Ethereum co-founder Vitalik Buterin has defended meme coins, citing seven practical uses that could integrate them into everyday life.
Despite skepticism from the crypto community, Buterin believes meme coins can make positive contributions beyond entertainment and speculation.
Critics argue that meme coins lack substantial impact on daily life and should not dominate the crypto conversation. Matthew Gould, founder of Unstoppable Domains, compared meme coins to initial coin offerings (ICOs), highlighting regulatory challenges. Buterin listed seven reasons why meme coins are valuable:
- Verification of identity in online communities
- Facilitation of cross-border payments due to low value and ease of transfer
- Rewarding content creators and encouraging engagement on decentralized social platforms
- Use in prediction markets for betting or forecasting events
- Privacy features for anonymous transactions
- Integration into enterprise apps for niche or experimental projects
- Enabling secure voting within communities.
Buterin criticized the trend of using meme coins for profit, preferring financialization as a means to an end, especially for causes like healthcare and open-source software.
However, Buterin emphasized the societal benefits of meme coins, envisioning them as tools for funding public projects and supporting causes.
