|
Feb 03
|
|
—
|
AVOID
|
Zaheer Ebtikar
Founder/CIO, Split Capital
|
"We're at the tail end of the massive valuation layer one... game." Zaheer notes that ecosystem teams are mercenary and not loyal; they won't build killer apps for you. The 2021 playbook (Buy L1 token -> Wait for ecosystem fund to pump it) is dead. Blockspace is commoditized. If an L1 team isn't building the consumer product *themselves*, the chain will become a ghost town. AVOID. Do not buy "infrastructure" tokens that lack a native, revenue-generating "killer app." A specific L1 might secure a hit game/app by chance, causing a temporary pump. |
The Block
Is crypto dead, or is there hope for 2026? Wi...
|
|
Jan 29
|
|
—
|
AVOID
|
Ryan Watkins
Co-founder, Syncracy Capital
|
Watkins states, "That is not going to be good for smart contract platform number 45." He notes that valuations for the "long tail" of assets are coming down and incumbents are launching their own chains. The market is maturing into an oligopoly. Liquidity and development are concentrating on the market leaders (BTC, ETH, SOL). The "middle class" of Layer 1 blockchains that promised to be "ETH Killers" in 2021 have no differentiator and will suffer from liquidity drains as institutions build their own infrastructure or stick to the majors. Avoid or Short. These assets are structurally broken and overvalued relative to their utility. A speculative "alt season" mania could temporarily lift all boats regardless of fundamentals. |
Unchained (Chopping Block)
Why Crypto Expectations Are Low but the Poten...
|