Ignas | DeFi pfp

Ignas | DeFi

@ignas

182 Following
2021 Followers
Ignas | DeFi pfp
Why does saying "I work in crypto" feels so cringey and awkward? Feels like the "crypto" word itself is too loaded, meaning scams, get rich quick, and 'crypto bro' culture. I think we've had it great with the Web3 storytelling. It was the strongest narrative we've had: Web1: "Read-Only" -> Web2: "Read-Write" -> Web3: "Read-Write-Own" Yet 'Web3' isn't trendy anymore. I don't use it myself much. It's like after the Metaverse, GameFi, and NFT bubbles we stopped pushing the 'Web3' story, because.... it got cringey as well? But I think Web3 is the single best narrative that unifies what crypto has to offer. Even more now than in 2020-22 bull cycle due to AI. The value of censorship resistance, user ownership, and privacy is important to many. Yet, most people view crypto not as a solution, but as a step toward a dystopian future. We're terrible at selling crypto... I mean the Web3 vision to the masses. Maybe I should push the Web3 term once again.
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$ETH ultrasound narrative is dead! Or is it? As EF scales the L1 and $ETH pumps, the ultrasound narrative is coming back. What a surprise :) I'm not the first to write about it, but the market is yet to internalize the message. The logic goes like this: Gas limit (now ~36M) could hit 150M, boosting L1 scalability. Critics would say "oh that's bad, because lower fees burn less $ETH. Buy my alt-L1!" That's the old thinking. True that more txs per block = lower fees, but more activity could mean more ETH burned. Higher gas limit → more txs outweigh lower fees → potentially more burn. As @hanni_abu calculates, "at 36M and the deflationary threshold it 14.5 gwei. At a 300M gas limit the deflationary threshold becomes 1.74 gwei (14.5gwei*36M/300M)." He also adds that as gas prices drop, users are more willing to pay higher fees during congestion: E.g., at $0.01, a 100% premium to $0.02 feels more acceptable than jumping from $5 to $10. Lower prices make people less sensitive to congestion fees.
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How crypto companies go bankrupt: Yesterday, I learned that Phaver social media app had closed operations with all socials gone. Token down 99% since TGE in September. I had high hopes for Phaver merging Lens and Farcaster ecosystems, with 35K DAU and 800k downloads. At peak, they had 50% of Lens traffic and 20% of Farcaster's. I asked their team member on what happened and three things stand out: 1. They messed up TGE & airdrop. It led to hours of portal failures, causing FUD as people couldn't claim immediately. 2. They overpaid for CEX listings: Paid more than $1m USD for 5 CEX listings. $SOCIAL still trading on Bybit, KuCoin, Gate etc. 3. Ex-employee said the team decided not to sell any tokens at TGE as FUD was already too high. This was a mistake as they were short on cash for operations. TL;DR – Phaver ran out of funds. As a Finnish company, it also had to pay employees during the 1–2 month notice period. All this despite raising $8m at $80M valuation from Polygon Ventures, Nomad Capital
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