Vitalik Buterin Criticizes Pump.fun, Emphasizes Ethics in Crypto Development

Ethereum co-founder Vitalik Buterin has expressed his views on the direction of blockchain applications, emphasizing that the values and ethics of their creators significantly influence their impact. He criticized projects like Pump.fun, stating that they are derived from a flawed social philosophy. Buterin believes that the positive or negative impact of crypto projects is shaped by the values driving their development.

In a recent discussion, Buterin highlighted several decentralized applications that align with Ethereum’s long-term vision, including Railgun, Farcaster, Polymarket, and the messaging app Signal. He praised these projects for their commitment to ethical development and long-term utility. On the other hand, he criticized platforms such as Pump.fun, Terra/Luna, and the collapsed FTX exchange, describing them as harmful examples of what not to build in the crypto space.

Buterin explained that the differences in what these applications do stem from the beliefs and intentions of their developers. Railgun, for instance, offers privacy features similar to Tornado Cash but goes a step further by implementing Privacy Pools. This system, co-developed by Buterin, allows users to stay anonymous while still proving that their funds haven’t come from illicit sources. Other projects Buterin praised include Farcaster and Polymarket, which he believes could move beyond betting on elections and serve as useful mechanisms for improving decision-making in governance, media, and scientific research.

Buterin has consistently urged the crypto space, especially DeFi, to build with ethical intent and long-term utility in mind. He has previously warned about schemes that prioritize hype over substance, such as Terra/Luna and FTX. To explain his views on Ethereum’s unique development path, Buterin compared it to C++, a general-purpose programming language. Unlike C++, Ethereum is only partially general-purpose. Many of its core innovations, like account abstraction or the shift to proof-of-stake, rely heavily on developers’ commitment to Ethereum’s broader mission.

Buterin furthered that Ethereum apps are around 80% special-purpose. Because of this, the ethical framework and goals of the people building them play a critical role in shaping what the network becomes. He believes that the direction of blockchain applications often mirrors the intentions and ethics of their creators, and projects like Pump.fun are a reflection of what not to build in the crypto space.