The @BenqiFinance launch demonstrated the $AVAX merger of EVM + L1 scaling
It could also be why $MOVR is quickly becoming the defining tale of the Parachains
Maybe the ultimate test of the thesis will be the @MoonbeamNetwork launch
The project is arguably the purest expression of this apparent paradox: preserving the EVM on the one hand and moving toward a fast & multi-chain world on the other.
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Exhaustion - not failure - is the enemy in markets. When the market gives traders a move they have anticipated for years, they don't want it anymore. BTC above $12k, ETHBTC above 0.04. It's almost like OG disbelief is a prerequisite for secular & lasting uptrends.
It feels like this is as common amongst VCs as traders. For whatever reason, a longstanding thesis will often only work after the "strongest hands" who bagheld for years finally give up and move on. Then it works exactly as they imagined.
Very weird & almost demonic. The market (perhaps this market in particular) is like one giant exorcism, transferring from weak to strong. It does everything it can to convince those who thought they were "strong hands" for years to destroy themselves at the final moment.
We're at the stage of the cycle where it's easy to make bad decisions BOTH as a bull and as a bear.
In 1-3YR, the market punishes euphoric private investors plowing into overvalued party rounds. In 3-9M, the market decimates shorts of any kind (BTCUSD, ALTUSD, ALTBTC).
It's the fragmented phase of the cycle. It's no longer enough to *just* get your macro bias correct.
Compare today's private market to Q1-Q3 last year.
You needed two things to make good decisions last year: the belief that primary markets were cheap, & access to solid teams sub $20m valuation.
There are no more decisions that will look or feel this easy.
PART I: THE END OF THE SAVER & UNSTOPPABLE RISE OF CENTRAL BANKING
PART II: SALVATION OF THE SAVER, IS CRYPTO READY FOR FIXED INCOME?
PART III: ANCHOR, DEFI’S RISK-FREE RATE & THE STRIPE FOR SAVINGS
PART I covers:
a) The end of the saver, Nixon’s capitulation and Gold’s final deathblow. The new orthodoxy that lionized the debt-craving consumer. Purchasing power dwindling to oblivion; the decline of savings as a % of GNI and real yields wheezing their way to zero.