Wintermute CEO: The public blockchain debate is a false proposition; cryptography is losing its way.

Wintermute CEO Evgeny Gaevoy, in an article published on the X platform, pointed out that the debate between public chains like SOL and ETH is meaningless because nothing truly significant is happening on-chain, and no one has emerged victorious. Stablecoins are essentially still centralized intermediaries; existing blockchains, especially perpetual contract exchanges, cannot scale to CME levels due to risk engine bottlenecks; crypto assets like Bitcoin have lost their way in the "price surge," with institutional dominance replacing idealism, and only Vitalik remaining true to his original vision; furthermore, token design (buybacks, lock-ups, airdrops) has completely collapsed. However, he remains optimistic about the industry, believing that the market is shaking off the "Trump pump" frenzy, weeding out speculative tourists and leaving behind true believers.