Helius Labs CEO Mert Mumtaz recently set crypto Twitter on fire with a series of tweets about Solana’s new ZK compression technology. His take on these technological advancements has the crypto community talking.
Unpacking Mumtaz’s crypto tweets
Thank you so much for destroying my entire net worth, zk compression
disgusting evil technology that should never have been created pic.twitter.com/YLk0z4dZZ1
— mert | helicopter | hSOL (@0xMert_) July 4, 2024
In his tweets, Mumtaz jokingly blamed ZK Compression for some pretty dramatic effects. He stated that ZK compression destroyed his entire power. He also called it a disgusting, evil technology and said it should never have been created.
He called it “ZK depression” and said that the “markets are only falling due to ZK compression and nothing else.”
ZK Compression is actually a new scaling solution that could make Solana transactions much cheaper. Mumtaz had Previously mentioned that it could reduce the cost of sending tokens to a million users from $260,000 to just $50.
Some see ZK compression as a game-changer, while others worry that it could contradict Solana’s previous position on certain scaling solutions.
In another tweet, Mumtaz said the recent price drop has fundamentally changed everything he knew about blockchains. He also stated that nothing is the same anymore. “The technology doesn’t work, and it never will. Our validator told me he’s not even excited to produce blocks,” Mumtaz said.
He blamed zk compression, saying developers spend less money on accounts as a result. Mumtaz also joked: “We need a zk expansion.”
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