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.
Like it? Follow, Retweet + tag a friend π§΅ππ
#crypto #cryptocurrency
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.
Like it? Follow, Retweet + tag a friend π§΅ππ
#crypto #cryptocurrency
1/ WHAT WE WILL COVER
-Macro
-What is it
-USP
-Team
-VCs
-Tokeconomics
-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
-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 π₯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 π₯²
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.
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
-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 βhorizontal scalingβ ( same approach as ETH2..if it arrives lol...joke)
-Whereas $SOL use vertical scaling, which is more centralised/less secure.
- $NEAR uses βhorizontal scalingβ ( 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? πππ
$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? πππ
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
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
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 π
brandsandblockhain.substack.com/p/the-secrets-β¦
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 π
brandsandblockhain.substack.com/p/the-secrets-β¦
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
-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 β³οΈ is the amount of tokens held for team, devs & VCs compared to community (see image)
But i'm willing to overlook that (see conclusion)
The biggest β³οΈ 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
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 β³οΈ
-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)
-Token distribution β³οΈ
-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.
-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
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
This is still a risky play, narratives change fast.
And if #bitcoin doesn't improve & nukes, this could crash hard.
good luck & thank you
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