Wintermute CEO: Public Chain Competition is a False Proposition, Crypto is Losing Its Way

Odaily News Wintermute CEO Evgeny Gaevoy posted on the X platform, stating that the competition between public chains like SOL and ETH is meaningless because nothing truly important is happening on any chain right now, and no one is winning. Stablecoins remain essentially 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 "price appreciation," with institutional dominance replacing idealism, and only Vitalik remains true to the original vision; furthermore, token design (buybacks, lock-ups, airdrops) has completely collapsed. However, he remains optimistic about the industry, believing the market is shaking off the "Trump pump" frenzy, which will wash out speculative tourists and leave behind true believers.