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Arthur Hayes argues that crypto has lost its way by becoming overly dependent on VC funding and centralized exchanges (CEX). Founders are pressured to follow exchange demands instead of serving users, leading to high FDVs, low circulating supply, and poor post-listing performance for retail investors. He believes crypto’s original explosive growth was driven by three forces: 1/ decentralization as a response to captured governments and concentrated power, 2/ breakthrough blockchain technology...

Here’s a piece of trivia: Outside of Ethereum mainnet, which chain is currently the leading network for real-world assets (RWA)? The answer isn’t a new L1, nor a bank chain. It’s ZKsync. Yes — the same ZK Rollup that Vitalik recently praised for doing “quiet but very valuable work” in the Ethereum ecosystem, one of the original “L2 four kings”, is quietly becoming one of the most important reference designs for Ethereum’s ZK roadmap. Behind that, there’s a deeper signal: Ethereum’s ZK path is...