• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Vitalik Buterin's Proposal: Managing Crypto Chaos Effectively

user avatar

by Giorgi Kostiuk

2 years ago


According to the latest post by Ethereum co-founder Vitalik Buterin on handling the chaotic nature of the cryptocurrency space, he discussed potential solutions to mitigate negative impacts while maximizing the industry's potential. In his proposal, he introduced the concept of Degen communism as a political ideology that could address these challenges.

Buterin emphasized the need for a fresh approach to address project failures or hacks. He suggested prioritizing smaller users for refunds up to a certain threshold instead of proportionate refunds. This strategy aims to protect vulnerable participants from significant losses during market downturns.

Acknowledging the volatility of the crypto market, Buterin recommended leveraging this chaos for positive outcomes. He proposed charitable contributions from meme coins and games, allocating a portion of their issuance to charitable causes to foster a culture of community giving.

Additionally, Buterin highlighted the importance of implementing airdrops to ensure fair rewards distribution among individual users and public contributors, including open-source developers. He also emphasized the establishment of proactive funding programs for public goods akin to successful initiatives seen in projects like Optimism.

Furthermore, Buterin discussed empowering communities to hold governance token holders accountable for their decisions. He suggested enabling mechanisms for forking projects and redistributing tokens held by concentrated players to enhance governance transparency.

In an effort to enhance user identification and community participation proofs, Buterin proposed the adoption of proof of personhood protocols. This approach would allow for more reliable administration of initiatives targeted towards individual users.

Buterin's vision for Degen communism materialized in Degen Chain, a layer-3 blockchain on Base networks. Within 24 hours of its launch, the platform processed $100 million in transactions, hosting 7,500 contracts and 2,300 tokens. Notable tokens on the network include DSWAP with a $14 million valuation and DPEPE with a $23 million valuation. Despite lacking stablecoin support, the DEGEN token surged to 6 cents, marking a 500% increase from its value on Thursday.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Outset PR Adapts Communication Strategies to Ethereum's Market Dynamics

chest

Outset PR is adapting its communication strategies to the rapidly evolving Ethereum landscape by employing a data-driven approach.

user avatarNguyen Van Long

Broader Crypto Market Context: Cardano's Struggles

chest

The total crypto market cap is currently hovering around the 3.0-3.1 trillion zone, impacting Cardano's performance.

user avatarLuis Flores

Supreme Court to Review Trump's Tariffs Under IEEPA

chest

The Supreme Court is set to rule on the legality of tariffs imposed by former President Trump under the IEEPA, which could redefine presidential authority and impact trade dynamics in the US.

user avatarArif Mukhtar

Sonic Blockchain Achieves 10,000 TPS on Ethereum Layer 2

chest

Sonic, a high-performance Layer 2 blockchain on Ethereum, has successfully processed over 10,000 transactions per second (TPS) with subsecond finality, addressing scalability challenges.

user avatarMaria Gutierrez

Toncoin Shows Steady Growth in Cryptocurrency Market

chest

Toncoin continues to demonstrate positive growth in the cryptocurrency market, although it lacks the explosive potential seen in other projects like MoonBull.

user avatarAndrew Smith

Major US Banks Begin Issuing Credit Against Bitcoin Holdings

chest

Major US banks like JPMorgan and Bank of America are issuing loans at 65-70% loan-to-value against Bitcoin holdings, allowing companies to use Bitcoin as collateral to borrow dollars tax-free.

user avatarDavid Robinson

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.