The most potential project in the encryption industry? Hear what these 15 top investors have to say
Original source: readthegeneralist
Original source: readthegeneralist
Feasibility Insights:
Feasibility Insights:
If you only have a few minutes, here’s what investors, operators, and founders should know about the most exciting cryptocurrency trends right now:
The momentum of the universe.While it has received much less attention than other ecosystems, investors see an opportunity in Cosmos. The "Internet of Blockchains" provides the tools to launch blockchains that are interoperable and potentially more decentralized, resilient, and customizable than larger alternatives. Trading platform dYdX’s move from Ethereum to Cosmos shows the latter’s advantage.
Institutional lending took off.Individual investors may have adopted DeFi's first lending products, but more recent offerings are aimed at corporate clients. Projects like Maple Finance offer institutional-grade lending pools with the necessary information and compliance safeguards.
Rethink user authentication.Working with web3 applications is still difficult. Consumers log in with cryptocurrency wallets that are not tied to other forms of identity. This not only complicates usage for consumers, but also prevents developers from talking to their customers. Notifi and Portabl are tackling this problem from different angles.
The issue of cryptocurrency vulnerabilities needs to be addressed.The year has shown the fragility of cryptocurrencies, including rampant fraud, outages and breaches. Investors are aware of the shortcomings in this space and are backing projects that seek to improve the status quo. Blowfish, which makes complex transactions readable, is an example.
Web3's social moment may be around the corner.For some time, forecasters have believed that cryptocurrencies will disrupt social media. So far, there is little to support such predictions. That may be changing. Investors see promise in projects like Farcaster, among other tracks.
No industry is moving at the same pace as cryptocurrencies. No other field can match its volatility. A project that seemed unassailable one month is knocked down the next. Technologies that seemed immature a moment ago can suddenly flourish.
Because of these dynamics, forecasting the industry's progress is tricky, requiring a great deal of knowledge, perfect timing, and no small amount of courage. Last year, Generalist launched a series designed to give Generalist readers a head start on discovering the path ahead. It makes sense to ask some of the sharpest investors in the world “what to watch out for in the cryptocurrency space” (what they think is worth watching in the next six months). Previous contributors have highlighted the momentum of Solana, Ceramic, THORchain, Uniswap, Helium, and other meaningful projects. They also shared provocative thoughts on wallets, collateralized NFTs, and the multi-chain future of cryptocurrencies.
This is an opportune time for our third edition. A month later, Ethereum is expected to transition to a more energy-efficient "proof-of-stake" consensus mechanism (an event known as a "merge"). If successful, this would represent a meaningful and impactful moment in cryptocurrency history. Positive pre-testing has now energized a depressed market, with ether prices up 66% over the past 30 days. Further down the food chain, entrepreneurial interest in cryptocurrencies continues, with new projects attracting talent and funding.
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1. Trend: Regenerative Finance
Web3 gives us powerful new tools to coordinate economic activity. One of the most important issues we can target with this new power is the climate crisis.
The Toucan Protocol is one of the founding projects in the so-called regenerative finance (ReFi) space, which aims to use the power of cryptocurrencies and DeFi to fund environmental restoration efforts. (USV is an investor in Toucan’s DAO.) The first area Toucan and other ReFi projects focus on is bringing carbon credits on-chain. This simple first step opens up new use cases such as using carbon as collateral in DeFi protocols and sequestering carbon as a representation of NFTs and the Metaverse.
The composability of tokenized natural assets means that climate action can be embedded into other protocols and applications. This can free up more use cases and demand channels. Going forward, new sources of on-chain demand for carbon tokens could help support a robust financing ecosystem for real-world environmental project development.
This is a pivotal moment for the ReFi movement. Ethereum's imminent switch from proof-of-work to proof-of-stake (and the resulting ~99% drop in energy consumption) has the potential to greatly broaden the appeal of cryptocurrencies and Web3 to mainstream audiences. At the same time, the Web3 infrastructure has matured to the point where it can better accommodate more mainstream users. Toucan and the ReFi movement are ready to take advantage of this moment.
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2、Farcaster
The combination of social and cryptocurrency has been tried since 2013, but no one has stuck with it. We think this is about to change. Why now?
