- 1 Vitalik Buterin has slammed the celebrity meme crypto project era as lacking sustainability and good cause.
- 2 He has highlighted key prime characters that are to be present in the celebrity meme projects to be reliant and sustainable.
- 3 $MOTHER, a newly announced crypto project, is achieving a lot of praise from the industry.
Vitalik Buterin, a Canadian computer programmer known for co-founding Ethereum, has been involved in the crypto industry since the beginning and is believed to have begun his career in 2011 with co-founding Ethereum.
Buterin shares his views on the trends in the crypto market through his personal blog , which is followed by a lot of industry enthusiasts. The recent trend of developing meme coins around crypto celebrities has gained Vitalik’s interest.
Initially, Vitalik shared his disagreement with “this cycle’s celebrity experimentation.” He noted that 2024 so far has seen development of multiple celebrity crypto meme project. But these projects lack the potential to be sustained as financialization is their only means towards the end.
He would have respected such projects if they had some background objective related to healthcare, open source software, art or others.
All the celebrity memecoin projects that have been announced in 2024’s memecoin era he only paid some respect to the Ashton and Mila’s Stoner Cats as it had some genuine case that was being funded.
He concluded his post with a question, “How do we push things in a better direction?” to support the sustainable growth of the industry.
In the subsequent post, he shared some of the important features as an answer to the above question that should be in the celebrity meme crypto project for their sustainable existence and growth.
He has shared his views through his X account with his 5.3 Million followers.
He initiated his words by saying that he believes that a celebrity crypto project should at least have these listed characteristics to be appealing to him and to gain his respect. As he states, “A quick summary of features that a celebrity crypto project needs to have for me to be more willing to respect it.”
I'm feeling quite unhappy about with "this cycle’s celebrity experimentation" so far.
— vitalik.eth (@VitalikButerin) June 5, 2024
"Financialization as a means toward an end", I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization *as the final product*,
Ashton and Mila's…
Characteristics Listed by Vitalik Buterin
– “Have some kind of public-good goal that it’s serving, other than enriching the celebrity and early adopters. Realistically, either an art project or the celebrity’s favourite charity, or both.” – Vitalik Buterin
The Ethereum co-founder believes that all the meme crypto projects should have a good cause for the public, which can include a preferred charitable cause, an art project or both, like most of the celebrity meme coins do today. The endorsement should not be the only motivation behind the creation of crypto; there should be a sustainable good cause.
He believes that the cause behind the creation appeals to the investor and increases credibility, growth potential, sustainability and reliability over the celebrity endorsing the coin.
– “Have some kind of fun mechanics that go beyond just trading a token. As much as I dislike token voting DAOs, at least they give something for people to do and organize around. The DAO should not fully decide the agenda, but it can have some influence.” – Vitalik Buterin
According to Buterin, there should be other fun mechanics or background activity apart from trading the meme token introduced in the project. The objective of this is to keep users or investors engrossed in the project.
He himself dislikes the voting system in DAO, but he appreciates it for providing users something to keep them engaged. He further added that the additional fun or mechanics should not decide the complete agenda or operations but they should have some influence on the users’ motivation.
– “Make something that lasts 10+ years, rather than bubbling around for a few months and then being forgotten.”- Vitalik Buterin
Buterin generally prefers and is known to support sustainable projects over buzzing projects. He states that a project that has a reason and potential to sustain should be a prime character of Celebrity meme project as it not only boosts the growth of projects but supports the growth of overall industry.
He rightly believes that a project without a sustainable project might gain attention initially due to the fame of celebrity endorsing it but will not last for long and will be forgotten soon.
Moreover, he believes that a causal project will have something to do with and will continue to exist and grow even if the value of the token reaches to 0.
Mother Iggy’s preference over Ashton and Mila
Wallstreetbets, an X user with approximately 730K followers believes that Mother Iggy has much more sustainable background than Ashton and Mila’s stoner cats as Mother Iggy provides higher entertainment value.
The Mother Iggy ($MOTHER) has just been announced and has much more in his bucket to be launched soon.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
