Wintermute CEO: The Public Chain Competition is a False Proposition, and Crypto is Losing Its Direction

Wintermute CEO Evgeny Gaevoy posted on the X platform, pointing out that the competition between SOL and public chains like ETH is meaningless, as there is currently nothing truly significant happening on-chain, and no one is winning. The essence of stablecoins remains centralized intermediaries; existing blockchains, especially perpetual contract exchanges, cannot scale to CME levels due to the bottleneck of risk engines; crypto assets like Bitcoin have lost themselves in "price increases," with institutional dominance replacing idealism, and only Vitalik still adheres to the original intention; moreover, token designs (buybacks, lock-ups, airdrops) have completely collapsed. However, he remains optimistic about the industry, believing that the market is shaking off the frenzy of "Trump pumps," which will cleanse speculative tourists and leave behind true believers.