Sean_kun0619
@seankun0619
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The main trends in the cryptocurrency market for Q2 2024 by CoinGecko:
1. Decrease in Spot Trading Volume on CEXs:
The top 10 CEXs recorded a spot trading volume of $3.40 trillion, a 12.2% decrease from the previous quarter.
2. Increase in Spot Trading Volume on DEXs:
The top 10 DEXs recorded a spot trading volume of $370.7 billion, a 15.7% increase from the previous quarter. This increase was mainly driven by the surge in meme coins and airdrops.
3. Meme Coins, AI, and RWA Leading the Market:
Among CoinGecko's top 15 categories, these three accounted for 77.5% of web traffic. Particularly, meme coins garnered significant attention, occupying four of the top 15 cryptocurrency narratives.
4. Rising Popularity of DEXs:
With the increase in meme coin trading, DEXs, which offer a wide variety of tokens and easy trading options, have become increasingly popular. This is the main factor behind the rise in DEX spot trading volumes. 0 reply
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Considering the creation of a new service, the choice between creating a new L1 or an L2 is a crucial initial decision. Unlike PCs or smartphones, where newer technology is always better, this is not always true for blockchain.
⭐️ Network Effect
In blockchain, the protocol that first achieves the network effect secures a first-mover advantage over latecomers. Trust, network effect, and branding function as a moat. That's why Bitcoin is still the No.1 Market Cap.
⭐️ The Uncopyable
While you can copy the code of DEXs like Uniswap, you cannot copy the community or trust. Building community and trust involves improving the service, communicating with users, and making it more user-friendly over time. This is a growth process that cannot happen overnight.
⭐️ Conclusion
Looking at the current situation, catching up to a first-mover service is not easy for newcomers. When entering the market now, it seems easier to focus on product development rather than creating a new protocol from scratch. 0 reply
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