Wintermute CEO Evgeny Gaevoy criticised Vitalik Buterin, Hayden Adams, and the Ethereum community, saying, “You are either building capitalism or planned socialism.”
Evgeny Gaevoy, CEO of Wintermute, a startup that makes digital assets, claims that Ethereum leaders are forced to choose between promoting a socialist or capitalist economic system.
Either you are constructing planned socialism or capitalism. In response to remarks made recently about the rise of celebrity memecoins by Ethereum co-creator Vitalik Buterin and Ethereum-based decentralised exchange (DEX) Uniswap founder Hayden Adams, Gaevoy wrote on June 6 on X, “I’m sorry, you really can’t have both.”. He asserted, “If ETH fails in the future, it won’t be because “Solana is faster,” but rather because the “elite” of ETH is still mired in a sea of contradiction.
In addition to claiming to want to create products that benefit society and are ultimately “worthy,” Gaevoy contended that Buterin, Adams, and “many others” in the Ethereum community are contradicting themselves by working to solve maximum extractable value (MEV), which is the maximum value that can be extracted from a block of transactions based on their ordering.
He wrote, “Vitalik, Hayden, and many others are attempting to’solve capitalism’ by arguing that the best builders in the space are driven by positive social change, or that what we build can only be respected ‘if the end is worthy (healthcare, open source software, art, etc.).” Blockchain technology itself, according to Gaevoy, is “conductive to create purely capitalist incentive-based systems.”
This is in response to Buterin’s recent remarks that celebrity memecoins don’t offer anything “worthy” to society.
On June 5, it was revealed that Buterin thinks a project’s objective should be that the typical participant should still feel content and happy to have been participated, even if the tokens eventually lose all of their value.
Moreover, he maintained that financialization is only acceptable when it benefits society, as in the cases of advancing art and innovation, bolstering open-source software, and enhancing healthcare. Buterin posted on X, “I’m feeling quite unhappy about this cycle’s celebrity experimentation so far.”
Adams, meanwhile, asserted that he has “no issues” with celebrity memecoins. He did, however, take issue with artist Iggy Azalea for her patronising comments made about Buterin, whom he called the “best builder in the space.” Adams proposed that Azalea may have “donated to a social cause or something” with her earnings. It was reported on June 6 that Azalea’s Mother Iggy (MOTHER) token, which hit a new all-time high of $0.1272, defied the trend of other celebrity memecoins failing. According to CoinGecko data, MOTHER is trading at a new high of $0.1522 at the time of posting.