Projects like Dentacoin, which promised, uhhh, great things but had little to show for it, garnered hundreds of millions in value.
Look where they are now.
Literal billions in market cap reduced to ashes. And that's good.
"But have we *earned* it?"
Vitalik famously posed this question in late 2017, when the crypto market cap first reached $500 billion.
We're past $1 trillion now. Let's see what has changed in crypto, especially in Ethereum and DeFi, since then.
A thread. 👇
Projects like Dentacoin, which promised, uhhh, great things but had little to show for it, garnered hundreds of millions in value.
Look where they are now.
Literal billions in market cap reduced to ashes. And that's good.
Bitcoin dominance currently sits at 67% after bottoming at 33% in January 2018.
Ethereum dominance is also up from its lows.
Projects with big promises and no execution were flushed out.
Many coins in the top 50 have yet to deliver on promises they made years ago.
But this is changing as coins like AAVE and SNX enter the crypto market's top 20.
The confluence of money printing, political uncertainty, and more is driving the need for a scarce reserve asset not controlled by any central party.
While I loved CryptoKitties—and the gambling dApps were cool too—we're now seeing functional platforms used by hundreds of thousands built on Ethereum.
Think Uniswap. Think Aave. And so on.
Today, over 1,000,000 unique addresses have used DeFi.
Today, DeFi's total TVL sits at $22.5 billion, up from the ~$50m TVL as of Christmas Day 2017.
That's growth of 49,400%. Not bad.
SushiSwap did $395m in volume today. Uniswap did $728m.
Per @coingecko, Gemini did $275m, Bitflyer did $480m, and KuCoin did $453m.
Gone are the days of clunky DEX experience.
More from Crypto
1/ Welcome to #DeFi Wednesday.
Let's talk about how interest-bearing cash on a blockchain is going to revolutionise boring corporate treasury management that concerns every company is is a larger business than all crypto trading in the world.
Enter the thread
👇👇👇
2/ Blockchain community is often seen as toxic maxis and redditors who shill other their weekly favourite shitcoin in the hope of getting Lambo.
Sometimes we also do things that progress humanity towards the better future and interest-bearing cash is one of those things.
3/ Less chad and more things that actually matter:
My incomplete theory of interest-bearing cash is also available also as a blog post:
https://t.co/uiG0fZiVyu
It is 15 pages. Pick your slow poison or die fast by continue reading here.
4/ First time in the history we have an ability to create interest-bearing cash-like instruments.
Interest-bearing cash ticks up dollar (euro) balance real-time in your wallet.
Here is a demonstration using @aaveaave aDAI, based on @makerdao DAI, and @TrustWalletApp
5/ Interest-bearing cash is not like your bank's saving account. Your money in a bank is not yours, but bank's. There are some flaws in the current banking system causing a headache for Chief Financial Officers (CFOs)
Let's talk about how interest-bearing cash on a blockchain is going to revolutionise boring corporate treasury management that concerns every company is is a larger business than all crypto trading in the world.
Enter the thread
👇👇👇
2/ Blockchain community is often seen as toxic maxis and redditors who shill other their weekly favourite shitcoin in the hope of getting Lambo.
Sometimes we also do things that progress humanity towards the better future and interest-bearing cash is one of those things.
3/ Less chad and more things that actually matter:
My incomplete theory of interest-bearing cash is also available also as a blog post:
https://t.co/uiG0fZiVyu
It is 15 pages. Pick your slow poison or die fast by continue reading here.
4/ First time in the history we have an ability to create interest-bearing cash-like instruments.
Interest-bearing cash ticks up dollar (euro) balance real-time in your wallet.
Here is a demonstration using @aaveaave aDAI, based on @makerdao DAI, and @TrustWalletApp
5/ Interest-bearing cash is not like your bank's saving account. Your money in a bank is not yours, but bank's. There are some flaws in the current banking system causing a headache for Chief Financial Officers (CFOs)
You May Also Like
1/ Here’s a list of conversational frameworks I’ve picked up that have been helpful.
Please add your own.
2/ The Magic Question: "What would need to be true for you
3/ On evaluating where someone’s head is at regarding a topic they are being wishy-washy about or delaying.
“Gun to the head—what would you decide now?”
“Fast forward 6 months after your sabbatical--how would you decide: what criteria is most important to you?”
4/ Other Q’s re: decisions:
“Putting aside a list of pros/cons, what’s the *one* reason you’re doing this?” “Why is that the most important reason?”
“What’s end-game here?”
“What does success look like in a world where you pick that path?”
5/ When listening, after empathizing, and wanting to help them make their own decisions without imposing your world view:
“What would the best version of yourself do”?
Please add your own.
2/ The Magic Question: "What would need to be true for you
1/\u201cWhat would need to be true for you to\u2026.X\u201d
— Erik Torenberg (@eriktorenberg) December 4, 2018
Why is this the most powerful question you can ask when attempting to reach an agreement with another human being or organization?
A thread, co-written by @deanmbrody: https://t.co/Yo6jHbSit9
3/ On evaluating where someone’s head is at regarding a topic they are being wishy-washy about or delaying.
“Gun to the head—what would you decide now?”
“Fast forward 6 months after your sabbatical--how would you decide: what criteria is most important to you?”
4/ Other Q’s re: decisions:
“Putting aside a list of pros/cons, what’s the *one* reason you’re doing this?” “Why is that the most important reason?”
“What’s end-game here?”
“What does success look like in a world where you pick that path?”
5/ When listening, after empathizing, and wanting to help them make their own decisions without imposing your world view:
“What would the best version of yourself do”?
