For anyone questioning whether a stablecoin-focused chain like @PlasmaFDN or @stable makes sense, just take a look at the data from Tron:
Over the past 30 days, Tron generated the second-highest revenue across all blockchains - only behind Solana. It outperformed Ethereum and generated orders of magnitude more than BNB, Base, and others.
Transaction fees on Tron are even surging, but people keep paying them, simply because Tron has become indispensable as a stablecoin chain, as the next chart clearly shows.
Tron holds the second-largest on-chain stablecoin supply after Ethereum, more than the whole rest of the chains combined.
Interestingly, Tron was never intended to become a stablecoin chain. It just evolved that way over time, as innovation on the chain slowed and it became a go-to place for scammy activity, criminal transactions, and money laundering.
Now imagine the possibilities if we had a purpose-built chain with native stablecoin support baked into the protocol, designed from the ground up for this use case - and backed directly by @Tether_to and @paoloardoino.
Wouldn't be surprised if we look at a decacorn in the making here.
Shout out to @Blockworks_ and @JasonYanowitz for the amazing data, best in the industry.
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Ok, it seems that not only did this tweet hit a nerve with a lot of people, but the opinions in the comments couldn’t be more divided.
The fact that my opinion is so polarizing, and how fragmented the crypto community as a whole seems, says a lot about the state of the market.
Let me clarify a few points to hopefully raise the discussion to a higher level 🧵
1. “You’re just coping because you’re sidelined.”
A lot of comments claim I’m coping because I’m not participating.
Ironically, that’s not true.
As a prop VC that is running a hybrid venture / liquid strategy, we’re very flexible, and we actually hold memecoins like $MOTHER, $WIF, and others. Those are profitable and we still hold them, as we think they have more room to grow.
But that doesn’t change the fact that, in my opinion, memecoins are the worst thing for the space. More on that below.
2. Stop equating Pudgy = all NFTs = all memecoins.
While I agree that 99% of PFP NFT collections are basically just memecoins in disguise, @pudgypenguins are one of the few exceptions.
@LucaNetz moved beyond speculation and built a real brand that delivers value and gives back to the community. In fact, I only started supporting Pudgy Penguins after they reached exactly that escape velocity, so yeah, I was purposely late to the party.
I’ll gladly admit if I’m wrong when a memecoin achieves something similar, delivering real value and cash flow. But so far, that hasn’t happened, which is why memecoins still seem like nonsense to me.