Blockchains under threat as new private chains emerge

Wintermute CEO Evgeny Gaevoy has downplayed the perceived dominance of Ethereum and Solana in the blockchain space, warning that both chains could still be easily disrupted. In an interview, he claimed that most capital on these chains is tied up in 'corporate experiments' or 'stuck money', rather than being actively used for DeFi activity.

According to Gaevoy, this means that neither Ethereum nor Solana has a strong 'moat' to defend against emerging competitors. He argued that the current perceived moats of both chains – stablecoins and tokenized markets – are under threat from rival private corporate chains such as Stripe-backed Tempo chain and Circle's Arc.

The success of Hyperliquid, which has dominated 45% of the generated fee revenue market, validates Gaevoy's theory. The chain and DEX were purpose-built for high-frequency crypto trading and DeFi activity, but have now become a hub for trading oil and other commodities amid geopolitical tensions.