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<ul class="wp-block-list news-points"><li>Arthur Hayes criticizes CEXs and VC-backed projects, urging the return of the ICO model.</li><li>Hayes argues that the crypto space has diverted from its core mission of empowering retail investors.</li><li>ICOs provide a more democratic and inclusive way of funding projects unaffected by the biases of traditional VC firms.</li></ul>In his essay “<a href="https://cryptohayes.substack.com/p/the-cure" rel="noopener noreferrer nofollow">The Cure</a>,” Arthur Hayes, founder of BitMEX, criticizes Centralized Exchanges (CEXs) and venture capital-backed projects for hindering innovation in the crypto industry. He advocates for a return to Initial Coin Offerings (ICOs) as a solution to the problems caused by CEXs and traditional venture capital.Hayes contends that the crypto industry has deviated from its core mission of empowering retail investors, instead focusing on venture capital-backed tokens that have underperformed. He also notes the evolution of the crypto new issue market, which has become similar to traditional finance (TradFi), especially with the introduction of “memecoins.” Hayes views memecoins as tokens with no inherent value beyond their ability to spread memes and potentially generate wealth for early adopters.Additionally, Hayes criticizes the TradFi mode…The post <a href="https://coinedition.com/hayes-cure-for-crypto-return-to-icos-ditch-cexs/" rel="noopener noreferrer nofollow">Hayes’ Cure for Crypto: Return to ICOs, Ditch CEXs</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Hayes’ Cure for Crypto: Return to ICOs, Ditch CEXs

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