Ethereum

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In response to an X post from Roko Mijic slamming the adoption of memecoins that sparked a massive rally this weekend, Ethereum co-founder Vitalik Buterin has waded in with an attempt to set the record straight regarding the nascent asset class adoption. 
<h2 id="strong-the-vitalik-buterin-disposition-on-memecoins-strong">The Vitalik Buterin Disposition on Memecoins</h2> 
The ongoing <a href="https://coingape.com/dogwifhat-wif-price-rallies-200-amid-memecoin-rally-robinhood-announces-support/">memecoin rally</a> in the digital asset space pushed the combined market cap of the assets up 30% north of $41 billion earlier today. Popular Shiba Inu (SHIB) <a href="https://coingape.com/memecoin-mania-shiba-inu-shib-price-shoots-52-insider-predicts-800-rally-in-a-week/">surged</a> by a wholesome 52% earlier today, leading the memecoin rally. The price surge took the price of SHIB to $0.00002 and till the time of this writing, the token is yet to bow to bearish correction. 
Canine-themed memecoin Dogecoin (DOGE) equally <a href="https://coingape.com/dogecoin-doge-price-jumps-30-past-12-cents-beginning-of-parabolic-rally/">registered up to 30% increase</a> earlier in the week. Market analysts believe that DOGE may be gearing up for a mega bull run in the long run. Its average daily trading volume has also gone up significantly, surpassing $4.77 billion. Overall, the rally has touched almost all memcoins and there are still speculations that the positive momentum will last for a while. 
One X user tried to establish the fact that these memecoins are currently experiencing a rally due to a lack of use cases resulting from a decline in crypto infrastructure. However, Vitalik Buterin reacted to the post, trying to explain that this is not the outlook in all cases.&nbsp; 
“I feel like 2 years ago I completely agreed, and my high-level argument was something like “infrastructure is public goods, the incentive to fund public goods is N times smaller than optimal (that’s basic econ 101), so it’s practically impossible for there to be too much infrastructure”,” Buterin explained. 
<h2 id="strong-under-loved-infrastructures-in-the-crypto-ecosystem-strong">Under-loved Infrastructures In the Crypto Ecosystem</h2> 
He went on to talk about how “infrastructure” is a diverse category where some could be public goods and others are “realistically a zero-sum network effect grabbing game.” For Buterin, he perceives some infrastructures as being over-invested, having more than enough acceptance and adoption. On one hand, others are barely loved and talk more about being accepted. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 I feel like 2 years ago I completely agreed, and my high-level argument was something like "infrastructure is public goods, the incentive to fund public goods is N times smaller than optimal (that's basic econ 101), so it's practically impossible for there to be too much… 
 — vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1763930552544133214?ref_src=twsrc%5Etfw">March 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
For perspective, the Ethereum co-founder itemized some of the infrastructure that he perceives as under-loved. Zk voting as well as association set providers for privacy pools made it to the list amongst many others.&nbsp; 
Vitalik Buterin mentioned ENS names on Layer-2 with decentralized verification via CCIP as one of the under-loved infrastructures. The others were proof of personhood and proof of community membership, more secure software supply chains for DApps, and a fully decentralized (and no “governance token”) instant cross-L2 token transfer protocol. 
All these have gained expression one or or another with Polygon deploying the ZK technology through its <a href="https://coingape.com/polygon-zkevm-plots-major-upgrade-heres-what-will-change/">ZKEVM protocol</a>. However, the adoption is generally at a lower pace compared to the hype memecoins are generating at the moment. 
The post <a href="https://coingape.com/ethereums-vitalik-buterin-reacts-to-memecoins-parabolic-surge/">Ethereum’s Vitalik Buterin Reacts to Memecoin’s Parabolic Surge</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum’s Vitalik Buterin Reacts to Memecoin’s Parabolic Surge

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