Charles Hoskinson, founder of Cardano and co-creator of Ethereum, announced that the "third generation of crypto" is dead, criticizing the industry's focus on hype, scams, meme coins, and speculation. In a video posted on December 25, 2025, Hoskinson emphasized the need for a shift towards real utility and long-term value in the crypto space. He introduced his privacy project, Midnight, as part of a new "fourth generation" of blockchain development, advocating for a future where blockchain technology prioritizes genuine use cases and sustainable growth.