Crypto Industry Strays from Cypherpunk Roots, Focuses on Price Appreciation

The cryptocurrency market has undergone significant changes since its inception, with some arguing that it has deviated from its core ideals.

According to Wintermute founder Evgeny Gaevoy, the industry's current focus on price appreciation is a departure from the cypherpunk philosophy. Bitcoin was originally designed to create a decentralized monetary system, but this vision has been overshadowed by financialization and speculation.

Gaevoy believes that the crypto industry should return to its roots and prioritize the creation of a truly decentralized economy rather than integrating with traditional finance. He points out that despite the large total value locked in the Ethereum ecosystem, most funds are idle, failing to contribute meaningfully to the real economy.