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Ely 💽
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Creating http://frequencies.art - an every day onchain music/visual project
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Ely 💽
02-04
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Can Abstract bring everyone back? Speculative, hyper-incentivized behavior is what draws liquidity to chains. The biggest moments for Abstract last year in regard to bringing volume onchain were when memecoins started to go crazy & 2 NFT projects that popped off. Luca likes memecoins and understands the importance of them in the culture of crypto. Abstract fought against it for so long last year out of fear of Abstract becoming Solana 2.0 brand. But the reality is, the market has chosen what it likes and fighting it or adding to friction only shoots yourself in the foot for the sake of self-indulgent conceived morality and ethical high ground. Abstract now after 1 year has really great infra compared to where it was in the last leg up of on-chain. With the inclusion of DeFi products like Aborean & Kona, one of the largest missing pieces to sustain and incentivize liquidity has been solved. The issue now is, how does the chain attract it? In the past, it was through projects that pulled people onchain like Bigcoin, Gigaverse, OnChain Heroes. Then it was speculation for TGE based on XP rewards finally going to Memecoin holders. Once TGE was indefinitely delayed, majority of people saw XP as fruitless or that TGE was just never going to happen in any meaningful timeframe to where their money could be allocated elsewhere. There’s also the fact that Abstract raised $11m in a raise led by Peter Thiel over a year ago. At the time, it was amazing news but obviously a budget like that can only go so far, so many people lost confidence as well as they await a big 2nd raise to improve their confidence that Abstract will have the war chest to level up. The chain has done an incredible job at onboarding quality games that have led the crypto gaming sector the last year in revenue. Which is awesome as a case study for the chain but it doesn’t equate to spreading wealth back around to the community and users. Same goes for brands and companies with products for sale. I think it’s awesome having things like Cryptoys but until there’s a massive demand for collectibles on chain again, it’s not a wealth generating event. None of these problems are Abstract specific either. Base and Solana are really the only chains with on-chain seasons and volume. A big war chest doesn’t solve everything as well, as we’ve see new chains with ungodly amounts raised that flop. This was all off the top of my head with 0 structure but just felt like I need to put pen to paper (thumbs to keyboard). This is more to spark a bigger convo than just “Abstract do something”. Would love to hear tangible ideas to execute and solutions to specific problems.
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