Our industry is in limbo. What’s going on?
Today, enjoy the On the Margin newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the On the Margin newsletter . “Uli doesn’t care about anything.
He’s a Nihilist. Ah, that must be exhausting.” — Bunny Lebowski, The Big Lebowski I’ve been thinking a lot about use cases, adoption in crypto and what we’re really doing here.
Bitcoin is up 30% year to date, and yet the vibes have felt like we’re in a bear market. Every altcoin has sunk under the weight of inflated high-fdv, low-float launch strategies and governance tokens that cannot pass on any value accrual to holders due to the regulatory gray zone we live in under the Biden administration.
As our industry sits in limbo with 1) no regulatory clarity, 2) TradFi and crypto constantly talking over each other with no one stopping to think about what the product-market fit opportunities are, 3) the only narrative to speak of this year being ETF adoption (which furthers disassociates buyers from onchain self-sovereign ownership) and 4) quite literally no borrowing markets since the implosion of FTX/Silvergate/3AC…it feels like we’re all lost at sea.
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