The crypto community has been buzzing over the past two days after Vitalik Buterin expressed a lack of enthusiasm for DeFi protocols.
The controversy began during episode 57 of the “Steady Lads” podcast—a popular show in the crypto space—where hosts Jordi Alexander, Justin Bram, and Taiki Maeda, along with guest Kain Warwick (founder of Infinex and Synthetix), revealed that the “father of Ethereum” isn’t particularly fond of DeFi.
Ethereum is good, right? In Episode #57, the Lads really dig in and find out w/ special guest @kaiynne 🫡
Now on @YouTube & @Spotify ft:
🐂 @VitalikButerin‘s Bull Post
🗺️ ETH’s Scaling Roadmap
🥊 Kain’s Fight Night
👀 The Vision For @infinex_app & more!Full links below!👇 pic.twitter.com/V3wa9l0bQ1
— Steady Lads (@0xSteadyLads) August 23, 2024
This revelation sparked heated discussions among industry leaders. One notable reaction came from @llamaonthebrink, who called Vitalik’s alleged stance “surprising, unbelievable, and disappointing,” arguing that it undermines Ethereum’s role as the backbone of most blockchain projects.
@llamaonthebrink pointed out that much of ETH’s value comes from its use as collateral in DeFi, questioning why Vitalik would want fewer DeFi protocols. The user also found it puzzling that Vitalik frequently praises USDC, a stablecoin that could potentially rival ETH as a store of value.
“I still can’t fully believe Vitalik doesn’t like DeFi. I’m hoping for a clear statement from him. If it’s true, it’s a huge letdown for those working to enhance ETH’s value.”
Vitalik responded, hinting that his stance on DeFi might have been misunderstood.
The kinds of applications that I want to see are applications that are (i) useful in a sustainable way, and (ii) don’t sacrifice on the principles (permissionlessness, decentralization, etc)
I think DEXes are great, and I use them every week.
I think decentralized stablecoins…
— vitalik.eth (@VitalikButerin) August 25, 2024
