Ethereum co-founder Vitalik Buterin has named the notorious Solana-based meme coin factory Pump.fun as an example of a bad cryptocurrency application alongside failed projects like FTX and Terra/Luna.
Earlier, Buterin repeatedly criticized meme coin projects, urging the decentralized finance (DeFi) sector to prioritize ethical growth.
Last year, the Ethereum co-founder said that he wanted to see "higher quality" fun projects that would be able to contribute to the ecosystem in a positive way.
Did Pump.fun inspire "Black Mirror" episode?
Meanwhile, Pump.fun has now seeped into the mainstream with a recent episode of dystopian TV series "Black Mirror" featuring what appears to be a parody of the infamous meme coin factory. "Common People," the first episode of the show's seventh season, features a working-class man performing degrading acts live on a website called "Dum Dummies" in exchange for digital money to afford a more expensive subscription tier of the high-tech system that keeps his wife alive.
Yuri MolchanSome cryptocurrency users have noted the parallels after various meme coin creators went viral due to performing humiliating and dangerous stunts on Pump.fun to promote their meme coins.
After suspending the livestreaming feature due to heavy backlash, the meme coin platform recently brought it back for a limited number of users.
Good social philosophy
In his Warpcast post, Buterin stressed that it was "crucially important" to have good ideas for apps. This is where "good social philosophy" is needed most of all, according to the Ethereum co-founder.
"Apps are ~80% special purpose. What apps you build depends heavily on what ideas you have of what Ethereum apps (and Ethereum as a whole) are there to do for the world," he said.
Vladislav Sopov
Dan Burgin