Must-read in the evening | Countercyclical Direction in a Bear Market

1. Binance Research: Overview of the RWA Ecosystem

The tokenization of Real-World Assets (RWAs) continues to gain traction as user adoption increases and large institutions enter the space. With lower DeFi yields and rising interest rates, there is growing interest in tokenized government bonds. Currently, over $600 million has been invested in tokenized government bonds, with an annualized yield of around 4.2%. It is projected that the tokenized asset market will reach $16 trillion by 2030, with significant growth potential surpassing $310 billion in 2022. Many protocols have integrated RWAs or participated in their growth. This article provides a brief introduction to MakerDAO, Maple Finance, Ondo Finance, and more. Click to read more.

2. Worldcoin: Controversies and Criticisms

After years of hype, confusion, and controversies, WorldCoin has finally launched. This bold move aims to create a unified human online transaction database through iris scanner verification, as well as to establish a widely accessible cryptocurrency payment system that immediately rewards users with tokens to incentivize network participation. Click to read more.

3. Amber Research Report | Crypto Derivatives LianGuairt 1: Perpetual Contracts

Derivatives, especially perpetual contracts (“perps”), undoubtedly represent the largest vertical in the cryptocurrency space, accounting for a significant portion of overall cryptocurrency trading volume. Almost all perpetual contract trading occurs on centralized exchanges. Ironically, for many members of the crypto community, the majority of retail and institutional traders are trading decentralized assets on centralized servers. Over the past few years, decentralized exchanges (DEXs) built on blockchain smart contracts have emerged. DEXs like dYdX and GMX have garnered considerable attention and become viable alternatives to centralized giants for those familiar with cryptocurrencies. However, the trading volume and active users of these decentralized alternatives still only constitute a small fraction of centralized exchanges. Click to read more.

4. Bitcoin Maximalism History (Part 1): The Cultural Origins of “BTC Is the Only Valuable Currency”

Over the past decade, the scale and complexity of the cryptocurrency ecosystem have exploded. While most projects can be considered scams or have bad ideas, a fraction of a percent of projects have managed to innovate and find market-fit products. Bitcoin maximalism has evolved as a result, but with the emergence of forks, it has also become more complex. Unfortunately, as I will explain throughout the entire article, certain aspects of the well-known “maximalist culture” are not conducive to Bitcoin adoption. Click to read more.

5. Consensus vs. Non-consensus: Contrarian Directions in a Bear Market

The primary market has been quiet for too long, and it has been a long time since we saw anything new. However, theoretically, for venture capitalists, a bear market is the time to enter the market against the cycle. Based on this judgment, I went to Singapore in June to discuss the direction in the bear market with many old and new friends. I discovered the existing consensus and non-consensus in many industries and also accumulated some thoughts. After sharing internally, I wrote it down for further discussion and also welcome project parties and VC friends to exchange ideas. Due to space limitations (meaning it can’t be finished writing: P), this time I will focus on the framework, and if there is time later, I can write more observations and judgments on specific segments. Click to read

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