Wu said that Wintermute CEO Evgeny Gaevoy stated that the rivalry between public chains like SOL and ETH is meaningless because there is currently nothing truly important happening on any chain, and no one is winning. Stablecoins are still essentially centralized intermediaries; existing blockchains, especially perpetual contract exchanges, cannot scale to CME levels due to risk engine bottlenecks; cryptocurrencies like Bitcoin have lost their way in "price appreciation," with institutions leading to replace idealism, only Vitalik remains true to the original intention; additionally, token designs (buybacks, lock-ups, airdrops) have completely collapsed. However, he remains optimistic about the industry, believing the market is moving away from the frenzy of "Trump pump," cleansing speculative traders, and leaving true believers.