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Helius Labs CEO Slams Zk Compression For Crypto Slump

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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 obtained the crypto group speaking.

Unpacking Mumtaz’s Crypto Tweets

thanks loads for nuking my whole 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 whole web price. 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 melancholy,” and talked about that the “markets are down solely because of zk compression and nothing else.”

ZK Compression is definitely a brand new scaling answer that would make Solana transactions less expensive. Mumtaz had earlier said that it’d scale back the price of sending tokens to 1,000,000 customers from $260,000 to simply $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 latest value stoop has basically modified every thing that he knew about blockchains. He additionally said that nothing is similar anymore. “The tech doesn’t work, and it by no means will—our validator advised 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.”

Additionally Learn: Justin Solar Needs to Purchase All Bitcoins Held by German Authorities

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