Thesis: stablecoins basically killed the chance for any smart contract platforms to accrue significant monetary premium.
In 2018 ETH went all the way to $1400 largely because it was used as "money" for ICOs.

In 2019 BNB rallied to $30 largely because it was used as "money" for IEOs.
Nowadays, as a user, if you could use stablecoins to settle value transfers on a smart contract platform/ecosystem, why would you use the volatile native cryptoasset?
Stablecoins also killed the remittance and capital flight use cases of Bitcoin. On OTC markets, stablecoin volume has probably surpassed Bitcoin volume.
However, Bitcoin still has the use cases of being an uncorrelated asset class and digital gold. Stablecoin is only as good as the underlying fiat.

As a store of value, Bitcoin is also more seizure-resistant than the stablecoins.
When it comes to these use cases, ETH and other smart contract cryptoassets are simply not differentiated enough from Bitcoin to overcome its network effect.
Still think smart contract platforms / highly programmable blockchains will change the world, but turning bearish on their native tokens.
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