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
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