Original Vision Gets Lost
In a recent Fortune Crypto Playbook podcast interview, Wintermute founder Evgeny Gaevoy argued that despite growing blockchain adoption by governments and Wall Street, the crypto industry has strayed from its cypherpunk roots.
Bitcoin was originally designed as a censorship-resistant monetary system independent of centralized authorities. Today's crypto landscape, however, focuses excessively on price speculation rather than technological empowerment, according to the industry insider.
Decoding the TVL Illusion
When discussing Layer1 blockchain competition between Ethereum and Solana, Gaevoy highlighted how market attention misses critical issues.
- Ethereum's TVL exceeds $120 billion
- Most funds are inactive 'sleeping capital'
- Real-world economic activity remains minimal
This reveals DeFi's limited practical adoption compared to traditional financial systems, challenging the narrative of blockchain's revolutionary impact.Back to Fundamental Principles
Gaevoy urges the industry to reorient its development path, advocating for crypto to reclaim core values of decentralization, privacy protection, and anti-censorship.
Instead of replicating Wall Street's financialization model, he argues true innovation should focus on empowering individual sovereignty and data control through technological solutions rather than creating new speculative bubbles.