Wintermute Founder Evgeny Gaevoy threads a mostly bleak reality check on the current state of crypto

Wintermute founder and CEO Evgeny Gaevoy posted a sharply pessimistic take on crypto, arguing that the industry has drifted away from its original cypherpunk purpose and become dominated by a ‘number go up’ mindset. In a follow-up interview, he said recent tailwinds such as friendlier regulation, Wall Street adoption, and stablecoin growth do not amount to meaningful progress if the core outcome is simply deeper integration with traditional finance rather than new decentralized uses.

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