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@juli
$eth Performance has been the biggest surprise for me. (Retrospectively can prob be best explained by Ethereum users being relatively leveraged and therefore deleveraging on the way down and not buying back in as aggressively as others on Relief rallies. Ofc it‘s also a bigger mcap that is harder to Pump, big investors had already sold off some shitcoins and take off Money from more liquid tokens to invest in newcomers, new tokens - while there‘s no new Money attracted)
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SQX
@sqx
I dont think it’s a leverage issue. It’s a use case churn issue. Defi whales with constant downward pressure. 0 reason to beholding on a narrative or use case. (Unfortunately) New thesis is rails run free. Value accrues to app layer. Which is funny since EF hates apps.
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@juli
I feel like you’re indirectly confirming my thesis with naming DeFi whales. They had a lot of pressure on their eth positions and had to sell, sell, sell all the way down. I’ll add that Investment was very infra heavy (bs infra to be clear) and eth does best when apps do well and bring in new users/interest. Whole crypto space seems to be unsure how much value will go to apps directly or in aggregate (as most will have short-term hype likely) and accrue to the lower protocols. I believe they will likely not spend as much money on ETH blockspace anymore but the ecosystem should certainly push for $eth usage in protocols & apps & the aggregate $eth demand over time, with peaks in blockspace demand etc. Could cover this easily over time. (Obv apps can build on other chains & use other currencies too)
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@sqx
Kinda. Wasn’t sure as I was typing if defi is implied leverage. Guess it’s participant dependent. By IL is real.
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