Thread by @willposk

There seems to be a new L1 popping up all the time.
Many claim to be an $ETH killer of the next $SOL

But most are NGMI!

In this thread i will took at $NEAR which i think has a strong change to make it.

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#crypto #cryptocurrency

1/ WHAT WE WILL COVER

-Macro
-What is it
-USP
-Team
-VCs
-Tokeconomics

2/ MACRO - PT1

-Boom in NFTs like #BAYC & P2E games like $AXIE resulted in high gas fees/slowdown on $ETH in '21

-But as everyone FOMOd into #NFTs/P2E a counter narrative formed. Clever people hunted alt L1s to replace $ETH or L2s to fix $ETH

Hence $SOL & $MATIC pumped in H2

3/ MACRO - PT 2
However narrative now changing again:
-L2s are becoming expensive/ still not as cheap $SOL
-$SOL great speed & cost but criticised for being centralised.
-And a lot of FUD b/c weng down x3 times.
-Thats why people are hunting for the next L1 & shilling it 🥲

4/ MACRO - PT3

BUT most L1s NGMI because building them is hard:
-need tons of money
-experience
-great team

But this this is why $NEAR could run even more & play into this narrative.

5/ WHAT IS IT?

-Open source proof of stake L1
-High speed & low cost (Like $SOL)
-Founded in 2018
-More decentralised than $SOL

6/ WHAT IS IT - 2
- $NEAR uses ‘horizontal scaling” ( same approach as ETH2..if it arrives lol...joke)

-Whereas $SOL use vertical scaling, which is more centralised/less secure.

7/ WHAT IS IT

$NEAR also uses Rust programming language like $SOL which makes it super easy to code on.

It is why it is seeing some of the fatest developer growth of any L1...oh and did i tell you how good there team is? 👇👇👇

7/ THE TEAM

IMO on of the best teams in the business & collectively one of the most experienced out there

From some of the most successful companies in the tech world including #Google , #Microsoft & #Facebook

8/ VCs - 1

As mentioned building L1s is hard. You need lots of money & experience.

So having (good) VCs behind it only improves its chances of making it.

$NEAR has god tier VCs including @a16z & @coinbase ventures

9/ VCs - 2

BTW you need to be weary of bad VCs, i cover this in my first newsletter, which is worth a read.

If you haven't checked it out see the link below & subscribe if you like 😊

brandsandblockhain.substack.com/p/the-secrets-…

10/ Tokenomics - PT1

-Fully diluted market cap - $13.6BN
-Market cap - $8.4BN
-Currently 618.5m in circulation
-5% inflation (but this is ok imo, see below)
-No drop off/vesting good

11/ Tokenomics - PT2

The biggest ⛳️ is the amount of tokens held for team, devs & VCs compared to community (see image)

But i'm willing to overlook that (see conclusion)

12/ Tokenomics - PT3

Although $NEAR has run quiet hard the marketcap is still relatively low against $SOL & $ADA

Could at least do a x2 and still only be half the marketcap of these L1s

13/ Conclusion -1
-Token distribution ⛳️
-IMO VCs/team won't dump b/c there is a bigger prize here (ie become a big L1s in the future)
- Team is not $SQUID lol they are professionals!
-Good macro narrative forming ($NEAR = cheap/fast like $SOL but more decentralised)

14/ Conclusion - 2
-The 5% inflation is needed to reward nodes & keep it decentralised.
-Has good potential imo mid and long term.
-But be careful if $BTC nukes may come down hard.

14/ SUPPORT ME

Content takes a long time so pls support by:

-RT/sharing & following first post in this thread
-Signing up to the newsletter
-Singing up to Gate.io via my partner link:
gate.io/ref/8742183

15/ WARNING

This is still a risky play, narratives change fast.
And if #bitcoin doesn't improve & nukes, this could crash hard.

good luck & thank you