providing anything “worthy” for society.

On June 5, Cointelegraph reported that Buterin believes the goal for a project should be that even if the tokens eventually become worthless, the average participant should still feel satisfied and happy to have been involved.

Related: ETH ecosystem users 9X since 2020 as VanEck tips $22K by 2030

Furthermore, he argued that financialization is only justified if it serves a purpose that brings value to society, such as improving healthcare, supporting open-source software, and promoting art and creativity.

“I’m feeling quite unhappy about with “this cycle’s celebrity experimentation” so far,” Buterin wrote on X.

Meanwhile, Adams claimed to have “no issues” about celebrity meme coins. However, he criticized rapper Iggy Azalea for her condescending remarks towards Buterin, whom he described a the “best builder in the space.” Adams suggested that Azalea could have “used profits to donate to a social cause or something.”

Source: Iggy Azalea

On June 6, Cointelegraph reported that Azalea’s meme coin token MOTHER defied the trend of failure seen in other celebrity meme coins, reaching a new all-time high of $0.1272.

At the time of publication, MOTHER is trading at a new high of $0.1522, as per CoinGecko data.

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