One reason is that the penetration rate of cryptocurrency wallets is skewed both in the number of users and the quality of usage. Millions of people not only have cryptocurrency wallets, but use them regularly and for various purposes. For the first time, cryptocurrency wallets are a viable identity and login method for social products. In addition, each wallet will bring an "event feedback" on the chain, which can be used as conversation material in social networks (or, as we are used to call it, "engagement hook"). For example, your participation in NFT mint can appear on your feed.
Another important reason why cryptocurrency-powered social networks can work is the path dependence of user growth in social networks. A successful social network starts with the right early user base. Think of good early adopters as time travelers from the future who instinctively behave in the ways of tomorrow's masses. A social network is well on its way to success if it attracts and engages the right early user base. We think the cryptocurrency community is the most compelling group of early adopters we've come across. A social network powered by cryptocurrency naturally has an advantage in fostering this native community.
Building a cryptocurrency social network is entrepreneurship on the "expert" difficulty setting. It takes a great product, a well thought out underlying protocol, and a knack for community building. We believe Farcaster is showing all the right early signs. To join, tweet founder Dan Romero for an invite.
– Alok Vasudev,first level title
3、Notifi
In the Web2 marketplace, when users want to create a new account, they register with their email and password. This serves as the default communication channel for the application. Since authentication and sign-in are done through wallet addresses, there is no natural way for developers to communicate with their users. Therefore, many "user notifications" happen through Discord or Telegram, and they are not specific and not targeted.
Founded by Paul Kim and Nimesh Amin, Notifi is building Twilio for Web3, starting with decentralized application (dApps) developers on the Solana, NEAR, Ethereum, Aptos, and Sui ecosystems. Notifi provides developers with an easy embeddable notification layer that can be plugged into their existing DeFi, NFT, game or DAO applications to communicate with users. Here are a few use cases Paul and Nimesh are working on.
Notification about new governance votes
Notification of results of governance actions
Notice of bids on the market
liquidation notice
Notification of incoming and outgoing transactions
These notifications can happen via email, text or Telegram, and of course many more.
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4、Portabl
We live between the Web2 and Web3 worlds when it comes to authentication. The complicated authentication required to access your bank account doesn't carry over to your Web3 wallet. We believe this suboptimal state will shift towards self-sovereign identities as regulatory, consumer, and commercial winds change. For example, earlier this year, eight U.S. states announced support for digital storage of driver’s licenses, with Apple’s Wallet app serving as the authorization proxy on the back end.
These shifts hint at a compelling emerging future where users own their data, control how it is shared, and move seamlessly between Web2 and Web3.
The 6MV team is excited about one of our recent investments, Portabl, which solves the problem of self-sovereign identity and authentication. The company has created a universal digital identity that enables consumers to selectively disclose their verified financial identities anywhere they need, across Web2 and Web3 - keeping them private and secure. In exchange, the provider reduces onboarding time to two clicks and automates 75% of maintenance, monitoring and auditing costs.
A consumer-first financial identity should be durable, transferable, and portable. Modern open finance can only succeed if we move away from the one-to-one relationship between accounts and verification. To get an idea of Portabl's roadmap and what it can do, check out their upcoming B2B offering.
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5、Axelar
As recently as 2020, Bitcoin and Ethereum were the only blockchains that made sense. However, in the past two years, the block space on these two chains has been filled, and we have rapidly moved into a multi-chain world, with the growth of higher throughput layer one (L1), such as Solana, Flow, and Avalanche. We believe that this explosion of complexity has only just begun, and that the blockchain ecosystem will develop in the long term into a vibrant network with a handful of key general-purpose chains and hundreds or thousands of application-specific chains. Key to unlocking this potential is the concept of interoperability (the idea that otherwise disparate computer networks can communicate and cooperate). In an interoperable crypto world, developers will be able to build native multi-chain applications and experiences. At the same time, users will be able to seamlessly move assets and transfer data on-chain.
Cosmos is perhaps the standard bearer for interoperability. Founded in 2017, the "Internet of Blockchains" is sometimes characterized as a competitor to Ethereum, but the two are conceptually very different. Ethereum is a single monolithic blockchain with applications built on native smart contracts, while Cosmos is a framework for launching new blockchains using the Cosmos SDK. Cosmos chains use a proof-of-stake consensus algorithm called Tendermint, and can be connected using a bridging protocol called the Inter-Blockchain Communication Protocol (IBC). The Cosmos Hub is the first Tendermint-based blockchain that sits at the center of this network, serving other blockchains that are "inter-blockchains" (an extended network of blockchains that interact with Cosmos). This includes asset routing and inter-chain staking.
