chandanCrypto Applications Product Market Fit Analysis
In Crypto, there are a lot of applications that haven’t found product-market fit. But there is also a handful of applications that have a product market fit and are growing stably Here I will just explain my thoughts on which applications have Product-Market-Fit. Storage of Value (an asset that maintains or increases its value rather than depreciating)Bitcoin is the dominant product-market fit for this, followed by ETH. However, BTC has questionable long-term sustainability properties. Thanks...
chandanHow to Protect Your Crypto Wallet 95% of the Time
Always keep your private key and seed phrase offline, such as by writing them down on paper and storing them in a secure location that only you have access to. Do not save them on any device or cloud storage, as these can potentially be hacked and your wallet compromised.To further increase security, you can consider leaving out a few words from your seed phrase when writing it down, and memorizing or securely storing these words separately. This way, even if someone gets hold of the paper wi...
chandanAre Layer 2s Superior to Alt-1 for Scaling Capabilities?
Traditional monolithic execution layers rely on 1000s of block producers and non-producing full nodes, requiring a majority of them to act honestly. In contrast, layer 2s only require a single honest "Sequencer" to guarantee network integrity. This asymmetric trade-off suggests that layer 2s will consistently deliver high throughput and significant performance advantages, even when the same hardware is employed by both layer 1 and layer 2. This is due to the inefficiencies of synchronization ...
Researching Layer 1/2s, DeFi, and modular ecosystems.
chandanCrypto Applications Product Market Fit Analysis
In Crypto, there are a lot of applications that haven’t found product-market fit. But there is also a handful of applications that have a product market fit and are growing stably Here I will just explain my thoughts on which applications have Product-Market-Fit. Storage of Value (an asset that maintains or increases its value rather than depreciating)Bitcoin is the dominant product-market fit for this, followed by ETH. However, BTC has questionable long-term sustainability properties. Thanks...
chandanHow to Protect Your Crypto Wallet 95% of the Time
Always keep your private key and seed phrase offline, such as by writing them down on paper and storing them in a secure location that only you have access to. Do not save them on any device or cloud storage, as these can potentially be hacked and your wallet compromised.To further increase security, you can consider leaving out a few words from your seed phrase when writing it down, and memorizing or securely storing these words separately. This way, even if someone gets hold of the paper wi...
chandanAre Layer 2s Superior to Alt-1 for Scaling Capabilities?
Traditional monolithic execution layers rely on 1000s of block producers and non-producing full nodes, requiring a majority of them to act honestly. In contrast, layer 2s only require a single honest "Sequencer" to guarantee network integrity. This asymmetric trade-off suggests that layer 2s will consistently deliver high throughput and significant performance advantages, even when the same hardware is employed by both layer 1 and layer 2. This is due to the inefficiencies of synchronization ...
Researching Layer 1/2s, DeFi, and modular ecosystems.
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Binance remains the most widely used exchange worldwide, despite recent events. BSC integration with the Binance Exchange and other exchanges makes it the most utilized chain for on and off ramping.
Now, let’s take a closer look at the on-chain stats:
BSC is the second most popular platform for stable coin transactions, mainly used in developing countries.
Despite its high on-chain trading volumes, placing it in the top 5, BSC has a negligible NFT trading volume.
BSC’s market cap of 5B puts it in third place for on-chain stable coins. It also ranks third in terms of active users.
The average gas fee on BSC is around $0.045, which is higher than most layer2s.
On-chain DeFi is primarily concentrated within the following DApps:
PancakeSwap, the leading Dex, makes up more than 90% of the total volume.
Venus is the top lending platform, with over 90% of the Total Value Locked (TVL) in its category.
Binance staked ETH is the leader in liquid staking.
Long term trends:
Since July 2022, the Total Value Locked (TVL) has remained steady.
The market cap for stable coins has been on a decline since the beginning of 2023.
Trading volumes experienced a surge starting from early 2024.
Final thoughts: The growth of BSC’s on-chain activity has been slower compared to other chains, the future activity growth remains uncertain. However, one cannot overlook the network effects it holds.
This article is part of a series created to understand where Chains Fit.
Binance remains the most widely used exchange worldwide, despite recent events. BSC integration with the Binance Exchange and other exchanges makes it the most utilized chain for on and off ramping.
Now, let’s take a closer look at the on-chain stats:
BSC is the second most popular platform for stable coin transactions, mainly used in developing countries.
Despite its high on-chain trading volumes, placing it in the top 5, BSC has a negligible NFT trading volume.
BSC’s market cap of 5B puts it in third place for on-chain stable coins. It also ranks third in terms of active users.
The average gas fee on BSC is around $0.045, which is higher than most layer2s.
On-chain DeFi is primarily concentrated within the following DApps:
PancakeSwap, the leading Dex, makes up more than 90% of the total volume.
Venus is the top lending platform, with over 90% of the Total Value Locked (TVL) in its category.
Binance staked ETH is the leader in liquid staking.
Long term trends:
Since July 2022, the Total Value Locked (TVL) has remained steady.
The market cap for stable coins has been on a decline since the beginning of 2023.
Trading volumes experienced a surge starting from early 2024.
Final thoughts: The growth of BSC’s on-chain activity has been slower compared to other chains, the future activity growth remains uncertain. However, one cannot overlook the network effects it holds.
This article is part of a series created to understand where Chains Fit.
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