Matt Ye, founder of Lorenzo, has analyzed the systemic challenges facing the cryptocurrency industry, attributing them to the underlying civilizational forms rather than individual projects or technologies. Ye identifies three stages of crypto civilization: the anarchic DeFi black market, the feudal order of centralized exchanges (CEXs), and the colonization by Wall Street. He argues that these stages reflect deeper systemic issues, such as declining asset quality, stalled innovation, and the prevalence of scams. Ye suggests that the anarchic nature of DeFi encourages exploitative behavior, while the centralized control of CEXs stifles innovation through planned economies. The entry of Wall Street, he claims, represents a takeover rather than a maturation of the industry, with institutional rules favoring capital protection over crypto innovation. Ye concludes that the industry's problems stem from a lack of advanced civilizational structures and calls for a new evolutionary form of cryptography.