Vitalik Buterin identified Terra/Luna and FTX as examples of how poor social philosophy can lead to catastrophic outcomes

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On the other hand, Buterin said the memecoin platform Pump.fun, the collapsed crypto ecosystem Terra, its native token Terra, and the collapsed crypto exchange FTX are examples of bad social philosophy.

Buterin praised a handful of decentralized applications that align with Ethereum’s long-term vision. These include Railgun, Farcaster, Polymarket, and the messaging app Signal. On the flip side, he criticized platforms such as Pump.fun, Terra/Luna, and the collapsed FTX exchange, describing them as harmful examples of what not to build.