Wintermute founder: The encryption industry deviates from the concept of cypherpunk and needs to return to its original intention

Wintermute founder Evgeny Gaevoy recently stated in the Fortune Crypto Playbook podcast that the cryptocurrency industry is gradually being dominated by a mindset of "only pursuing price increases", deviating from the concept of cypherpunk. Bitcoin was originally intended to build a decentralized currency system, but the industry's development revolves more around financialization and speculation. He believes that the encryption industry should return to the spirit of cypherpunk, rather than fully integrating into Wall Street. In addition, he pointed out that the total locked value (TVL) of the Ethereum ecosystem exceeds $120 billion, but most of it is "deposited funds", and the proportion of truly integrated into the real economy is extremely low, which is still insufficient compared to the traditional financial system.