Wintermute founder: The crypto industry has deviated from cypherpunk ideals and needs to return to its roots

Wintermute founder Evgeny Gaevoy recently stated on Fortune magazine's Crypto Playbook podcast that the crypto industry is increasingly dominated by a mindset focused solely on price appreciation, deviating from the cypherpunk philosophy. Bitcoin was originally intended to build a decentralized monetary system, but the industry's development has become more centered around financialization and speculation. He believes the crypto industry should return to the cypherpunk spirit rather than fully integrating with Wall Street. In addition, he pointed out that although the total value locked (TVL) in the Ethereum ecosystem exceeds $120 billions, most of it is "idle funds," with a very low proportion actually integrated into the real economy, which still falls short compared to the traditional financial system.