Wintermute Founder: The crypto industry has deviated from the cypherpunk original intention, with most of the Ethereum ecosystem's TVL being "deposited funds"

PANews February 21 News, Wintermute founder Evgeny Gaevoy recently stated on the Crypto Playbook podcast under Fortune magazine that despite the industry welcoming favorable policies such as pro-blockchain government and Wall Street adoption, the crypto industry is gradually being dominated by a mindset that only pursues price appreciation (number go up), deviating from the original cypherpunk philosophy. Bitcoin was initially designed to create a decentralized currency system independent of government and banking control, but the current industry development is more focused on financialization and speculation. The future of the crypto industry should return to the cypherpunk spirit rather than fully integrating into Wall Street. Additionally, regarding the competition between Ethereum and Solana and other public chains, Evgeny Gaevoy pointed out that the market is overlooking the core issue, which is that 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 funds,” and the proportion truly integrated into real economic activities is very low, still insignificant compared to traditional finance (TradFi).