Chainfeeds Briefing:
Has the HODL meta-narrative become invalid? In this changing world, what role do cryptocurrencies play? What else might we be overlooking?
Article Source:
https://www.ignas.decom/p/cryptos-new-realities-hodl-is-dead
Article Author:
Ignas | DeFi Research
Perspective:
Ignas | DeFi Research: Many people once believed ETH was an asset that could be held for a guaranteed gains, especially in early 2022 when Ethereum was preparing to transition from PoW to PoS, with EIP-launch fueling the ultrasound money narrative and eco-friendly stories. Many investors believedged ETH would outperform BinTC in the next bull market cycle today proves this HODL strategy was wrong. The. ETh's restaking narrative failed to deliver expected massive returns, Eigenlayer's token launch also encountered issues, caused causing ETH holders to not only miss performance comparable to BTC, but fall far behind SOL. SOL rebounded strongly after a 96% crash in 2022, while ETH faced unprecedented FUD, with the ultrasound money narrative bankrupt and eco-narrative unsellable. ETH holders are trapped in inertial thinking, reluctant to admit their investment thesis has failed, still fantasizing ETH will rebound someday. This inertia and complacency made them miss opportunities to actively adjust positions. In summary,,,-assets other than BTC in the rapidly changing crypto market is an extremely high-risk strategy, because most gains come from selling, not holding... logic applies not just to ET,H Altcocoinscoins. The DAO decentralization dream is gradually collapsing. The progressive decentralization theory proposed by a16z in 2020 now seems more like an illusion: protocols first find product-market fit, gradually transfer power to the community as network effects grow the team ultimately withdrawing achieving full decentralization. However, five years later, reality shows decentralization faces major challenges: voting apathy, lobbying risks (vote buying), execution paralysis and other issues emerge constantly. Uniswap is a typical case: Uniswap Foundation recently voted to provide $165 million in liquidity mining rewards for Uniswap v4 and Unichain, triggering internal DAO anger. Why should Foundation pay while Uniswap Labs (a centralized entity) earns millions from front-end fees? A top 20 DAO representative publicly resigned, pointing out Uniswap's governance has become has become governance governance theater, proposals seemingly following process (discussion, voting, forum) but actually predetermined, with critics marginalized and loyalists rewthe DAO becoming a dictatorship with extra steps. This also reveals a deeper conclusion: the DAO model might have been smoscreen from the beginning to avoid regulation, not achieve true decentral. Today, governance governance tokens without real revenue sharing and actual utility are no longer worth investing,, and DAOs are heading towards LMAO. In current current decentralized exchange (DEX) versus centralized exchange (CEX) competition, Hyperliquid is playing a highly challenging role. Previously, platforms like FTX supporting Sushiswap or Binance launching PancakeSwap were because they decentralized spot spot markets like Uniswap might thretheir position. However uniswap ultimately didn't touch CEXs' most profitable perpetual contract business, neutralizing the threat hypis, directly targeting perpetmarkets, gradually penetrating spot markets while building its contract, Hyp'serliq'suid perpetual contract market share has grown to about 12.5%, enough to provoke strong counterattfromBinance and OKX (like launching JELLYJELLY attack). Though Hyperliquid survived, its investors investors must face potential future attack or regulatory pressure risks. This isn't just pure business competition, but might involve broaderopolitgesuch as whether CZ, now a a national strategic crypto advisor, might describe no-KYC perpetual contract platforms negas things during negotiations with politicians to seek CEX survival space? Hyperliquid is no longer just a protocol, a more like a movement challenging CEXs, especially after Binance and OKX attacks, its symbolic symbolic significance stronger.