The vision of Cosmos is inherently more decentralized and perhaps more resilient than the monolithic L1. After the implosion of Terra, the largest chain in the universe, it performed quite well. (Furthermore, its architecture allows companies to launch chains customized for their specific use cases, or to build chains that can provide services for the entire ecosystem. In the long run, it can integrate with the wider L1 ecosystem, including Ethereum. Compared to Other heavily publicized chains, Cosmos has strong grassroots momentum. We see great technical talent building the next wave of infrastructure in the Cosmos ecosystem, including North Island Ventures (NIV) portfolio companies Polymer, Lava, and Stride, We think this is a leading indicator. Also, we are starting to see the launch of major application chains, with dYdX being the most prominent one announcing the move from Ethereum to Cosmos.
Meanwhile, new protocols such as Axelar are also making substantial progress towards greater interoperability. Axelar is the first layer whose main purpose is to transfer assets across chains, enabling developers to build multi-chain dApps. An early example is AxelarSea, a cross-chain NFT marketplace. The recent cross-chain bridge hack has led to widespread and reasonable skepticism that a cross-chain world will materialize (even Vitalik thinks the future is multi-chain, not cross-chain). However, we attribute these hacks primarily to the fact that most of the bridges deployed to date have been highly centralized, or rushed to market. Axelar is not a centralized peer-to-peer cross-chain bridge, but a comprehensive proof-of-stake network built by some of the brightest minds we have met in the cryptocurrency space. (That said, I still recommend that everyone be very cautious when using cross-chain bridge solutions in the next few years).
If something like Axelar proves to be secure and robust, it could become the ultimate metachain, abstracting away complexity for developers, making dApps "portable" (thus reducing reliance on a single chain), and addressing scalability challenge. Perhaps most beneficially, it could end the tribal wars between heavily marketed blockchains.
In the long run, L1 will become a fungible commodity service provider, selling block space on an automated market, application developers will not have to choose between chains, and most users will not know or care about their dApps Or what chain the asset exists on. Thus, interoperability can not only solve practical problems faced by developers and users, but also create a more decentralized and less ideologically divided blockchain ecosystem. It will be several years before this vision is realized, but the implications of this evolution have been barely explored.
Note: Nothing written above should be considered investment advice, nor a recommendation to use any product. NIV is an investor in $ATOM (the native token of the Cosmos Hub), Polymer, Lava, Stride and Axelar.
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6. Trend: Institutional Unsecured Liquidity
Last year, more than $1 billion was lent to cryptocurrency market makers on DeFi lending platforms designed for corporate clients. Now that the product-market fit has been proven, it is poised to grow exponentially.
In many ways, this trend is a natural evolution. The development of DeFi is firstly benefited from platforms like MakerDAO, which provides over-collateralized loans. This kind of product is very suitable for individual users, but it is difficult to expand. While easier to grow, undercollateralized loans don't make sense for this segment, at least not until digital identities and credit scores are adopted by more people.
However, institutions are equipped to handle loans with insufficient collateral. Projects like Maple Finance, Clearpool, and TrueFi have taken off by offering licensed, fully KYC-compliant liquidity pools to businesses. These organizations connect cryptocurrency liquidity providers seeking high interest rates on stablecoins with creditworthy firms seeking transparent on-chain lending. Wintermute, Folkvang, and other cryptocurrency market makers were early adopters of the product to support on-chain trading activity on the demand side and cryptocurrency venture firms and hedge funds on the supply side. The entry of players like Jane Street and Nexus Mutual has led to an expansion of the institutional lending pool.
Notably, DeFi lending pools have performed relatively well in recent months. While the turmoil at Luna and Three Arrows Capital has highlighted the opacity of the “CeFi” lending market, a term for projects offering DeFi-level yields under a more “centralized” wrapper, DeFi lending pools are functioning as planned, yielding losses are limited.
I'm excited to see lending platforms expand beyond the crypto capital markets to support non-crypto businesses. One example is Yaydu, a growth financing platform for online sellers, which borrows money from DeFi lender Centrifuge. Goldfinch and Credix are also in this space, focusing on emerging markets.
