Vitalik Buterin presents groundbreaking plan for establishing an equitable cryptocurrency economy
Vitalik Buterin, the co-founder of Ethereum, believes that the concept of ‘degen communism’ can bring fairness to the crypto economy and promote the common good in the midst of the market’s chaotic nature.
The term ‘degen communism’ combines the daring nature of “degen” culture, which is known for its high-risk, high-reward investment strategies, with a structured approach to ensure that the negative impacts of market volatility do not disproportionately affect anyone.
Buterin supports this approach and suggests a mechanism where smaller users are given priority in the event of a hack or project collapse, before compensating larger stakeholders. He sees this as a more equitable system, which he endorsed during the Terra Luna crash in 2022. He also proposes that project teams include this model in their terms of service, ensuring that funds are prioritized from the bottom up in cases of insolvency.
Buterin’s vision extends to meme coins as well. He suggests that such projects donate a portion of their issuance to charitable causes, allowing these whimsical cryptocurrencies to foster a sense of community and shared responsibility.
In addition, Buterin advocates for airdrops that benefit individual users and contributors to the public good. He encourages governance models that prevent power from becoming concentrated in the hands of a few.
In summary, Buterin believes that implementing ‘degen communism’ can create a fairer crypto economy and promote the well-being of all participants.
