in a eth.limo/general/2024/03/29/memecoins.html” target=”_blank” rel=”noopener nofollow”>blog post, Vitalik Buterin, the founder of ethereum, has laid out a vision for the future of memecoins that challenges the crypto community to rethink their potential beyond mere speculative assets. Titled “What Else Could Memecoins Be?”, published on March 29, 2024, Buterin's comprehensive analysis not only critiques the current state of memecoins, but also proposes innovative paths for their evolution.
ethereum founder is disappointed with Memecoins
Reflecting on the genesis of his thinking around digital currencies, Buterin says: “Ten years ago, two weeks before the ethereum project was publicly announced, I published this post (…) arguing that coin issuance could be a new way to finance important public projects. .” He envisioned digital currencies like AntiCancerCoin or ClimateCoin as mechanisms through which social contributions could be directed to important causes, thus leveraging blockchain technology for the public good.
However, the current discourse around memecoins has deviated significantly from those ideals, Buterin notes. The resurgence of meme coins has been marked not by innovation but by controversy, including cases of overt racism within certain Solana meme coin projects.
This trend has sparked discontent within the crypto space, leading figures like ethereum philosopher Polynya to express severe disillusionment. Buterin cites Polynya's reaction to underline the depth of the community's unrest: “Even ethereum philosopher Polynya is very, very unhappy.”
Seeking solutions to this dilemma, Buterin introduces the concept of “charity coins,” cryptocurrencies in which a substantial portion of the token supply is allocated to charitable initiatives. He recalls past initiatives like “GiveWell Inu,” which supported effective altruism through GiveWell, and “Fable of the Dragon Tyrant,” aimed at funding anti-aging research, among other causes.
Despite mixed results and challenges, such as the dissolution of GiveWell Inu and community issues with “Fable of the Dragon Tyrant,” Buterin sees potential in the idea. He recalls the positive impact of donating half of the supply of the Dogelon Mars token to the Methuselah Foundation, highlighting the benefits of aligning cryptocurrency projects with charitable causes.
Integration in Blockchain games
Expanding on this idea, Buterin advocates for the integration of games into the memecoin ecosystem through what he calls “Robin Hood games.” These games would not only offer entertainment but also provide a means to support public goods and enable financial gains for participants, especially those from low-income backgrounds.
He highlights the importance of creating truly engaging and fun games, criticizing and praising the play-to-earn model exemplified by Axie Infinity for its mixed results. Buterin is particularly excited about the potential of these games to democratize cryptocurrency participation, offering a unique combination of fun, financial opportunities, and social contribution.
He states: “Don't just make a coin, make a game. But it creates a really meaningful and fun game. Don't think of Candy Crush on the blockchain; Think World of Warcraft on the blockchain.”
In his closing remarks, Buterin calls for a more nuanced approach to evaluating crypto projects, urging the community to recognize and support initiatives that align with their values, even if they come from traditionally criticized sectors. He advocates for a crypto space that is not only more inclusive and entertaining, but also actively contributes to the betterment of society.
I have no enthusiasm for coins named after totalitarian political movements, scams, pulls, or anything that seems exciting in month N but leaves everyone upset in month N+1. (…) At least more good memecoins than bad, ideally those that support public goods rather than simply enriching insiders and creators.
At the time of this publication, eth was trading at $3,530.
Featured image from Euronews, chart from TradingView.com
