Wintermute founder Evgeny Gaevoy expressed concerns about the cryptocurrency industry's deviation from its cypherpunk origins, focusing instead on narratives driven by price increases. Speaking on Fortune's Crypto Playbook podcast, Gaevoy highlighted that while stablecoins have become a primary application, they reinforce the dominance of the US dollar, diverging from the early vision of building a decentralized parallel system. He emphasized the need for the industry to return to cypherpunk principles rather than fully integrating with Wall Street. Gaevoy also noted that despite public blockchains like Ethereum having over $120 billion in total value locked, the adoption of truly decentralized applications remains limited. He pointed out that enterprise blockchain trials are significantly smaller in scale compared to traditional financial economic activities.