– Etienne Brunet,investor
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7、Blowfish
Almost all cryptocurrency security work is focused on core consensus, smart contracts, and wallets. We have hardened our blockchains so they cannot be easily 51% attacked or DDoS'd. We audit and test our smart contracts so they cannot be hacked. To keep funds safe (although this is more difficult to do reliably), we use hardware wallets and keep keys offline so user accounts remain safe. You only need to look at the recent Slope wallet breach to see why these measures are necessary.
However, these efforts are in vain if the interface used to access the blockchain is opaque and vulnerable. After all, most people access decentralized applications through hosting websites, rather than programmatically calling smart contracts themselves.
Today, signing deals is dangerous and confusing. When you try to make a transaction through a website, your wallet prompts you to sign a hash of data (actually a random string of numbers and letters) that is basically impossible to verify unless you generate the transaction yourself and ensure that the website's offer is in fact is what you want to approve. A malicious website could easily propose a different deal than the one you think you're approving. Unless you're a very sophisticated user, you're unlikely to notice that, after all, it looks like a random sequence of characters. This exact style of attack happened to BadgerDAO, a malicious website that tricked users into signing transactions that transferred their funds to the hackers.
It is impossible for cryptocurrencies to achieve mass adoption with such an elusive interface. That's why I'm excited about services like Blowfish and Harpie, which give users the tools they need to protect themselves. Blowfish is a human-language trading simulation service that takes trade data and spits out a human-readable version of the trade. For example, it can conclude that the transaction you are about to approve is 1 ETH for 1000 USDC. You'll see this in your wallet before signing, preventing you from accidentally approving malicious transactions. Harpie takes a different approach, monitoring the mempool for potentially malicious transactions from user accounts and using its own transactions as a lead to pull the user account's funds to a new, segregated account.
Overall, I'm excited about the feasibility of greatly reducing attacks at the user and application level by giving people the transparency and tools they need to keep themselves safe.
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8、Maple Finance
Maple Finance is the largest institutional lending marketplace on Ethereum and Solana. To date, it has facilitated approximately $1.5 billion in loans for leading cryptocurrency trading firms and market makers including Alameda Research, Wintermute, Amber Group, and others.
As can be seen from the spread and consequences of the chain reaction of Three Arrows Capital's bankruptcy, institutional lending and capital markets are opaque, inefficient, and full of conflicts of interest. Lenders provide capital with little transparency about who the borrowers are, the concentration of counterparties and how yields are generated. Celsius is the most egregious case in this regard. The company has been functionally bankrupt for a long time (without the lenders' knowledge) and has effectively been gambling with customers' funds.
At its core, blockchain and cryptocurrencies solve problems of coordination and incentives. Maple provides a transparent on-chain process to facilitate institutional lending. Lenders contribute funds to various loan pools managed by pool representatives (experienced underwriters bring expertise) and post collateral to align incentives and cushion against first-loss reserves. Each loan includes publicly available information such as the name of the borrower, loan amount, disbursement date, interest rate, and mortgage rate. Each loan pool provides publicly available data on historical performance, credit loss, and borrower risk so lenders can make informed decisions. This transparency leads to more accountability and better write-offs. While CeFi peers like Genesis, BlockFi, and Celsius have suffered huge losses in 2022, Maple's loan pool has proven resilient, suffering losses of less than 1% of cumulative loans originated.
Over the next decade, cryptocurrency rails will modernize existing financial infrastructure. This has already started with the adoption of stablecoins, replacing traditional banking, wireless payments. Institutional capital markets and lending is the next frontier and one of the largest untapped opportunities. Cryptocurrency lending is a more than $100 billion market, compared to $100 trillion in traditional corporate lending. Maple is ready to respond.
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9、Cosmos SDK
There are two extreme views on the ultimate fate of cryptocurrencies. The first view is that all activity will converge into a single common execution environment - the "monolithic" or "world computer" view. The second view is that there will be many specialized execution environments, each with its design and tradeoffs - the "multi-chain" view. The key trade-off is between the synchronous composability offered by monolithic and the benefits of specialization. I believe projects will increasingly choose to specialize, and the Cosmos SDK provides the best toolset for deploying specific application chains.
In my opinion, there are two main benefits of specialization: lower and more predictable resource costs and customizability. Regarding the former, projects on monolithic chains compete for block space with all other dApps. This means that they are bound to face the uncertainty of resource costs, like a popular NFT mint may make their DApp unusable. In the long run, this is unaffordable for many dApps (such as games). Regarding the latter, projects launched on monolithic blockchains inherit and must accept a series of design decisions, including the platform's consensus model, security, runtime, virtual machine, and more. In contrast, applications deploying their own chains (or choosing among existing specialized application chains) can customize the components of their stack to optimize their usage. We’ve seen many examples of this: Osmosis’ MEV resistance, dYdX’s mempool order book, Injective’s L1 token/bridge, and many others.
