As long as crypto has a price, and it will always have a price, people will speculate and trade. Since blockchain as a technology, from cryptography perspective, it invented a new way to verify information collectively and efficiently. The technology breakthrough will enable new use cases. Though the killing use case hasn’t been discovered, as long as there is new narrative, people will keep trying new use cases, the price will continue to have new boom and bust, there will be trading.

As long as there is price movement, there is liquidity, there will be speculation, there will be leverage, and there will be lending and yield.

The core to this business is risk mitigation, and maintain sustainable yield. The comparable business in the tradeFi is a bank. The key to survive in this business is 1) scale of the loan book, 2) risk control

Companies that will survive this: Binance, Genesis, FTX

2. Stable Coin Based Payment

All non-fiat backed stable coin will leave out a loop hole that since the value is 100% audited, the system owner can exploit the loop hole and fill the non-fiat collateralized value with narrative. Because of weakness in human nature, the system owner will keep exploit the loop hole, and to some day, the hole is so big that the non-fiat backed stable coin will die.

Stable coin based payment system will flourish. Payment is such a native use case on blockchain. It’s traceable, transparent, cheap, secure. The adoption of stable coin based payment relies on few factors:

• Scalable blockchain based settlement infrastructure

• Fully collateralized stable coin with abundant liquidity

• Abundant on-ramp, off-ramp channels

• Liquid cross currency exchange for smaller currency.

Companies will die: USDT

Companies that will win out in this domain: USDC, XSGD, country specific stable coin that’s authorized by government.

3. Native Token for crowd sourcing

It’s most interesting for incentivizing collective wisdom though it’s trivial at individual basis. The token is a perfect tool to roll out a network, and maintain the collective value from the system.

For example Helium.