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“Thoughts are easy. Execution is everything.”
– John Door
No big idea does better than Crypto: Internet-country wealth, self-confidence, democratic finance…
However, execution has never been a strong suit.
Internet-country money Crypto is the founder idea of Crypto, but after 15 years, some are used to pay for anything on the Internet.
The democratization of finance has become largely filled with people in Memcoin casinos.
Self-confidence remains a main principle, but most people have stored their crypto on centralized exchanges, and now, rapidly, along with the Evil Empire (ie, stock market).
Nevertheless, these are qualified aspirations.
But Crypto’s high-minded ideals have been manipulated by the manipulated memecoin, the President’s rented, North Korean hacking and an obscured by a moraus of institutional co-opting.
It sometimes becomes difficult to remember what the crypto should have been about.
Can some OG Bitcoinar also lose confidence? I can’t help, but wonder if the sales of Satoshi-era coins recently have a cool reaction to the growing corporate ownership of bitcoin.
To win a new generation converted people, then, it can take more than the elevated principles given in the bite of sound.
This may require something simple: actually a reason to use it.
The statements of Crypto’s mission would be more confident if the proof of its concept was something other than the price of bitcoin – if people were using it onchain and not just buying it on the stock market.
So how is this happening? Let’s check the chart.
People are using chains!
Ethereum processed the all -time high of 46.7 million transactions in July, thanks to the new, high gas range of smart contract chains. A high gas range increases the computational capacity of each block, which reduces competition for blockspace. As a result, the average fee on Etreum has recently hired around $ 0.20, a year ago below $ 13.
(Note: Today almost all charts are available independently on the blockwork website.)
More for less:
The ethereum transactions are at high levels, but Ethereum REV – a solution that people pay to use the chain – is near record climb. In July, Solana, Hyperlicid and Tron all earned more in fees than atherium. This is very good news for users of Ethereum, which can be more with less. But this may not be such big news for investors of Etharium.
If there was earning in blockchain:
Revliers from Rev to reduce the payment to operators and you can be thought of as a “net income” of a blockchain. On that basis, if we make annually annually for the $ 31 million net income of the atherium recorded in July, we can say that ETH trades on the price-to-earning ratio of 1,200x. Yikes.
Nevertheless, there are more buyers than vendors recently:
Eth is 45% compared to the previous month, possibly because digital asset treasury companies have provided a new source of demand. DATS is now a month earlier a month earlier is about 6.9 billion dollars. Eth ETF bought an additional $ 5.4 billion price Also in July.
Trending down:
Because most treasury companies have to sell shares to buy crypto, trading volume is considered a major indicator of their purchase. Falling volume suggests that dats will buy less crypto.
Stock Market Premium:
Collectively, digital asset treasury companies are now $ 88.5 billion more than Crypto. The good news is that the stock market loves Crypto. The bad news is that 100% of that premium can be attributed to financial engineering, which at some point goes to “poof”.
Publicity is real:
Hyperlicid posted his best month in July, registering a revenue of $ 88 million. It is $ 1 million more than Solana, which means … something. Hyperlicid now holds 75% of the market for always futures. I cannot think what its gap is, but it seems that it is one.
My favorite crypto chart:
This is the collective P&L for traders on hyperlicids, which are continuously running. There was a big spike in March Market manipulationA merchant is not correct. The rest of the chart shows that traders are rarely correct. Like Casino, Perps platforms grind their users in dust. But like casino, users keep returning. (Note: I am not sure how accurate this data is, but I think it is directly correct.)
It was not as much publicity as it was:
Solana’s “token holder net income” was more or less $ 6 million per week to $ 6 million per week. Annual, which puts SOL tokens at 390x P/E. Better than Ethereum, of course, but still beautiful yikes.
Mems vs projects:
The Defi apps are great and are constantly getting better. But “most of the assets are shady,” as Alex Thorne Puts itFor example, on Solana Dex, Memcoins still trade 7X more than “project tokens”.
Colonel mustard in billiard room with a candle stick …
Like a game of clues, it shows the Sannyy Diagram that the dex volume has recently been dominated by memecoin using pancakexwap by Memcoin on the BNB series. I am firmly told by the 0xresearch Chat Room that most of it is wash trading.
Come Deen-Ein:
The leading trading bot, AXIOM, has seen the trade volume falling, which suggests that retail crypto traders are the most active, most of the most daggen trading.
Token equity has not inspired them, either:
ONCHAN has been a popular subject recently, but crypto traders seem indifferent so far. “Equity” trading volume is less than $ 4 million per day on Solana.
Bitcoin’s Mempool:
The mempool of bitcoin, the queue of transactions waiting for a block to be added to a block, is slightly busy, but the activity remains near long -term climbing. (I still think “Mempool” every time I read “Mempool” and I am not sure I am wrong.) You can see Mempool in a clean visualization HereIt is a kind of mesmerizing, such as seeing fish in fishbell. And in the case of bitcoin, it is not very sharp. Ethereum Mempool is busy and is imagined with help Here As a bus stop.
The original idea still stands:
Although the active crypto is at this time (or InactiveRob Headic has described this), the fundamental argument is more stronger than ever: the explosion of government debt makes an alternative financial system worth finding.
But it will probably not help a lot if it is on the stock market.
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