Thread by @4484

some bear market thoughts. 🧵

1- #web3/crypto

is not going anywhere. doubt will creep in but there are enough smart people working on cementing blockchains as the technology that will bring about the next iteration of the internet as we know it. however that looks in 10 years.

2- FDV

crazy inflated FDVs means crypto was overbought. simple as that. some tokens with no utility traded with FDV 5-6x mcap which is ridiculous cuz only means more selling pressure incoming from future unlocks and emissions. down only.

3- #DeFi

the only real use cases that have emerged and will be able to survive at this point are staking (helping secure POS networks), dexs and money markets. there is demand and revenue at the protocol level. everything else built has been useless complex pyramid schemes.

4- #NFTs

pulled in mainstream users. helped educate on blockchains albeit at a surface level.

while the speculative pfp stuff is fun & will continue, space needs to evolve & mature. 95% of current class will have 0 liquidity. only the ones with real communities will survive.

building brands around membership NFTs is a really cool iteration (@proof_xyz @gmoneyNFT ) and i think top influencers will really succeed with this model to build media and consumption powerhouses.

5- #DAOs

still experimenting with models. decentralized governance is not always efficient and somewhat utopic. how do DAOs mature into entities that hold legal liabilities?

6- alt L1s

most lack unique narratives. i feel eventually there will be 2 competing ecosystems @cosmos and @ethereum. more on each below. rest will just linger in the shadows trying to find a place.

7- $eth & L2s

assuming merge goes smoothly, the narrative around vertical scaling via L2 will have it's moment. still nervous about how this translates into end user adoption. at the moment it's relatively complex bridging around L2s. educational material will be very important.

8- cosmos

building up a unique narrative around horizontal scaling via IBC and ICS. seemless interoperability between hubs and single app chains. new chains can easily launch using the $atom validator set for good security from day 1. really flexible ecosystem for devs.

9- stablecoins

a durable crypto use case. $ust failed but ultimately there will be a need for a decentralized stablecoin. these coins are the backbone of defi so we can not end up with a permissioned layer due to centralized regulated stablecoins. contradicts the core ethos.

10- finally $btc will remain king

ultimately it's best use case is a store of value. macro and geopolitical environment is following the @CryptoHayes playbook.

rest of the market will continue to follow $btc. nobody is flipping shit. at least for now.