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- Weekly Rundown - December 3, 2023
The crypto market’s zooming. Why isn’t anybody talking about stablecoins?
Stablecoins give the market fuel when prices go up and a cushion when prices go down. Changes in stablecoins tell us a lot about what’s happening beneath the market's surface.
As premium subscribers know, I’ve talked about stablecoins a lot this year and last, most recently in my market update from November 29, 2023.
In that update, I also looked at some metrics, shared some important data, and went over some strategic concerns for three types of people:
You already have a strong allocation to crypto
You’re in the trade from February 2, 2023
You don't have a strong allocation to crypto
Get the update now if you didn’t get it earlier this week.
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If, like me, you believe real-world assets will serve as one of the primary narratives for new people entering the crypto market, MakerDAO needs to be on your radar.
But that’s not why I bring it up. Watch or listen to this interview with Rune Christensen, one of its founders. You’ll get his view on the major hang-up and opportunity in the realm of RWAs.
While RWAs make for a good story, the legal and operational elements won’t come together for at least a few more years, possibly longer. This interview will help you appreciate some of the core issues that matter in the real world (pun intended).
Bottom line: the next round of moonshot crypto games will build around assets and experiences, not tokens and incentives.
My take: I’m not a gamer but it sounds good to me. People don’t want to think about money when playing games. They want to have fun, accomplish goals, and get things. Whether Web3 games get to that point remains an open question (and a very lucrative one, at that).
Why you should care: gaming is a natural fit for crypto but needs to follow a different path than Axie Infinity.
I've reviewed close to 10k @alliancedao applications over the last 3 years and have observed many trends about our industry from this.
Here's one: since the 2nd half 2021, the US has slowly been losing its dominance in # of crypto startups to Asia.
And we all know why.
— Qiao Wang (👽, 👽) (@QwQiao)
Nov 27, 2023
Bottom line: airdrops and bridges fed a mini-mania for the Solana ecosystem. While it’s notable, it’s a fraction of the potential upside you can expect should the market revisit its 2021 levels.
My take: Solana today, another chain tomorrow. Year after year, the “Ethereum Killer” narrative feeds money to smart contract platforms that compete against Ethereum—Solana and every L2 and competing blockchain. Web3 Academy’s write-up hits all the main points. Solana has lots of upside. So do almost all of the major smart contract platforms as the market goes up.
Why you should care: you can look beyond erc-20 tokens to catch other ecosystems before they pump.
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Relax and enjoy the ride!
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