Chainfeeds Introduction:
Alex Xu, research partner at Mint Ventures, believes that in the peculiar market context where Altcoin all fell after BTC hit a new high, the DeFi sector, especially the leading projects in it, may have ushered in the best layout time since its birth. He wrote an article to prove this point and took stock of some DeFi projects that deserve special attention.
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Article author:
Alex Xu
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Alex Xu: The price performance of Altcoin in this round is not as good as expected. There are three main internal reasons in the crypto industry: 1) Insufficient growth on the demand side: lack of attractive new business models, and the PMF of most tracks is far away; 2) Excessive growth on the supply side: the industry infrastructure is further improved, the threshold for entrepreneurship is further lowered, and new projects are issued in excess; 3) The wave of unblocking continues: the tokens of low-circulation and high-FDV projects continue to be unlocked, bringing heavy selling pressure. But it is precisely because of this that DeFi projects that have emerged from the bubble have begun to appear more attractive than other Altcoin projects. Specifically: 1) Business side: with mature business models and profit models, the head projects have moats; 2) Supply side: low emissions, high circulation ratios, and small scale of tokens to be unblocked; 3) Valuation side: market attention and business data diverge, and the valuation level falls into the historical low range; 4) Policy side: The FIT21 Act is conducive to the compliance of the DeFi industry and may trigger potential mergers and acquisitions. DeFi projects worth paying attention to: Lending: Aave; Dexs: Uniswap & Raydium; Staking: Lido; Perpetual Contract Exchange: GMX. In addition to the DeFi projects mentioned above, we also investigated other DeFi projects that have attracted attention, such as the old stablecoin project MakerDAO, the emerging star Ethena, the oracle leader Chainlink, and so on.
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