Helius Labs CEO Slams Zk Compression For Crypto Slump

Helius Labs CEO Mert Mumtaz recently set crypto Twitter ablaze with a series of tweets about Solana’s new ZK compression technology. His take on this tech advancement has got the crypto community talking.

Unpacking Mumtaz’s Crypto Tweets

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

disgusting evil technology that should have never been created pic.twitter.com/YLk0z4dZZ1

— mert | helius | hSOL (@0xMert_) July 4, 2024

In his tweets, Mumtaz jokingly blamed ZK Compression for some pretty dramatic effects. He stated that ZK compression was nuking his entire net worth. He also called it a disgusting, evil technology and said that it should never have been created.

He dubbed it “zk depression,” and mentioned that the “markets are down only due to zk compression and nothing else.”

ZK Compression is actually a new scaling solution that could make Solana transactions much cheaper. Mumtaz had earlier stated that it might 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 it might contradict Solana’s previous stance on certain scaling solutions.

In another tweet, Mumtaz mentioned that the recent price slump has fundamentally changed everything that he knew about blockchains. He also stated that nothing is the same anymore. “The tech doesn’t work, and it never will—our validator told me it’s not even excited to produce blocks,” Mumtaz said.

He blamed it all on zk compression, stating that it is making developers spend less money on accounts. Mumtaz also joked, ” We need zk enlargement.”