The downside of specialization is the cost of deployment and lack of simultaneous composability. In terms of cost, although professional chains will never be as easy to deploy as smart contracts on existing chains, I believe that with the maturity of the Cosmos SDK and the launch of Interchain Security, this gap has narrowed significantly and is likely to continue to narrow . The latter allows the Cosmos Hub to share security with other blockchains.
The fundamental tradeoff then is synchronous composability. There are two main objections to this. First, arguably only a small number of types of apps can really benefit from it. These are mostly DeFi use cases for which rehypothecation of tokens is critical (e.g. yield farming). For most other dApps, I think asynchronous composability is fine as long as there are strong cross-chain tools to port assets and make the user experience of interacting with different dApps seamless. Second, specialization does not necessarily mean deploying a chain with a single application, but rather a cluster of applications that work well together or facilitate a specific use case. For example, while Osmosis is often viewed as an automated market maker (AMM) chain, it is evolving into a DeFi chain with different dApps deployed on it, including money markets, stablecoins, and vaults. We believe that applications that benefit from composability will naturally tend to cluster on specialized chains, effectively allowing dApps that need it to "opt-in" to composability.
For these reasons, I foresee the space developing into a mesh network of interconnected specialized chains, with clusters organized around specific use cases. DYdX is the first high-profile example, but within the next 12 months, I believe we will see a large number of dApps move to specialized chains utilizing the Cosmos SDK.
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10、Space and Time
Space and Time is a secure, decentralized, enterprise-grade blockchain database and analytics platform. It provides high-performance and immutable SQL analysis, as well as machine learning on large-scale streaming data sets.
Space and Time's novel SQL proof protocol uses zero-knowledge proofs (zk-proofs) to enable applications to generate analytical insights in a decentralized, low-cost, and tamper-resistant manner. We believe Space and Time will become a core layer of the Web3 stack, comparable to decentralized Snowflake.
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11. Trend: Web3 Social Networking
Over the past few decades, social networks have profoundly impacted society, affecting culture, information flow, relationships, and work. It has spawned new ways of communicating and entirely new careers. With Web3, we believe they have the opportunity to go one step further, unlocking entirely new consumer experiences and aligning the interests of users and developers with those of the platform.
Open social stack Social networks built on permissionless protocols are new. But at scale, an open social stack will enable various benefits related to user and developer freedom and agency: portability of data to other applications, composability of experiences and content, and introduction of token rewards Ability. Early Web2 social networks shut down competing interfaces and apps (such as TweetDeck) that exploited their data. On the contrary, an open social graph lowers the threshold for third-party developers to build novel experiences and customized interfaces, which ultimately translates into wider user choices.
These benefits are not just philosophical. Users can benefit from decentralized social networks that offer new experiences that are more entertaining or useful. For example, a Web3 social network that offers token rewards can provide economic benefits for various activities, such as predicting which content will take off. Web3 social networks like Mirror help creators monetize their creations through NFTs and community fundraising. Many social networks have successfully become compelling experiences that showcase user taste and curation (for example, Tumblr and Instagram.) A Web3 counterpart could allow users to showcase their taste in-game and showcase the digital assets they own. OnCyber and Context already provide this functionality.
New content formats: images, memes, videos, texts, have become the basis of new social networks and platforms. Companies like Foundation, Sound, Catalog and others are emerging examples of social platforms built around NFTs.
Building a Web3 social network is not without its challenges. Scaling is still an issue, but data layers like Ceramic provide the foundation for new social applications. The continued growth of protocols such as XMTP enabling wallet-to-wallet messaging will free up on-chain communication. Open social algorithms also present an opportunity to create markets around functions that centralized platforms currently control unilaterally, such as content moderation and fact-checking.
Cryptocurrencies are financial at heart: everything built on top of a cryptocurrency network has underlying value. But it is also inherently social. It is networked and involves contributors and participants worldwide. In the coming years, we expect the growth of social infrastructure and applications, re-aligning the interests of all stakeholders.
