Have you heard of Ghost-chains? Those are projects that were briefly hyped at the late stages of previous bull market cycles, only to then disappear into obscurity shortly thereafter.
Näet yllä olevan Ghost-ketjun kaavion. Se nautti väliaikaisesti hypetystä vuonna 2017/18, mutta se ei koskaan toipunut rinteestä eikä saanut minkäänlaista hyväksyntää vuosien varrella.
Miksi tällä on merkitystä nykyään? Koska ymmärtääksesi syklin myöhäisen vaiheen, sinun on ymmärrettävä, kuka sen tekisi FOMO-osto tuleviin Ghost-chain-projekteihin.
TradFi (Traditional Finance) Hedge Funds suffered a terrible 2021 performance. Only a handful managed to even outperform the US Stock Index S&P500. Meanwhile, Crypto varat keskimäärin tuotti 214 % vuonna 2021, kun TradFi Hedge Fundsin tuotto oli noin 10 %.
The consequence is simple: non-crypto-native funds, LPs, and investors desperately demand crypto exposure. Many of them have neither true conviction nor understanding of the industry. Until recently they might have considered crypto a scam entirely, but money talks.
To them, any chain sounds like any other and the bigger the promises made by aspiring new projects, the bigger the investment rounds become. The results are Ghost-chains and capital burned on buzz-word projects.
Remember the hype around ‘Enterprise Blockchain’? As the market cycle turns, this TradFi FOMO will only intensify.
On a more hopeful note, crypto-native funds are accelerating. FTX recently launched a $2bn venture fund, a16z, Paradigm, and other deep-crypto funds that have huge war chests. For now, we might be seeing top signals but watch out for an entirely different type of Flippening happening between the old guard and the new in the years to come.