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June 12, 2024

Vitalik Buterin Proposes Expanding Crypto Functionality In Response To Dominating Memecoin Narrative

In Brief

Vitalik Buterin highlighted zero-knowledge reputation, cross-border payments, and decentralized social networks as alternatives to memecoins.

Vitalik Buterin Proposes Expanding Crypto Functionality In Response To Dominating Memecoin Narrative

Ethereum co-founder Vitalik Buterin proposed various directions for broadening and enhancing the functions and scope of cryptocurrencies in response to the phenomenon of ongoing dominance of memecoins in the cryptocurrency narrative.

In response to a post on the social media platform X, shared by the user @0xDesigner, discussing the current prominence of memecoins, Vitalik Buterin brought attention to other significant emerging areas within the current cycle.

He highlighted the initial direction of zero-knowledge (ZK) reputation, identity, or credentials. Further, he noted the progress in peer-to-peer cross-border payments, emphasizing the significant improvements in lower fees and user experience during this cycle.

Additionally, Vitalik Buterin mentioned decentralized social networking and prediction markets, both of which are currently available in this cycle, along with the aspect of privacy. Moreover, he emphasized the implementation of enterprise applications via ZK validiums, along with ZK censorship-resistant voting.

Memecoins Dominate Crypto Narrative In First Half Of 2024

Memecoins have emerged as a prominent narrative over the course of the first half of 2024. Based on data from Coingecko, memecoins represented the most lucrative cryptocurrency narrative in Q1 2024, boasting an average return of 1312.6% across its leading tokens. Notably, the memecoins outperformed other cryptocurrency narratives, being 4.6 times more profitable than the next top-performing one, real-world assets (RWA), and 33.3 times more profitable than the Layer 2 narrative, with the lowest returns during the same period.

In March, Vitalik Buterin also expressed his opinion regarding the proliferation of memecoins. He highlighted that memecoins hold the potential to have a positive impact on the cryptocurrency sector.

In his view, memecoins could ideally support public goods instead of solely benefiting insiders and creators. He also suggested that the development of on-chain games could have positive implications and should be encouraged. Vitalik Buterin advocated for the creation of high-quality, enjoyable projects that contribute positively to both the cryptocurrency ecosystem and society in general.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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