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.
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, stablecoins, 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.Wintermute Founder Casts a Cold Eye on Crypto’s Direction
Latest News

VerifiedX Launches Bitcoin Sidechain for Native DeFi Privacy
VerifiedX has officially introduced a decentralized "reliever chain" designed to bring programmable, privacy-preserving functionality to the Bitcoin network.Martha Grizzard
Japan’s SBI and Rakuten Plan Crypto Trusts as Rules Finalize
SBI Securities and Rakuten Securities have officially announced plans to introduce cryptocurrency investment trusts to their massive retail user bases.Craig Green
Senate Advances CLARITY Act: A New Era for U.S. Crypto Oversight
The Senate Banking Committee advanced the CLARITY Act on May 14, 2026 to establish a comprehensive federal framework for the digital asset industry.
TRC20-USDT Circulation Soars to 89.3 Billion Record on TRON
The circulation of TRC20-USDT has officially ascended to a historic peak of 89.3 billion tokens, fundamentally expanding the liquidity threshold of the decentralized financial landscape.Hallie Gill
21Shares Debuts First Canton Network ETF (TCAN) on Nasdaq
The TCAN ETF provides the first U.S.-listed gateway to Canton Coin (CC), the native utility token of the Canton Network.Martha Grizzard
Top
View more- 1S&P 500 Reclaims 200-Day Moving Average, Bitcoin Gains
- 2Trump Softens His Stance on Reciprocal Tariffs, US Stocks and Crypto Markets Rise
- 3Vitalik Buterin : The current price of ETH has not been affected by the merger event
- 4Vibhu Norby : Solana Spaces store to bring 100K people to Solana per month
- 5CZ: compared with the record high nine months ago, the current situation of the industry is much better