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12、Railgun
Railgun is a collection of smart contracts that verify zero-knowledge proofs, enabling users to store, trade, exchange, and privately trade, as well as interact with any other smart contract. Railgun supports ETH, ERC-20, and NFT, and is live on Ethereum, Polygon, and BNB Chain. Support for Solana, Polkadot, and NEAR is coming.
Private transactions are key to reaching mass adoption for Web3 campaigns. Without a solution like Railgun, a single transaction or owned NFT can reveal a user's privacy: their wallet balance and entire transaction history. DeFi transactions can also be run in advance by robots, and trading strategies can also be identified and copied. Railgun's solution is compliant and can provide read access to auditors and regulators as needed.
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13. Trend: Decentralized software supply chain
Building software for cryptocurrencies presents many challenges that require developers to rethink traditional Web2 or open source development processes. While we can preserve some best practices such as code review, continuous integration, unit testing, and analytics, due to increased security requirements and the permanent nature of decentralized applications, we need to introduce new techniques. Web3 software is more akin to launching a satellite into space than shipping a new AI photo filter. This has spawned a sector of smart contract security tools, companies and protocols that help facilitate this new software supply chain. In particular, we see activity around auditing, bug bounties, static analysis, and formal verification.
audit firm. Audit firms will continue to grow due to the catastrophic cost of encryption system failures. In traditional technology, audits are a rare luxury for large companies looking to improve security, but in cryptocurrency, they are an absolute must for projects large and small. The field of auditing will range from small teams of experts specializing in consensus systems or zero-knowledge to more decentralized products such as code4rena, which run auditing competitions to try to find vulnerabilities through crowdsourcing.
Bug bounty. While four- to five-figure bounties for security researchers are the norm in traditional technology, with some multi-trillion dollar companies raising their bounties to seven figures, bug bounties in cryptocurrencies have broken record. Immunefi, the leading Web3 bug bounty platform, is a pioneer of this new normal, having already paid out over $40 million in bug bounties, with another $130 million in bug bounties available for keen security professionals to claim. The size of these rewards creates more secure protocols and provides long-term sustainability for developers seeking careers in security.
Static analysis and formal verification. Another area of concern is the improvement of tools throughout the software development lifecycle. Developer frameworks like Ape, Foundry, and Hardhat make it easier to write unit tests and hooking tools like Slither for static analysis and Echidna for smart contract obfuscation. Formal verification products such as Certora enable developers to ensure their contracts are sound at the specification level and find critical bugs before and after deployment.
By using a mix of these approaches, the software supply chain of the future can continue to become more secure and resilient, hopefully making today's vulnerabilities a rare occurrence.
– Curtis Spencer,first level title
14、Sudoswap
Sudoswap is a decentralized, fully on-chain NFT exchange that operates through the AMM model. Multiple custom liquidity pools can be established for the same collection, and the pricing of each liquidity pool is determined by its bonding curve. Sudoswap enables instant liquidity, tighter spreads, cheaper pricing, no royalties, transaction fee income, and automatic dollar cost averaging of incoming and outgoing receipts
NFTs are containers that can represent any unique asset on-chain. This applies to many assets beyond profile pictures, from financial contracts to real-world assets. Coupons, tickets, in-game items, and memberships can all be NFTs. Sudoswap's on-chain composable protocol will improve the space's market microstructure, reduce information asymmetry, and increase capital efficiency.
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15. Trend: application craze
Over the past few years, cryptocurrencies have focused on innovation at the base layer. We’re seeing L1s like Ethereum, Solana, and Avalanche working on this space gain a significant percentage of attention and investment. We also see that most of the returns come from this layer, with many applications underperforming the platforms they were built on.
This should change in the coming years, as the value of the base layer is second only to the protocols and products built on top of it. As multi-chain infrastructure matures, we also see applications expand their reach, launch on multiple chains, and build infrastructure to increase the usability of their products.
Adoption and price appreciation of these protocols have been hampered by poor token structures, lack of regulatory transparency and governance issues surrounding tokens. The last of these issues has plagued some of the more successful apps like SushiSwap. We’ve seen a lot of experimentation with token structures and real attempts to turn DAO-like amorphous structures into operational entities built in a decentralized way. Some of the successful names I've seen include Aave, Convex, Frax, GMX, and Gains Network.
With clearer token structures, better regulatory clarity, and stronger governance emerging, we can expect adoption of cryptocurrencies to gain momentum.
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