According to TechFlow TechFlow, on February 20th, Evgeny Gaevoy, founder of crypto market maker Wintermute, stated on the Crypto Playbook podcast under Fortune magazine that although the industry is benefiting from pro-blockchain government and Wall Street adoption, the crypto industry is gradually being dominated by a "number go up" mentality, deviating from the original cypherpunk ideals. Bitcoin was originally intended to build a decentralized monetary system free from government and bank control, but the current development direction of the industry revolves more around financialization and speculation. The crypto industry should return to the cypherpunk spirit in the future, rather than fully integrating into Wall Street.
Furthermore, regarding the debate between Ethereum and public chains such as Solana, Evgeny Gaevoy pointed out that the market has overlooked the core issue: the real adoption of decentralized applications remains very limited. Although the total value locked (TVL) in the Ethereum ecosystem exceeds $120 billion, most of it is "dormant capital," with a very low proportion truly integrated into real economic activities, which is still negligible compared to the traditional financial system (TradFi).
