Life Goes On
The past few weeks have been volatile in the crypto space but life goes on. Bitcoin miners continue minting new blocks and Ethereum tx’s continue to roll. FTX( a centralized entity ) blew up in dramatic fashion. This will go down as one of the worst financial crimes in history and yet the secluded decentralized crypto space continues marching forward. Things definitely got set back a bit. But overall, this is a win for the crypto space. A bad actor is gone, his crypto wealth is being distributed back into the system, and no major on-chain failures have occurred.
Looking forward we need to start planning out our next steps. If you are tired of the dramatic pullback in crypto prices maybe you are looking to sell the next pump and get out of the space entirely. I am not planning on leaving. The following are two coins I am going to hold going into the next bull run and why.
First, Chainlink. I still believe in Chainlink but I am undoubtedly selling some. I do not like the way the new staking features. They are also sending huge amounts of coins to Binance without any explanation. At this point it seems inexcusable if they are dumping tokens but who knows. I am still holding some but will make a deeper post on Link before early staking officially releases.
BNB
With SBF/Alameda/FTX all gone, Binance has a clear runway to take an even bigger market share. The concern here is that Binance could end up as fraudulent as FTX and we would not know until too late. Is it a bad decision to trust another centralized entity? Could be. I am not going to put the majority of my portfolio into BNB but it seems like they are the biggest winner out of this fiasco. They have been around for a long time, BSC has been relevant and doesn’t appear to be going anywhere.
GMX
The other big winners from the FTX collapse are Eth Layer 2 solutions. Optimism and Arbitrum were coming into their own without this situation. Now, with Solana on the ropes it seems these Layer 2 solutions would be a likely place for Solana users to switch to. GMX is the most prominent dapp between both of these chains. They sit on the Arbitrum chain as well as Avalanche. The amount of users/fees generated by the platform continues to rise by the day and I expect that to continue. The only concern with GMX is the GLP liquidity feature. People have expressed concern that this could be exploited if someone came in with a huge amount of capital. This is something to be aware of if you are considering buying GMX.