Alex Svanevik, CEO of blockchain analysis startup Nansen, shared his views on the future of the cryptocurrency space. He used the social media platform X for this. In a detailed thread, Svanevik highlighted six key themes that he believes will play a significant role in shaping the next cycle of the crypto industry. Here are the details…
Nansen CEO explains cryptocurrency trends
Svanevik pointed out that traditional fintech platforms are increasingly incorporating crypto functions into their systems. For example, PayPal launched its own stablecoin. On the other hand, Revolut offers Ethereum staking options. He also mentioned that emerging crypto startups like BasedApp are similar to fintech products in their user experience. Svanevik predicts that in the long term, crypto technologies will become the core infrastructure for fintech services.
https://twitter.com/ASvanevik/status/1710275522100642182
According to Svanevik, the gambling and betting industries are ripe for disruption by decentralized finance (DeFi). Svanevik noted that platforms could potentially earn income from returns on capital rather than taking a cut from bets. Svanevik also emphasized the role of layer 2 solutions and account abstraction in making these applications more user-friendly. He cited LooksRare’s Yolo and other platforms such as Rollbit and PoolTogether as examples.
Real world assets, stablecoins, web3…
Svanevik discussed the growing importance of real-world assets, particularly Treasury bills (T-bills), in the crypto ecosystem. He believes that tokenized T-bills could significantly impact the supply of stablecoins. Companies such as Superstate, Mountain Protocol and OpenEden are expected to come to the fore in 2024. Svanevik also predicted that major stablecoin providers such as Circle and Tether could enter this space.
Web3 games are another area that Svanevik focuses on. He noted that several games have been in development for over two years and are expected to be released within the next six months. While many are predicted not to be successful, a few may become extremely popular. Svanevik expressed his support for projects such as SIPHER Odyssey, MixMob and Axie Infinity.
SocialFi and physical NFTs
Touching on the concept of SocialFi, Svanevik stated that Blockchain data shows that platforms such as friend.tech are attracting real interest. He believes that Layer-2 solutions and account abstraction will make these platforms more accessible to users. Svanevik expects SocialFi to evolve through multiple iterations and forks. But ultimately he sees this as a permanent trend. Finally, Svanevik talked about the potential of physical non-fungible tokens (NFTs). He said innovators like Luca Netz paved the way for mainstream adoption. He noted that companies like IYK are helping others experiment in this area.
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