I know what fomo feels like as this is my 4th crypto cycle. First was in 2013 when Bitcoin did a 100x in a few months. Next in 2017 when it did a 40x, but Ethereum did a 100x and some altcoins just went silly.
In 2020 DeFi Summer during Covid lockdowns put all other rallies to shame as literal anon shitcoins mooned to multi billion dollar marketcaps within hours. YFI went from pennies to nearly $50k within weeks.
Then most recently we saw the 2021 NFT bull run, led by 1000x gains minting BAYC and other things. Now here we are late 2023 and I’m getting the same vibes. The tells are;
1) Solana 6x off FTX lows
2) BTC and ETH 2x+ off lows
3) Blast attracting $400m in days
4) Blur 4x off lows in a couple weeks
As we’ve seen with each preceding cycle, the returns in the majors while big by comparison to nearly any other asset class in the world, sharply lag emerging crypto asset returns.
That is, when crypto goes full “risk on” mode, look out. I think this cycle will mirror that trend.
However with that said, anything really new is risky. You see Blast being rewarded because Blur has proven to be a winner and category leader. They built a winning product that took over the NFT market. That gives them credibility. That’s why Blast works.
Good thing about this cycle is that there’s lots of proven winners hiding in plain sight. Particularly in DeFi. And I think given the current global narratives that DeFi is about to shine again. Just not in the same wild west fashion as before. Which is gold. It’s more sustainable now.
Pretty much what started a few years ago with overnight multi billion dollar market caps came crashing back down to earth. So now we can plainly see which projects were real all along. Some of these are now highly derisked and deeply discounted.
I’m talking about protocols that have been through the last several cycles and continue to not only build and gain mainstream traction throughout, but get battletested at the same time.
There’s actually quite a few of them out there still trading relatively close to historic lows and well off previous fomo highs (which I think get taken out this cycle).
Some projects were just MVPs a few years ago and have now proven themselves. Yet valuations are a fraction of what they were. I expect that to correct itself.
It doesn’t make much sense for me to make venture bets of new protocols and platforms when I can substantially derisk and just buy the beaten down tokens of proven winners for essentially pennies on the dollar and stay liquid. Liquid funds are a big VC narrative rn.
People always ask me why I bother posting here. Well this post is a prime example. I’d like to sharpen my thesis. Or be proven wrong.
Plus I’d like to learn about protocols that I may have overlooked that fit into my thesis and potentially lead to outsided returns during this cycle. But are substantially derisked compared to buying something without a proven track record.
Feel free to share thoughts below in the comments.
This thread will focus on 20 airdrops, which I believe are the "pillars" that you should be aiming for this year.
I'll be releasing more threads on smaller ecosystem airdrops in the future.
This list is in no particular order. Let's dive in! 👇
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