O QUE NINGUÉM QUER ADMITIR SOBRE ESSE CICLO DO MERCADO CRIPTO | Crypto Never Sleeps #58

Summary

Victor Cioffi Nakada discusses why the crypto market's real growth in stablecoins, RWAs, neobanks, and DeFi infrastructure hasn't lifted token prices. He highlights specific winners like Morpho, Hyper Liquid, Bitcoin, and Ondo, while criticizing meme coins, excess tokens, and the lack of privacy. The conversation also covers Brazil's high credit spreads, Open USD, AI integration, and Florianópolis as a tech hub.

• On-chain infrastructure growth (stablecoins, payments, credit) is booming, but most crypto tokens fail to capture this value.
• Morpho vaults and tokenized private credit benefit from Brazil's massive lending spreads and are getting retail distribution via Robinhood.
• Hyper Liquid's token model is praised for delivering real utility and price gains even in a bear market.
• Bitcoin is preferred over gold for life, with an expected price explosion near the next halving.
• RWA as a category is systematically underestimated; Ondo is a leading platform tokenizing stocks and ETFs.
• Privacy remains undervalued but lacks a clear investable winner; meme coins and new L1/L2 chains are seen as overhyped.
• Open USD's revenue-sharing model could challenge USDT/USDC, but the consortium's durability is in question.
• Florianópolis is emerging as a Brazilian hub for crypto, AI, and venture capital due to strong universities, community, and tech culture.