BitMEX founder Arthur Hayes said that despite the criticism, memecoins are having a positive impact on the blockchain ecosystem.
In a new interview with Real Vision founder Raoul Pal, Hayes said memecoins are a “powerful” form of expression for the public.
“You move to ETH, then you move to Solana, and then suddenly you’re trading Slerf or Dogwifhat, and it’s fun. Receiving financial compensation on the Internet is just humans experimenting and playing games with each other. I think it’s very funny.
Of course, deal with responsibility and all that kind of stuff. But that’s just pure emotion, and there’s no central authority telling you what you can and can’t do. Whatever someone wants to list, all they have to do is do it and they will either succeed or fail immediately. I think that’s very powerful. And for the first time in a long time, people are having fun doing trading.
Some of them are tasteless memes, but whatever.”
Hayes argues that memecoins ultimately bring interest and value to blockchain, even though many are skeptical of their intrinsic value. He cites Solana (SOL) and its easy-to-use user interface (UI) as a means of bringing more new users into the ecosystem.
“A chain that can support (that) culture will be a chain with value. So Solana – and I’m a huge supporter of ETH as far as who has the best decentralized internet computer – but eventually, if people launch these memecoins on Solana and launch new memecoins and the price of Solana goes up, developers in this space ‘Ah, this is interesting. ‘I want to develop on Solana because I know there will be users.’
Why do Solana have users? Well, it attracted attention because it was a very easy platform with good UI/UX (user experience) to launch such a dog money coin.
That’s right. You can dismiss these things as silly and worthless, but if they attract attention and bring more engineers into the space, it becomes a positive value for the chain itself.”
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