Former Ethereum Developer: Crypto Industry’s Focus on Vanity Metrics is Misleading VCs into Continued Funding

BlockBeats News, May 27th - Former Ethereum developer Max Resnick criticized in a post that a large number of on-chain "metrics" in the crypto industry are essentially a "scam", aiming to induce VCs to continue investing more funds into the industry.

He specifically called out data related to Restaking, stating that "the same ETH is counted at least 10 times", and questioned the definition of metrics on many on-chain data platforms, saying, "Every time you carefully study how these websites calculate their metrics, you will find that they are either calculated incorrectly or meaningless, and cannot truly measure the data they claim to represent."

Max Resnick also pointed out that the current performance of the cryptocurrency lending sector data continues to deteriorate, and stated that if the industry cannot face the reality and address the issues honestly, "the situation will only get worse." He believes that "the first step in solving a problem is to acknowledge that it is a problem."

Previously, on December 10, 2024, Ethereum ecosystem developer Max Resnick stated in a post that he had quit his job at Consensys and moved to Anza, a Solana development company.