This cycle feels very much like "the overestimation of the short term and underestimation of the long term", at least so far.
Everyone is asking where is the 0-1 innovation this time around.
But we are actually finally seeing adoption of existing primitives and ideas:
• Stablecoins - Volume rising, new payments gateways opening up - Shopify, Stripe etc. Big existing businesses committing huge funds to bootstrap their own stablecoin e.g. Paypal PYUSD
• DeFi - AAVE hitting record number of weekly active borrowers. Outstanding borrows hit yearly highs of $16 billion in July. The DEX vs. CEX spot volume ratio hitting an all-time high of 14% in July. All of the centralised brokers going down with the recent market crash just further cemented DeFi's PMF.
• RWAs & Tokenization - Total RWA value, excluding stablecoins, sits at a record high of $11B and is rising exponentially - US treasuries, private credit, corporate bonds, commodities, non US gov debt & stocks. Blackrock the largest asset manager in the world, just launched their first tokenized fund on a public blockchain. Swift, the DTCC & several major banks have completed real tokenization POCs with Chainlink & capital markets look like they are on the cusp of being interoperable with blockchains.
• Prediction Markets - Polymarket has become the biggest prediction market for the US election. This was an idea in the Ethereum whitepaper that is finally seeing big adoption.
• DePin - Helium is seeing rising growth and usage by 2 large US carriers that have initiated tests to offload their traffic onto the Helium MOBILE Network + over 100k subs of its $20 per month. Signs DePin networks can challenge/complement monopolies to help consumers.
• Gaming - @playoffthegrid is being play tested on Ps5. A blockchain game on a major console, and it actually looks very good. Might be a watershed moment for the sector that most people think should be one of the largest for bringing people on-chain.
• Crypto debit cards - on-chain self custodial checking accounts work very well today. A number of debit cards allow you to spend your on-chain assets like @gnosispay & @holyheld & many more.
It goes without saying that these ideas are possible now because of the investment in infrastructure and scaling.
I'm sure there are many more examples, but this is what came to mind. Felt like putting some positivity onto the timeline. I expect many more existing ideas and primitives to pick up steam over the next two years.
Slowly, then all at once.
Everyone is asking where is the 0-1 innovation this time around.
But we are actually finally seeing adoption of existing primitives and ideas:
• Stablecoins - Volume rising, new payments gateways opening up - Shopify, Stripe etc. Big existing businesses committing huge funds to bootstrap their own stablecoin e.g. Paypal PYUSD
• DeFi - AAVE hitting record number of weekly active borrowers. Outstanding borrows hit yearly highs of $16 billion in July. The DEX vs. CEX spot volume ratio hitting an all-time high of 14% in July. All of the centralised brokers going down with the recent market crash just further cemented DeFi's PMF.
• RWAs & Tokenization - Total RWA value, excluding stablecoins, sits at a record high of $11B and is rising exponentially - US treasuries, private credit, corporate bonds, commodities, non US gov debt & stocks. Blackrock the largest asset manager in the world, just launched their first tokenized fund on a public blockchain. Swift, the DTCC & several major banks have completed real tokenization POCs with Chainlink & capital markets look like they are on the cusp of being interoperable with blockchains.
• Prediction Markets - Polymarket has become the biggest prediction market for the US election. This was an idea in the Ethereum whitepaper that is finally seeing big adoption.
• DePin - Helium is seeing rising growth and usage by 2 large US carriers that have initiated tests to offload their traffic onto the Helium MOBILE Network + over 100k subs of its $20 per month. Signs DePin networks can challenge/complement monopolies to help consumers.
• Gaming - @playoffthegrid is being play tested on Ps5. A blockchain game on a major console, and it actually looks very good. Might be a watershed moment for the sector that most people think should be one of the largest for bringing people on-chain.
• Crypto debit cards - on-chain self custodial checking accounts work very well today. A number of debit cards allow you to spend your on-chain assets like @gnosispay & @holyheld & many more.
It goes without saying that these ideas are possible now because of the investment in infrastructure and scaling.
I'm sure there are many more examples, but this is what came to mind. Felt like putting some positivity onto the timeline. I expect many more existing ideas and primitives to pick up steam over the next two years.
Slowly, then all at once.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
