Ethereum dev calls crypto industry metrics a 'scam' by VCs

Ethereum ecosystem developer Max Resnick has called all metrics in the crypto industry a scam designed by venture capitalists (VCs) to attract funds. In a post on X, Resnick pointed to DeFiLlama's "Value Locked by Category" metric as an example, noting that a single ETH can be counted across at least 10 different categories, including lending, liquid staking, real-world assets (RWA), decentralized exchanges (DEX), and restaking. He argued that every time he examines how a metric is calculated, he finds it to be miscalculated, and that it is nonsensical to trust these figures blindly. Resnick stressed that the situation will only worsen until the industry takes a clear look at its current state, concluding, "The first step to fixing a problem is recognizing it."