In November 2021 there was 477 projects above $100m mcap. Today that number is 388 (incl. stablecoins).
Why is it lower today? Some reasons that I can think of:
1) Nov 2021 was almost the top for altcoins in the last cycle. Altcoins haven't really had a crazy run this cycle.
2) Low float, high FDV coins wasn't that normal back then. If we had sorted for number of projects with FDV over $100m, it should be higher today than in 2021
3) Liquidity and capital have increasingly concentrated into fewer, larger projects (Bitcoin, Ethereum, Solana, major L2s). This means smaller altcoins struggle to reach high valuations even if total market cap is up.
4) After several cycles of hype, I think retail and institutional investors have become more selective, favoring utility and proven coins/ecosystems over speculative tokens.
PS! Number of projects above $10m mcap was 1153 in 2021, while it is 1227 projects today. Ngl, a bit surprised it isn't higher.
Someone sent me this thread 5 years ago, and in many ways I would say it changed my life.
It was the reason why I joined Twitter 6 months later, started a blog and in general took a step away from my passive approach to life.
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🚀 DeFi News & Catalysts for September 14th, 2023 🚀
• Binance launched the opBNB mainnet. It is their Layer 2 solution built using OP Stack. Now, Binance Smart Chain will also have super cheap transactions.
• Level Finance v2 will introduce an on-chain order book system that will support multiple types of assets. Not just Crypto, but Forex & Stocks on a synthetic basis.
• Synapse Interchain Network & Synapse Chain testnets are live. They aim to provide trustless communication between different Ethereum rollups.
• USDC is live on Noble mainnet. Noble is an asset-issuance Cosmos chain for the IBC network. Noble USDC will be the canonical USDC in the Cosmos ecosystem.
• APE is unlocking 11% of its token supply (worth $46.69 million) on September 17th. Other token unlocks include FLOW, WLD, UNI, & FIL.
• Vesta Finance founders, Atum and Midnight, want to quit the protocol. They are asking for a buyout of their shares at the proportionate treasury value.
• Thena onchain perpetuals, ALPHA’s public beta is live. They are offering zero funding rates for a limited time.
• Friend tech is slowly making a comeback. The TVL has already crossed $31.6 million.
• Cosmos completed their v12 upgrade on September 13th. The Liquid Staking Module is live on the Cosmos Hub.
• PlutusDAO proposed that Arbitrum introduce $ARB staking, and rewarding staking by infaling ARB supply. The reactions are mainly negative.
• Binance is ending support for the Polygon Network for the exchange’s NFT platform.
• MakerDAO is discussing allocating up to 100M to develop and experiment with tokenized T-Bill products.
• Lido Finance acknowledged a security flaw affecting $LDO’s token contract. They've assured us that all funds are safe.
• ArchimedesFi launched their new version of protected single pools. A way to earn yield with ETH and USDC with mechanism protection to avoid capital loss.
• Prisma introduces points system. A way to reward early contributors to the platform. Maybe an airdrop coming?
• Cega Finance introduces ETH stakers vault. A way to be exposed to multiple LST assets with higher APYs (going up to~22%).
• PayPal rolls out Crypto-to-USD swaps. Users can now convert their crypto into digital dollars within the platform.
• Vitalik’s Twitter (aka X) account was hacked via a Swim swap attack. It led to the theft of $700k in crypto and NFTs.
• Infura plans to release a decentralized version of its service by the end of 2023. For web3 apps, they provide fast access to multiple blockchains.
• TFM introduces IBC Earn. It lets users view and access yields across Cosmos from a single dApp.
• LayerZero announced the integration of the Google Cloud Oracle. It is a verifier that is now available to all LayerZero applications.
• Franklin Templeton filed for a Spot Bitcoin Exchange-Traded Fund (ETF) on last Tuesday. The ETF race is becoming really crowded.
• FTX estate is suing LayerZero Labs to undo a $45M deal made amid its collapse. They claim the deal is fraud under the bankruptcy code.
It's hard to believe that $AVAX, $SOL and $LUNA were all simultaneously trading above $100 just 16 months ago.
Now one's at 0, one's at $10, and the other isn't far off.
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