Helius Labs CEO Mert Mumtaz not too long ago set crypto Twitter ablaze with a sequence of tweets about Solana’s new ZK compression know-how. His tackle this tech development has acquired the crypto neighborhood speaking.
Unpacking Mumtaz’s Crypto Tweets
thanks lots for nuking my total net-worth, zk compression
disgusting evil know-how that ought to have by no means been created pic.twitter.com/YLk0z4dZZ1
— mert | helius | hSOL (@0xMert_) July 4, 2024
In his tweets, Mumtaz jokingly blamed ZK Compression for some fairly dramatic results. He acknowledged that ZK compression was nuking his total web value. He additionally known as it a disgusting, evil know-how and stated that it ought to by no means have been created.
He dubbed it “zk despair,” and talked about that the “markets are down solely because of zk compression and nothing else.”
ZK Compression is definitely a brand new scaling resolution that would make Solana transactions less expensive. Mumtaz had earlier acknowledged that it’d cut back the price of sending tokens to 1,000,000 customers from $260,000 to only $50.
Some see ZK compression as a game-changer, whereas others fear it’d contradict Solana’s earlier stance on sure scaling options.
In one other tweet, Mumtaz talked about that the current value hunch has basically modified every little thing that he knew about blockchains. He additionally acknowledged that nothing is similar anymore. “The tech doesn’t work, and it by no means will—our validator instructed me it’s not even excited to provide blocks,” Mumtaz stated.
He blamed all of it on zk compression, stating that it’s making builders spend much less cash on accounts. Mumtaz additionally joked, ” We want zk enlargement.”
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