Ethereum co-founder Vitalik Buterin has shared his insights on the recent surge of celebrity-backed meme coins, emphasizing the need for more substantial projects in the crypto space. His comments come in the wake of the launch of Mother Iggy (MOTHER) by Australian rapper and model Iggy Azalea, which has sparked considerable debate and interest in the crypto community.

Buterin expressed his dissatisfaction with the trend of celebrity-backed meme coins, stating that while financialization can be respectable when it serves a meaningful end, the current trend seems to lack substance. He contrasted the current trend with past projects like Ashton Kutcher and Mila Kunis's Stoner Cats, which funded an actual show.

Vitalik Buterin's Key Remedies

Vitalik Buterin outlined several features that could improve the respectability of celebrity-backed crypto projects, which include:

Public Good Goal: Projects should serve a public good beyond enriching celebrities and early adopters. This could be an art project or a charitable cause.

Engaging Mechanics: Beyond trading, projects should offer engaging activities, such as token voting DAOs, Vitalik Buterin said. These activities should allow participants to have a meaningful impact.

Longevity: The meme coin Projects should aim to last over ten years, rather than being forgotten after a few months. The goal should be to create value that endures even if the token value drops to zero.

A Closer Look at the Discussion

The recent discussion stems from a comment from Chris Burniske, co-founder of the venture firm Placeholder, where he talked about the recently launched meme coin Mother Iggy (MOTHER) by Australian rapper and model Iggy Azalea. In his comment, Burniske said that if MOTHER can create any sustainable value, it could be the "mother" of the celebrity meme coins.

However, commenting on that, Vitalik Buterin emphasized the need for cryptocurrency projects to have lasting value beyond mere token trading. He outlined several factors that could improve the respectability of celebrity-backed crypto projects, including a good aim for the public, engaging activities, and the longevity of the projects.