Original source: Twitter
Original author: @1chioku
Compiled by: Yvonne, MarsBit
Note: The original text comes from @1chioku's Twitter threads, compiled by MarsBit.
The experience of participating in the ETHCC6 conference in Paris.
1/
ZK and LSD are hot.
Throw a rock at a crowd and you're likely to hit someone who is working on a new type of ZK.
Overinvestment in infrastructure is sure to bring to mind 2017-18, when everyone was peddling the "Ethereum Killer" narrative.
2/
I do believe in ZK technology, but most importantly, I believe that adoption is the real goal of commercial technology.
I can't imagine 200 ZKs being deployed commercially in 5 years, especially when "we" know the real cost of running ZKs.
3/
My intuition tells me that many VCs are investing heavily in infrastructure at insane valuations for two main reasons: No other project can attract as much capital in the short term.
Second, they defer the problem until later by linking it to longer-term outcomes.
4/
LSD also appears to be overinvested.
Last year, the market continued to be turbulent: CeFi defaults, CEX fraud, and DeFi hacks; funds naturally flowed back to the last bastion of income that gave the impression of safety.
5/
I'm not a techie, but apparently most of the people who support the LSD project aren't either.
Few people know that staking returns drop as new ETH is staked, and no one understands protocol risk.
As a project developing in a bear market, this is not something that should be mentioned in your sales pitch.
6/
A lifeless application layer.
Every developer and investor knows that the application layer makes the most money, and that's true.
But there are so few good projects hitting the market, I'm a little disappointed.
It can be described as a desert.
7/
On the plus side, there are far fewer distractions. I met the people I wanted to meet and got the exact information I needed to form or confirm my investment thesis.
Allocate more funds to on-chain derivatives.
8/
Fat protocols are getting fatter, scaling both vertically and horizontally, and I wouldn't see this as a long-term investment option.
These protocols are here to stay regardless of token economics and prices.
Some of it will definitely go into my pension fund.
9/
Arbitrum definitely dominates the protocol building community.
There was even a slightly ironic slide in the Base presentation that ranked Arbitrum ahead of other L2s.
10/
I keep an open mind, but success is contagious, and inter-protocol composability is one of the reasons Arbitrum is ahead.
This attracts the brightest minds and will propel the ecosystem far beyond the competition within a year.
11/
Miladys are not NFTs, they are cultures.
It's not just vibes and Ponzi schemes.
It attracts the most depraved and brightest engineers in the field.
That means persistence of value and a very wealthy community not afraid to spend money.
12/
Sorry, we are still in PVP mode.
Fiat on-ramps have yet to be rebuilt, mistrust and AI have been eroding new flows.
All these price movements are mostly internal transactions, which means that price increases are still resilient.
13/
All eyes are on Base.
If they can attract retail inflows, it will be the biggest factor in reviving the flagging and battered crypto industry.
