Wintermute founder Evgeny Gaevoy offered a blunt assessment of crypto’s current condition on Wednesday, arguing that the industry has stalled on substance even as speculation continues to dominate attention.
Gaevoy Criticizes Stablecoins, Perp Exchanges, and Token Design
In a published on X on Feb. 4, 2026, Gaevoy, CEO of market-making firm , dismissed ongoing debates between competing blockchains as largely meaningless, saying none have delivered breakthroughs significant enough to declare clear winners or losers.
He also questioned the broader impact of , describing them as a narrow success that fails to change the industry’s underlying structure. According to Gaevoy, stablecoins largely swap one group of centralized intermediaries for another, even if the newer systems operate more efficiently.
Gaevoy reserved some of his sharpest criticism for decentralized perpetual futures platforms, arguing that scaling challenges extend far beyond transaction throughput. “I don’t think anything build on blackchains scales currently including and especially perp exchanges,” he wrote, adding that it is “very far from obvious” such platforms can ever match traditional market infrastructure.
He contrasted crypto venues with the risk management model used by the Chicago Mercantile Exchange (), noting that traditional markets distribute risk across multiple prime brokers rather than relying on a single onchain mechanism.
Responding to questions about decentralized derivatives platform Hyperliquid, Gaevoy , “CME risk engine is decentralized in reality (via PBs) and scales that way,” while current crypto designs struggle to balance liquidations, automatic deleveraging, and insurance funds.
Beyond infrastructure, Gaevoy argued that crypto’s original philosophical grounding has faded. He said bitcoin’s purpose has been overshadowed by price fixation (“number go up”), a problem he believes extends across much of the sector as institutional narratives replace earlier cypherpunk ideals.
He singled out Ethereum co-founder as a rare figure still focused on first-principles thinking, suggesting that many other influential voices have embraced institutional validation over foundational goals.
Token economics also drew Gaevoy’s ire. He criticized buybacks, lockups, and other common design choices as ineffective or poorly executed, while noting that widespread skepticism toward airdrops may be one of the few points of consensus in the market.
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Despite the critical tone, Gaevoy said he remains cautiously optimistic. He argued that the absence of broad political or speculative euphoria could help clear out short-term participants and leave behind builders committed to long-term goals. When pressed by another X user on the source of that optimism, Gaevoy simply, “wishful cynic, it’s in the name.”
His comments echo a growing unease among industry veterans who see technical ambition and ideological clarity giving way to financial engineering and narrative cycles, even as crypto continues to attract capital and attention.
FAQ ❓
- Who is Evgeny Gaevoy? Evgeny Gaevoy is the founder and CEO of crypto market-making firm Wintermute.
- What did Gaevoy criticize in his X thread? He criticized blockchain scaling limits, , perpetual exchanges, and current token design practices.
- Why did Gaevoy compare crypto to CME? He argued that CME’s distributed risk model scales more effectively than current onchain risk engines.
- Is Gaevoy bearish on crypto overall? While critical, he said he remains cautiously optimistic as speculative participants exit the market.
Author: Jamie Redman
Source: Bitcoin
Reviewed By: Editorial Team
