Wintermute: After a decade of crypto, where is the next opportunity?

【Plain-language primer】Many people think crypto has “already done what it’s supposed to”: exchanges, lending, perpetuals, stablecoins—every track looks crowded.
But Wintermute’s take is sharp: the issue isn’t that there’s nothing left to do in crypto, but that everyone is still using the framework from the last cycle’s crypto problems to map the next world. Real new demand may come not from humans, but from machines’ economic activity.
When counterparties become Agents and robots, designs in traditional finance that rely on human identity, human authorization, and human accountability may no longer work.
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