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21 September 2021
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Mike Novogratz Gives Shoutout to Ethereum Founder Vitalik Buterin, Claims He’s Playing Long Game

Vitalik Buterin’s criticism of DeFi projects earns praise from Mike Novogratz

In a praise-filled tweet, Mike Novogratz, the CEO of cryptocurrency merchant bank Galaxy Digital, says that he’s ‘constantly impressed’ with Vitalik Buterin, the Russian-Canadian programmer who co-founded Ethereum.    

Buterin, according to Novogratz, is trying to build something of ‘immense value’ while applying his long-term vision.  image by @novogratzR

DeFi projects may pose systematic risks 

Novogratz showed his admiration for Buterin after the latter picked holes in decentralized finance (DeFi) projects that represent a new frontier for Ethereum.

In Buterin’s opinion, there is too much emphasis on ‘flashy DeFi things’ that offer significantly higher interest rates than a traditional bank.

He further claims that they either offer short-term opportunities for arbitrage or fail to disclose some systemic risks.image by @novogratz

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