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Ethereum leaders must choose between a capitalist or socialist economic system, according to Wintermute’s CEO

Ethereum leaders must choose between supporting a capitalist or socialist economic system, but cannot do both, according to the CEO of digital asset marketplace Wintermute, Evgeny Gaevoy.

“Are you building capitalism or planned socialism. I’m sorry, you really can’t have both,” Gaevoy stated in an X post on June 6, following recent comments from Ethereum co-founder Vitalik Buterin and the founder of cryptocurrency exchange Uniswap (DEX) focus, Hayden Adams, on the rise of popular memecoins.

“If ETH fails in the future, it won’t be because ‘Solana is faster,’ it will be because ETH ‘elites’ are still stuck in a huge contradiction,” he declared.

Gaevoy argues that Buterin, Adams, and many others in the Ethereum community face a contradiction in claiming to want to build products that bring about positive social change and are ultimately “worthwhile” while also continuing to tries to solve for the maximum extractable value (MEV) — the maximum value that can be extracted from a block of transactions based on their ordering.

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

Gaevoy argues that blockchain technology itself “leads to the creation of systems based on purely capitalist motivations.”

Buterin’s recent comments on memecoin

This follows Buterin’s recent comments about popular memecoins not providing anything “worthwhile” to society.

On June 5, Bitcoin Magazine reported that Buterin believes that the goal of a project should be that even if the tokens eventually become worthless, the average participant should still feel satisfied and happy because joined.

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

“I’m feeling pretty dissatisfied with the celebrity experiments this cycle so far,” Buterin wrote on X.

Meanwhile, Adams said he has “no problem” with popular memecoins. However, he criticized rapper Iggy Azalea for his disdainful comments toward Buterin, whom he described as “the best builder in the business.” Adams suggested that Azalea could have “used the profits to donate to a social cause or something.”

Iggy Azalea mocked Buterin with a meme of her holding a baby that looked like Buterin.

On June 6, Azalea’s Mother Iggy (MOTHER) token broke the losing trend of other popular meme coins, reaching a new high of $0.1272.

At the time of publication, MOTHER is trading at a new high of $0.1622, according to data from CoinGecko.

Thach Sanh

According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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