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Evgeny Gaevoy, CEO of Wintermute, said that if Ethereum fails in the future, it will not be because of technical shortcomings compared to competitors like Solana. Instead, the core issue is the inconsistency in Ethereum’s leadership.
“If ETH fails in the future [won’t] be because ‘Solana is faster’, it will be because the [ETH] ‘elite’ is still caught in a massive contradiction,” Gaevoy said in a recent post on X.
His comments come as a response to the controversy that erupted following Vitalik Buterin’s criticism of celebrity memecoins. According to Buterin, projects should aim to deliver social value and leave participants content, rather than focusing on enriching celebrities and early investors.
Buterin’s stance drew a sharp rebuke from hip-hop artist Iggy Azalea, who recently launched her own memecoin, MOTHER. She posted a meme showing her holding a baby that looks like Buterin.
Azalea’s photo prompted Uniswap Labs co-founder Hayden Adams to defend Buterin’s role.
He criticized Azalea for downplaying Buterin’s contributions to the crypto community and expressed his disappointment that instead of responding positively and using profits to support social causes, the singer chose to mock Buterin.
No problems with memecoins or celebcoins – I think there is value in memetic attention and it’s cool to create markets for it
That said, the underlying purpose and value of the technology goes far beyond financial games. And the best builders in the space are motivated by positive social… https://t.co/FQhawNl7GP
— hayden.eth 🦄 (@haydenzadams) June 6, 2024
It was then that the CEO of Wintermute jumped into the debate and criticized Ethereum’s leadership. He argued that Ethereum leaders are trying to create a capitalist blockchain system while simultaneously addressing social issues—a position he sees as inherently contradictory.
“You either build capitalism or planned socialism. I’m sorry, you really are [can’t] have both,” Gaevoy added.
Gaevoy’s comments sparked controversy among crypto members. Many disagreed with his view, saying that being against celeb memecoins is not equivalent to building a socialist system.
Not sure how Hayden and Vitalik saying they don’t like certain trends means they are against capitalism (or no longer involved in building capitalist systems)
They both have a certain vision of crypto, in terms of the types of things people will build and what people…
— Mike van Rossum (@mikevanrossum) June 6, 2024
Excuse me, but in what way does Vitalik or Hayden build socialism?
To be against obvious carpet, pull != building socialism
— DeFi Made Here (@DeFi_Made_Here) June 6, 2024
In response to these disagreements, Gaevoy said it all comes down to the underlying principle.
According to him, if capitalism is the foundation, integrating features to mitigate its negative impact is beneficial. However, if the primary goal is “social justice” or creating “only good things,” capitalism should not be an afterthought.
For me it’s about the primary guiding principle. If your main principle is capitalism and then you take extra steps to make it less harmful – I’m all for it.
If your guiding principle is, idk, “social justice” or “only good things should be built” and then you attach…
— wish cynic (@EvgenyGaevoy) June 6, 2024
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