According to Odaily Planet Daily, Ethereum developer @pcaversaccio said that the soul of crypto seemed to have disappeared in 2024. L2's "training wheels" became an excuse to delay decentralization, and KYC was everywhere.
Builders pursue compliance rather than privacy, and new applications are mostly gambling rather than driving meaningful change. There is a lack of principle-based construction, and most people chase short-term hype rather than disrupting the system.
Sonic Labs co-founder Andre Cronje responded that decentralization and immutability require perfection, but users do not understand these concepts and there are challenges in regulation, making the choice easy.