Helius Labs CEO Slams Zk Compression For Crypto Hunch

Helius Labs CEO Mert Mumtaz lately set crypto Twitter ablaze with a collection of tweets about Solana’s new ZK compression expertise. His tackle this tech development has bought the crypto neighborhood speaking.

Unpacking Mumtaz’s Crypto Tweets

thanks rather a lot for nuking my total net-worth, zk compression

disgusting evil expertise 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 said that ZK compression was nuking his total web value. He additionally referred to as it a disgusting, evil expertise and mentioned that it ought to by no means have been created.

He dubbed it “zk despair,” and talked about that the “markets are down solely attributable to zk compression and nothing else.”

ZK Compression is definitely a brand new scaling answer that might make Solana transactions less expensive. Mumtaz had earlier said that it would scale 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 would contradict Solana’s earlier stance on sure scaling options.

In one other tweet, Mumtaz talked about that the latest worth hunch has basically modified the whole lot that he knew about blockchains. He additionally said that nothing is identical anymore. “The tech doesn’t work, and it by no means will—our validator informed me it’s not even excited to provide blocks,” Mumtaz mentioned.

He blamed all of it on zk compression, stating that it’s making builders spend much less cash on accounts. Mumtaz additionally joked, ” We’d like zk enlargement.”

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