Wintermute CEO Evgeny Gaevoy has criticized the ongoing debates within the crypto industry, labeling discussions around public blockchains like Solana and Ethereum as "meaningless" due to the lack of breakthrough applications. Gaevoy argues that stablecoins, while a niche success, have not fundamentally changed the landscape, merely replacing one centralized intermediary with another. He also highlights scalability issues in blockchain applications, particularly perpetual exchanges, which face challenges in achieving traditional financial-grade scale due to risk engine design limitations. Gaevoy further critiques the industry's distorted values, noting that Bitcoin's original vision has been overshadowed by price narratives and institutional entry, which he believes has diluted the cypherpunk spirit. He asserts that the token economic model is nearly defunct, with mechanisms like buybacks and airdrops facing significant challenges. Despite these criticisms, Gaevoy remains cautiously optimistic about the industry's long-term prospects, suggesting that as speculators exit, a healthier environment for true believers may emerge.